House prices dip, but not by much

The average asking price for a house in the UK fell 0.8% in August as a lack of supply reduced the usual seasonal dip in prices, figures from property platform Rightmove reveal.

The average price of a property now stands at £292,284.

By region, asking prices in Wales were up 0.2% on month, while they were down 1.2% in the East of England and the South East, down 1.3% in London and 1.4% in the East Midlands and the South West.

Prices were flat in Yorkshire and the Humber.

Miles Shipside, Rightmove director, said: “While new seller asking prices have been muted by the traditional summer holiday property slowdown, the underlying shortage of property coming to market compared to buyer demand has helped to deliver the strongest August price performance since before the credit crunch.

“Buyers can normally pick up some bargains in August as sellers who are marketing their homes when they should be holidaying often have a pressing need to sell and mark their prices down pretty aggressively.

“At 0.8% down on the previous month, this is the least generous that sellers have had to be for eight years and a clear sign of upwards price pressure in the pipeline.”

On a yearly basis, house prices were up 6.4% after rising 5.1% in the previous month.

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