Sellers cut asking prices as market slows

A new survey by Rightmove has shown that buyers are starting to drop asking prices. As a result of the stagnant housing market Rightmove have found that asking prices have dropped by 1.6% over the last month, this equates to £3,797 on an average property. It seems there is also a significant difference between the average asking price and the average sale price. The average asking price of £236,597 is considerably higher than the average selling price, which is £203,528 according to the Department for Communities and Local Government (DCLG). The figures suggest that either estate agents are over valuing property in the ...