New sellers drop asking prices for third consecutive month

New sellers dropped their average asking prices for the third consecutive month in September according to Rightmove’s latest House Price Index.

Prices fell by a further 0.6 per cent – or an average of £1,402 – this month, from £236,260 in August to £234,858. On a quarterly basis, homeowners have witnessed a 4.6 per cent decline in the value of their property, representing a loss of £11,377.

Rightmove housing market analyst Miles Shipside says: “Summer sellers have had some very stiff competition, not only from competing sellers chopping their prices but also from the Olympics extravaganza which has been more compelling for many than viewing property.

“Property coming to market is £11,000 cheaper than it was three months ago and there will be many hoping that this gives a boost to the autumn selling season if buyers leave their starting blocks in a hurry and join the traditional rush to see in the festive season in a new home”.

The average price of a property coming to the market is virtually unchanged when compared with a year ago. In September 2011, the average figure was just marginally lower at £233,139. Similarly, prices five years ago in September 2007 were just 0.1 per cent lower at £235,176.

The average asking price in London rose by £1,362, or 0.3 per cent, between August and September, one of only two regions in the UK to experience a monthly increase. Asking prices in East Anglia rose by 4.3 per cent to reach £229,231.

The North of England experienced the biggest decline in average asking prices as they fell 2.3 per cent on the month, from £148,139 to £144,795.