Key points from this month’s report
- New sellers’ asking prices increase for the sixth consecutive month, up by 0.6% (£1,520).
- First half gains of 8.1% (£17,984) expected to ebb away, with asking prices likely to fall by up to 7% in second half of 2011, strengthening buyers’ bargaining power.
- Highest ever June prices and rising stock levels look set to curtail sellers’ “romp away from reality” as mortgage approval figures hit lowest level this year.
- Despite expected price falls we now forecast price gains for 2011 as a whole, surpassing 2010’s virtual standstill, as mortgage arrears and repossession levels fall and mortgage options improve.
- North/south price divide indicates differing economic realities around the country, with London prices now at an all-time high.
Read the full report here: http://www.rightmove.co.uk/news/files/2011/06/june-2011.pdf