UK House Prices Continue to Fall - Rightmove

The latest report published by Rightmove Plc., the leading property website in Great Britain, on Monday, September 20th suggests that house prices in the United Kingdom fell for the 3rd consecutive month. This means that a large part of price gains, which were made since the beginning of this year, were wiped off.

As such, house prices in Wales and England decreased by 1.1% from the previous month. The quarterly fall amounted to 3.4%. According to Rightmove Plc. specialists, the drop in house prices is caused by the increase in property supply and scarce availability of mortgage financing.

Commenting on the findings, Mr. Miles Shipside, Rightmove commercial director, said that the attempts of UK house sellers to benefit from high house prices seen in the beginning of this year have been destroyed by "a stream of fresh property."

Property values saw the smallest decline in London (1.5%), followed by 4.4% in East Midlands and 8.3% in Hammersmith and Fulham. At the moment, an average house in the UK is priced at £229,767.