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Online property portal, Rightmove states that it has recorded a drop in the average asking price for residential property this month, the first significant fall since January 2012.

Average UK residential property prices have fallen by 1.7%, a drop of around £4,138 (GBP),

The demand for residential property has been low due to a number of factors:

  • Euro 2012
  • The weather, deterring potential buyers from viewing properties,
  • The Olympics, for distracting people’s focus away from moving.

Righmove said that there were twice as many people trying to sell a property than those trying to buy one, with each branch of the agency having an average of 75 residential properties that they were unable to sell.

The company warned property vendors that further asking price cuts could be necessary to secure a sale.

Director of Rightmove Miles Shipside, said: “The fact that we have not seen major price falls in the UK and that many areas are not awash with ‘For Sale’ boards may lead some sellers to be over-optimistic with their pricing. New seller numbers may be down some 30% on the period prior to credit-crunch, but the numbers achieving a successful sale are down by half and average unsold stock levels are creeping up.”

The West Midlands was the only region in England and Wales where prices increased in July compared with the previous month – with asking prices up 2% to £191,121.

In contrast, residential property prices dropped most in London, compared with the previous month, with a fall of 3.6% to £460,304.

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