House prices drop 1.7% in July

House prices have fallen by 1.7 per cent in July in what has now clearly become a buyer’s market, the latest data reveals. Rightmove suggests that the £4,138 average price fall has come about because those looking for a quick home sale outnumber property buyers by two to one.

While Rightmove notes that house prices are 2.3 per cent higher than they were this time last year, the 1.7 per cent drop is the biggest monthly decline since December, and the largest July fall for four years.

In terms of regional breakdown, house prices in England and Wales fell across the board – the one exception being the West Midlands, where a two per cent rise was witnessed.

Rightmove director Miles Shipside also commented that the number of unsold houses per estate agent branch is “stubbornly high”. He added: “Those keen to sell this summer have the challenging confluence of miserable viewing weather, the continuing credit crunch plus a sporting distraction of Olympic proportions.”