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UK house asking prices affected by holidays

During August, the average price requested for a British property coming onto the market dipped, according to data collated by property expert Rightmove.

On a nationwide basis, the fall was almost three per cent. However, in London the decline in the asking prices was somewhat more significant. To understand the figures, it is vital to bear in mind that a summer lull in the housing market is a regular occurrence.

The statistics showed that there was further variation between the regions outside London. In the northern part of England, the average prices actually increased marginally.

The situation is likely to change across the board during autumn. There is typically a lot of activity in this season, and asking prices can go up. While speculation about an interest rate increase may have had a slight impact, the installation of woodblock flooring in Liverpool, and other renovation projects, could enable homeowners to get more money for their properties.

Miles Shipside, Rightmove’s director, has said:

“New-seller asking prices are good lead indicators of the current mood of the market, and those who have put their property up for sale in the last month are obviously aware that potential buyers are thinner on the ground at this time of year and need to be tempted to act by cheaper prices.”

There is a little uncertainty, however, because recent data showed that the housing market had got over the changes in lending rules. This means that nobody is sure precisely how much momentum the market will demonstrate going forward.

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