The 8.1% increase in house prices in the first half of 2011 will largely reverse in the next six months, as oversupply of property runs up against lack of funding, according to Rightmove.
It has predicted that asking prices across England and Wales will fall 7% in the second half of the year, mirroring the pattern of 2010. However, Rightmove has changed its forecast 2011 will end with house price falls and now expects an increase of 2% for the year as a whole. Rightmove's index revealed the average property asking price grew for the sixth consecutive month by 0.6% in June to £240,394 - the highest price ever recorded by Rightmove for June. However, this was down from April's increase of 1.3% and a marked slow down on previous months' growth. Miles Shipside, direc...
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