LONDON, July 17, 2012 /PRNewswire/ --
Rightmove's House Price Index for July reveals that the average asking price for a new property coming to market has dropped by 1.7% on the previous month.
New sellers outnumber successful buyers by an average of nearly 2:1, highlighting the substantial challenge faced by many sellers during this summer of miserable 'viewing' weather and Olympic distractions. Perhaps in response, those coming to market have dropped their initial price expectations by asking an average of £4,138 less than sellers in the previous month, the first fall since January. While the onset of the quieter summer selling season often sees a softening of new sellers' prices, this is the largest drop Rightmove has recorded in July since 2008.
Miles Shipside, director of Rightmove, comments: "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. Those who have been on the market for many months might consider the prospects of achieving a sale to be somewhat of an Olympian challenge given that actual sales completions are just half what they were five years ago. There is evidence that quality remains in higher demand in spite of the downturn, and those keen to sell need to be clear on what it will take to make their property a compelling buy. This will be a difficult goal for some sellers given their circumstances and location but, with buyers even thinner on the ground this summer, you won't get a second chance to make a first impression".
Research into buyer behaviour on the Rightmove website shows that potential buyers spend an average of just 2.7 seconds looking at a seller's summary advert before deciding whether to take their interest further, or move on to look at other properties.
Shipside comments: "As a seller your property advert has less than three seconds to make a positive impression with a potential buyer. With lots of property to look at, buyers tend to exclude rather than include, and once dismissed it is a challenge to regain a buyer's attention. Your property advert needs to give them reason enough to travel to visit your property, especially during one of the wettest summers on record."
For further statistics and to download the Rightmove July 2012 House Price Index please visit - http://www.rightmove.co.uk/news/house-price-index or search for local house prices at http://www.rightmove.co.uk/house-prices.html
Rightmove Press Office, firstname.lastname@example.org, +44(0)207-087-0700