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Over 1 million homes for sale in June

Submitted by: MikeC (Admin) on 23-Jun-08 05:49:49 PM

It seems one person's denial, is another's salvation.

Rightmove has today published its House Price Index for June 2008 (PDF) which reveals that, despite fewer buyers, home owners continue to throw their homes onto the market pyre.

More homes - fewer buyers

There are now over one million properties for sale, which, the report claims, equates to an average 15 properties for every successful buyer - more than double the 7:1 ratio on this time last year.

Property in but not going out

It also reports that estate agents are sitting on unsold inventory now averaging 75 homes per office - up from 73 last month, and 69 the previous month.

National asking prices fell by an average 1.2% (£2,936) on last month, but Miles Shipside, commercial director of Rightmove, wants more. He is urging home sellers to slash prices further, by at least 10%. He said:

"With approximately half the mortgage funds available, homes have to stand out to attract the half of buyers that can still buy. For most sellers that will mean whatever they thought of asking for their property at the peak of the boom, they need to take at least 10% off. Otherwise, their property will stagnate.

Domestic Energy Assessors live another day

His appeal might be better directed towards the people who suggest those prices in the first place: i.e. his paying clients.

But whilst estate agents, in pursuit of market share, continue to ignore his plea, thankful Domestic Energy Assessors, panels, and HIP providers survive another day on the fatty excesses.

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