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Glut of property hits UK housing market in July - Rightmove

Mon 16 Jul 2018

LONDON (Reuters) - Britain’s housing market saw a glut of new property offered for sale this month, keeping a lid on prices at a time when sales typically suffer from a seasonal lull, property website Rightmove said on Monday.

Real estate agents now have the highest amount of stock since September 2015, Rightmove said.

“While an increase in seller numbers is a welcome sign of more liquidity in a generally stock-starved market, it has unfortunately come at a quieter time of year,” Rightmove director Miles Shipside said. 

The number of homes advertised by Rightmove, Britain’s largest property website, is 8.6 percent higher than the same month a year ago, but the number of sales is virtually unchanged from a year earlier, down 0.2 percent. 

Average asking prices for new sellers are down 0.1 percent since June, typical for the time of year, Rightmove added.

“While an increase in seller numbers is a welcome sign of more liquidity in a generally stock-starved market, it has unfortunately come at a quieter time of year,” Rightmove director Miles Shipside said. 

The number of homes advertised by Rightmove, Britain’s largest property website, is 8.6 percent higher than the same month a year ago, but the number of sales is virtually unchanged from a year earlier, down 0.2 percent. 

Average asking prices for new sellers are down 0.1 percent since June, typical for the time of year, Rightmove added.

Reporting by Jo Heywood, editing by David Milliken

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