After a further fall in asking prices in September, the housing market seems headed for a double dip reports property website, Rightmove,

According to Rightmove residential property investments asking prices across England and Wales fell yet again by 1.1% in the 5 weeks to 11 September. Which is the third monthly fall in a row (1.7% in August and 0.6% in July),

New properties for sale have outnumbered buyer demand since Home Information Packs were abolished a few months ago.  But the group did point out that during the five-week period the number of properties coming up for sale had fallen.

The average price of a property investment listed on Rightmove is now £229,767 due to the fall.

Miles Shipside, Rightmove’s commercial director, comments: “The “double-dippers’ will be able to point to a clear downward trend, with new sellers dropping their asking prices for three months on the bounce.

“Conversely, we are also recording the lowest weekly run-rate of fresh sellers since April. This will give some ammunition to those forecasting a flatter price trajectory as it could be an early sign of fresh supply beginning to wane,” he added.

Rightmove added that the average number of unsold properties estate agents had on their books remained at a record high of 79.

Today’s figures continue the theme of gloomy news the housing market has been hit with over the last few months.

Experts state that the market will remain subdued for the rest of the year as a result of supply outstripping demand and the ongoing lack of mortgage availability.

Consumer confidence and activity is expected to be dented even more due to major spending cuts announced by the Government.

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