Asking Prices have fallen in August , Olympics to blame!
During August vendors have aggressively reduced their asking price by an average of 2.4% compared with 1.1% reductions over the same period last year. The buzz of the Olympics along with fewer tourists coming to London, combined with a massive migration of residents trying to flee the congestion and bad weather, caused this heavy correction. Online property portal Right Move has also seen heavy losses of traffic up to 50% over the period as the European Football and Olympics took hold.
It is clear that while the economy continues to falter, vendors are more aware that they need to compete and seem as attractive to buyers particularly as we enter September and the market should see somewhat of a revival.