UK market sees first monthly fall in asking prices this year

Asking prices in the UK fell by 0.2% in the 12 months to July 2019 and also by 0.2% month on month, the first monthly fall so far in 2019, the latest index shows, taking the average to £308,692. The price of newly listed property in the four-bedroom pus market fell by 1.1% month on month, according to the figures from property portal Rightmove, while lower and middle sector properties are holding their price better. The firm says that the figures indicate that it is likely to be a buyers’ market in the second half of 2019. Less property is coming to market, but it is taking longer to secure a buyer, so estate agents’ average stock per branch is at its highest since July 2015. Year on year prices fell in Greater London by 1.7% and month on month by 0.2% to £617,941, in the South East they fell 0.5% on an annual basis and were unchanged month on month at £409,905, while in the South West they were up on an annual and month basis by 0.7% and 0.3% respectively to £312,176. In the East of England asking prices fell by 0.6% year on year and were unchanged month on month at £354,104, in the East Midlands they were up on an annual basis by 0.5% but fell month on month by 1.3% to £227,551 and in the West Midlands the annual increase was 1.2% but on a monthly basis there was a fall of 0.3% to £230,435.