August sees largest price drop of 2009

The drop is the largest so far this year, which saw asking prices rise in February, March, April, May and July.

Rightmove said the drop could be down to seasonal trends, with sellers tending to be more aggressive during the summer months, but also ties in with its prediction that prices are unlikely to rise further during 2009.

Commercial director Miles Shipside said: ‘After several months of activity and prices revving upwards from last winter’s low point, both will start to hit the limiter without more mortgage finance.

‘In spite of pent up demand, the market and pricing is boxed in by restrictive lending criteria put in place to ration mortgages given the lack of funds available to lenders.’

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