UK home sellers cut their asking prices by 1.8%

[Damian George]

UK home sellers cut their asking prices by 1.8% in July, leaving prices down 2.0% on the year, according to the latest Rightmove house price survey.

Rightmove also said that stocks of unsold homes had hit record levels and that the mortgage drought had virtually wiped out the 'spring' house market. Rightmove said that the fall in prices marks the largest drop ever recorded in a July and that the year-on-year decline is the first time Rightmove has ever recorded an annual fall in house prices.

 

[Damian George]

It gets worse

Demand for commercial property has fallen to its lowest level in more than a decade, intensifying pressure on landlords who are facing demands to rip up rental agreements in the tough economic climate, the FT reports. The Royal Institution of Chartered Surveyors says on Monday that the outlook for commercial property has not been worse since it started its survey a decade ago, with weaker retail sales, frozen expansion plans among the big banks and plentiful office space, the paper says.

 

[jessicatam]

That's interesting, I wonder what the results are like by area. There's a lot of commercial property spaces cropping up round here, but there seems to be a flood of new businesses wanting to take over. They normally don't last long though, so maybe once people start feeling the pinch that will calm down.

 

[Investy]

Good time to buy. I tried getting high st premises in certain towns for years without sucess, as when times are good no one sells, or those that do go to the big chain stores / franchises.

Beware though, avoid sectors that are liable to be undercut by the online trading.