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UK asking prices fell again during August, new figures from Rightmove.co.uk have shown.
Data from the property portal reveals that the asking price of a home in the UK and Wales fell by 2.3 per cent over the course of the month.
This brought the average asking price down by 4.8 per cent for the year to August - the largest annual fall ever recorded by the site.
As a result of the sustained falls the average asking price has now fallen to £229,816, compared with £242,500 in May.
Miles Shipside, commercial director for Rightmove.co.uk, said: "This rapid re-adjustment during the last three months comes as some discretionary sellers choose not to enter the market, leaving a higher proportion of forced sellers who price more aggressively."
He added: "While those who do not have to sell are holding off, sellers who are also looking to buy are strongly placed to negotiate an equal or larger reduction in the price of the property they are buying."
The area found to have experienced the most marked fall was London, where £21,000 was wiped off the average asking price.
Data from the property portal reveals that the asking price of a home in the UK and Wales fell by 2.3 per cent over the course of the month.
This brought the average asking price down by 4.8 per cent for the year to August - the largest annual fall ever recorded by the site.
As a result of the sustained falls the average asking price has now fallen to £229,816, compared with £242,500 in May.
Miles Shipside, commercial director for Rightmove.co.uk, said: "This rapid re-adjustment during the last three months comes as some discretionary sellers choose not to enter the market, leaving a higher proportion of forced sellers who price more aggressively."
He added: "While those who do not have to sell are holding off, sellers who are also looking to buy are strongly placed to negotiate an equal or larger reduction in the price of the property they are buying."
The area found to have experienced the most marked fall was London, where £21,000 was wiped off the average asking price.
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