Housing market records largest fall this year

British housing market has recorded a 2.2% drop in average asking prices in the past one month as compared with the previous month’s figures.

Data compiled by Rightmove, a property website, revealed that the average asking price for a home in England and Wales was £222,762, about £5,102 as compared with the last month.

However, the market is still optimistic regarding approaching time. It should be noted here that summer is usually a sleeping time for the housing market.

Apart from August, only January and June recorded monthly fall in asking prices with 1.9% and 0.4% respectively.

Now, the website is showing average asking price 3.1% less than a year ago. 

Commercial director of Rightmove, Miles Shipside said, "In spite of pent up demand, the market and pricing is boxed in by restrictive lending criteria put in place to ration mortgages, given the lack of funds available to lenders."

Rightmove also mentioned that the number of new houses on the market was 48% less as compared with last year’s statistics.
Still, 75% home-owners believe that prices will not fall in 2010.