Independant Mortgages Direct

Asking prices for property declined by 0.6% on average in July (£236,332), following a 0.3% rise in June (£237,767), according to property website Rightmove. This is the first month in 2010 that new sellers have dropped their asking prices. The trend looks set to continue with gains of 7% in 2010 so far expected to be entirely eroded by the end of the year, with new sellers outstripping new mortgage approvals by a ratio of 5:2. Figures show that over 30,000 properties are coming to the market each week, up by 45% on July of last year. Miles Shipside, commercial director of Rightmove, said that sellers are going to have to price at bargain levels and heavily promote their homes to secure a sale.