Homesellers cut asking prices
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Your support makes all the difference.Asking prices for houses fell by 3 per cent over the past month, in the worst November-December performance for three years, property website Rightmove said yesterday.
The average asking price fell by nearly £7,000 to £222,410 in the four weeks to December 4. That is the biggest November-December fall since a drop of 3.2 per cent in 2007, in the wake of the collapse of Lehman Brothers. Asking prices in 2010 as a whole are at a near standstill, up by just 0.4 per cent.
Rightmove thinks national asking prices are likely to remain flat in 2011 but warns that they could fall by up to 5 per cent if forced selling and a rise in repossessions leads to "distressed sales" by mortgage lenders.
Mortgage approvals for house purchases slumped to 46,000 in November amid the continuing slowdown in the market.
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