Rightmove July Data on House prices

July house prices by Rightmove have reported that the average asking price dropped by 1.6%.  The company also reported that the average number of properties held on estate agents books was an amazing 78 and that some 70% of properties put on the market in 2011 had failed to sell.

House prices are now 0.1% higher than a year ago but a staggering 14% lower than four years ago if they had grown at the RPI of inflation in that time.

Director of Rightmove, Miles Shipside said: 'Summer sellers are more nervous about their selling prospects than the early birds who asked ever higher prices during the first six months of this year.'

Since the credit crunch, the recession and the lack of mortgage availability, there has been downward pressure on prices.  That said, house prices have proved stronger than most experts predicted, since suffering falls in the recession.

Dropping slowly, prices have really moved sideways this year amid low transaction levels.