Olympics and weather put strain on UK housing market
The poor weather and the distraction of the London 2012 Olympics is having a negative impact on house prices, according to Rightmove.
The Rightmove house price index for July shows a very challenging summer market for those selling a home.
July saw asking prices drop by 1.7 per cent, the equivalent of about £4,138.
When compared to the same month in previous years this is the largest price drop in July for four years.
New sellers outnumber successful buyers by nearly two to one making it even more difficult to sell.
“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,” Miles Shipside, director of Rightmove said.
“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.”
Advice from Rightmove for those struggling to sell includes making a good first impression and keeping an eye on the market.
Potential buyers spend an average of just 2.7 seconds judging a seller’s summary advert before deciding whether to take their interest further which means good photographs and a succinct description can make a difference.
‘Market intel’ on what it takes to improve a property’s quality, value and appeal to make a positive impression will also help.
