LONDON (MNI) – UK house asking prices fell at their fastest monthly
rate for almost four years, hit by mounting economic uncertainty,
according to Rightmove.
UK house prices have proved fairly resilient of late, drifting
sideways supported by record low lending rates, but the Rightmove survey
suggests the latest bout of economic turmoil is taking its toll. House
asking prices fell 3.1% on the month in the survey, which spanned much
of October and early November, the sharpest such fall since December
2007.
The data show house asking prices moving in a similar way to the
early days of the credit crunch. Recent Rightmove surveys have, however,
been highly volatile and the moves in asking prices have not been
matched by changes in selling prices.
In cash terms, the average asking price dropped by Stg7,528 on the
month and by the third largest monthly amount in percentage terms in the
history of the Rightmove survey.
Housing supply appears to be drying up fast as well. The number of
properties listed for sale was down 13% on the previous month, hitting
its lowest level since Lehman Brothers collapsed, Rightmove said.
Lehman Brothers filed for bankruptcy back in September 2008.
The Rightmove survey was conducted between Oct 9 and Nov 12.
–London newsroom: 4420 7862 7491; email: drobinson@marketnews.com
[TOPICS: MABDS$,M$B$$$]
