August 16, 2010 10:28 PM EDT
The real-estate analysis firm Rightmove registered a price drop in newly marketed property in England and Wales down by over 1.7 percent in August as a result of growing over-supply.
The available stock per agent rose for the sixth consecutive month and marks the highest level for fresh property since 2007. Compared to 2009, new property for sale is 41.3 percent higher, with 29,220 units per week.
This over-supply coincides with holidaying buyers, driving down prices by 4,091 pounds sterling to an average house price of 232,241 pounds.
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Anticipated interest rate rises could lead to even more repossessions and lead to more pressure on prices. All indices and surveys in July pointed to a lower real-estate price, and this trend seems to confirm itself.
This "correction of house price inflation", as a RBS economist described it, would improve buyer affordability though.
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