By Marcus Leach
The asking price from home sellers has dropped by an average of £3,797 this month, the first decrease in price in 2011.
The 1.6% drop comes after Rightmove, the property website, revealed that 70% of homes put on the market in 2011 have still not been sold.
At £236,597, average asking prices are still far higher than selling prices, resulting in a sluggish market.
The average UK selling price, as calculated by the Department for Communities and Local Government (DCLG) is £203,528.
With those figures in mind it shows that there is a 16% discrepancy between the average selling price and the prices estate agents are valuing houses at.
"Many equity-poor aspiring sellers will be trapped in their current homes, either unable to come to market or stuck on the market and unable to reduce to a price that will attract buyer interest," explained Miles Shipside of Rightmove.
"With seven out of ten properties marketed so far this year still on the market, sellers in the second half of 2011 need to do something different to promote their property and increase their chances of catching those elusive buyers."
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