House Price Turnaround
22 / Jun / 2009
Asking prices for homes in most of Britain fell in June after four months of rises, but the annual rate of decline moderated to an eight-month low, property website Rightmove reported. Average asking prices of properties new to the market fell 0.4 percent this month, after rising 2.4 percent in May. The annual rate of decline eased to 5.5 percent, its lowest since last October, from 6.2 percent in May. A lack of new sellers has boosted property asking prices this year, although there remains a big gap between sellers' aspirations and actual selling prices. Figures from mortgage lenders suggest prices have fallen by a fifth since the credit crunch reduced mortgage lending to a trickle in late 2007. Rightmove, however, noted that the recovery remained patchy. It said homes appealing to the equity-rich, such as detached family homes, were faring far better than flats in large blocks for example.