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Spring is traditionally the time when many owners think of selling, and put their property on the market. However, with average new seller asking prices failing to show a year-on-year rise for the seventh consecutive month, would-be sellers seem more reticent to come to market with prices still lower than they were a year ago.
According to Rightmove, the number of newly-marketed properties is down by 3% this month compared to the same period in 2017. While prices have increased by 0.6%
(+£4,060) month-on-month, they remain 0.6% lower than a year ago.
Miles Shipside, Rightmove director and housing market analyst comments: “There is a lack of spring in the number of new sellers stepping onto the market. With an annual rate of price decrease as opposed to increase being a constant factor for the last seven months, it is bound to be a deterrent to some potential sellers. Even though fewer properties are coming to market, the slower rate of sales means stocks of unsold property are growing, leading to subsequent downwards price pressure.
This is good news for potential buyers as it strengthens their negotiating power, but means some potential sellers are putting off their marketing given the
reduced chances of selling at their desired price.”
Take a look at London boroughs that saw the biggest annual change in house prices:
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