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Steady falls in prices over last four months

The rate of growth of asking prices in the housing market has fallen nationally in each of the last four months, according to a report from property solutions website Rightmove.

Its first Real-time Property Report, published this week, shows that London has seen two consecutive months of decline in asking prices while the South-east saw the first decline of the year during the four weeks to August 15.

London asking prices went down by 1.2 per cent in July followed by a further decline of 0.7 per cent in August. In the South-east, after an increase of 1.4 per cent in July, prices dropped by 1.8 per cent in August.

During July, asking prices rose nationally by 0.8 per cent against an annual average over the past year of 20.3 per cent.

The average asking price nationally stands at £147,957, says Rightmove.

This decline is reflected in consumer confidence in the housing market which has dipped for the second consecutive month, as reported by the latest Woolwich Mortgage index. The lender says consumer confidence has fallen on average to 59 per cent from 61 per cent over the last three months.

Head of lending Andy Gray says: “We have seen a clear indication that people&#39s confidence in the housing market is starting to decline. However, this is not reflected in the level of activity which has once again seen great results.

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The value of an investment and any income from it can fall as well as rise and you may not get back the amount originally invested. Forecasts and past performance are not a guide to future performance. Some information and statistical data herein has been obtained from sources we believe to be reliable but in no way are warranted by us as to their accuracy or completeness. These are Neptune’s views and as such this document is deemed to be impartial research. We do not undertake to advise you of any change to our views.

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