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70% of this year's sellers are still seeking a buyer

  % Change in month% Change Past YearAve house price
July HPI-1.6%0.1%£236,597
June HPI0.6%1.1%£240,394

Key points

  • July sees the first fall recorded in 2011 as new sellers drop asking prices by 1.6% (£3,797)
  • 7 out of 10 properties marketed so far in 2011 are still on the market, indicating that many equity-poor sellers are unwilling or unable to reduce their prices further—an opportunity for the equity-rich to cut their prices and do deals
  • Number of new sellers down 12% on July 2010, as many owners are unable to raise the deposit required to fund their next move
  • Retail price inflation outstripped property prices by 14% over the last four years, improving buyer affordability but undermining perception of bricks and mortar as a hedge against inflation
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