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Property asking prices take a fall

During the month of August property asking prices in the UK took a significant fall according to recent reports.

Although the actual property value did not take the hit, the asking prices for properties is said to have dropped by an average of around £6200 equating to a 2.6% fall in asking prices. It is thought that low consumer confidence coupled with the chaos that many claim is being caused by Home Information Packs was partly responsible for the drop.

According to officials from Rightmove the average asking prices for a property in England and Wales fell to around £235,000 in August. The websites annual house price inflation figure stood at 12.8% during the previous months but has fallen to 9.6% following the reduction in asking prices. There have been a number of factors that have had a serious impact on consumer confidence in relation to the housing market, from riding interest rates to turmoil in the financial markets and the roll out of the controversial Home Information Packs.

One official from Rightmove stated: "Whilst there was a surge of four bedders coming onto the market for just one week at the end of July, there has been a much greater dearth of them in the four weeks since. If this happens with the remainder of the phased introduction of Hips, the concern will be that impulse sellers are being put off by the additional costs and hassle of a pack. Whilst it should all settle down with time, it will take longer as sellers are now facing the challenges of a cooling market and the highest interest rates for six years."

Tom Smith
19th September 2007

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