July house prices down by two per cent

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July house prices down by two per cent

Asking prices for houses fell by 1.8 per cent over the year to July, a report by property website Rightmove has found.

This equates to a drop of over £4,000 in asking prices for homes in England and Wales.

In the same period, the number of new sellers entering the market has fallen by approximately one fifth.

Miles Shipman, Rightmove's commercial director, described the dip in transactions levels as "alarming" and warned it would have "the most widespread impact" on the current market.

He warned of job losses in the property sector and the economy suffering as consumers spend less.

Scotland is experiencing a glut of unsold homes as a buyer shortage has caused transactions to fall by 50 per cent, according to Scotland on Sunday.

The solicitors Property Centres in Edinburgh, Tayside and the Highlands say sellers are registering properties but buyers are struggling to get mortgages.

Rightmove has coined the term "brickormortis" for the stagnancy caused by sellers refusing to lower their prices and accept their homes' value, the paper reported.
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