Property price reductions?

The Rightmove House Price Index for June 2011 has revealed that average UK asking prices for new properties coming to the market saw a 0.6% increase over the past month to now stand at £240,394.

June sees Rightmove record the sixth consecutive monthly rise in new sellers’ average asking prices, up by £1,520 in the past month (0.6%). At the halfway point of 2011 asking price statistics are following a very similar pattern to last year, with overall gains of 8.1% this year compared to 7.4% in the first half of 2010.

However, with such similar market conditions Rightmove predicts that the second half of 2011 will continue to mirror 2010 and that new sellers’ prices will fall by up to -7% in the next six months due to underlying market weakness.