Asking prices and transaction volumes fall in latest ...

There’s bad news for landlords relying on capital appreciation or hoping to sell up in the near future.

Rightmove reports that new seller asking prices fell by 1.9 per cent this this month to £364,895.

On a typical home that’s a fall of over £7,000 and is the biggest drop in August since 2018.

Even so these prices remain an average of £59,000 or 19 per cent higher than in August 2019 - that’s without taking inflation into account.

The number of sales being agreed is now 15 per cent lower than 2019.

Meanwhile the number of available properties is still 10 per cent lower than at this time in 2019.

Rightmove spokesperson Tim Bannister has some tips for landlords selling up.

He says: “While a 1.9 per cent drop in just one month seems dramatic, it’s in part an expected seasonal drop as sellers coming to market realise that they have to compromise on price due to the traditionally quieter summer holiday period.

“Our analysis shows that homes that are priced right the first time, rather than priced too high only to be reduced later, are not only more likely to find a buyer, but more likely to find a buyer quickly.

“This supports local agent reports of a two-speed market, with some properties for sale being overpriced and at risk of going stale, and many competitively priced homes which are attracting multiple prospective buyers.”

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