Online property site Rightmove has issued results suggesting that the average asking price for property in the UK fell by £4,795 between July and August. That’s a fall of 1.3%.
The average asking price is now £365,173. Rightmove has put this down to summer vacations.
We suggest this is bigger than just summer holidays. House prices usually rise in summer season as demand increases and people look to sell when their property looks its best.
We believe this is just the start of a much needed property price adjustment. We believe we are looking at a period of around a year of lower prices before inflation starts to be tamed, wages catch up and we enter the next property cycle.