Holiday home insurance & Second home insurance

House price fall makes it a buyer's market

The average cost of property fell slightly in the UK during July compared to the previous month.

Home insurance customers saw house prices fall slightly in July compared to the previous month but those looking for a second home could take advantage.

According to the Rightmove House Price Index, the average asking price for a property in the UK now stands at £236,332, a 0.6 per cent decrease on figures for June.

New seller numbers are outstripping new mortgage approvals at a ratio of five to two, but it is set to become a buyer's market as prices head back towards where they were at the start of the year.

"The number of new mortgages being approved each month is less than half the number of new sellers, with the imbalance being exacerbated by the increase of nearly 50% in the number of properties coming to market compared to a year ago," Miles Shipside, commercial director of Rightmove said.

"More aggressive pricing is now the order of the day, which means that conditions are ripe for a strong buyers' market in the second half of 2010."

Posted by Simon Brown
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