UK home sellers cut their asking prices by 1.8% in July, leaving prices down 2.0% on the year, according to the latest Rightmove house price survey.
Rightmove also said that stocks of unsold homes had hit record levels and that the
mortgage drought had virtually wiped out the 'spring' house market. Rightmove said that the fall in prices marks the largest drop ever recorded in a July and that the year-on-year decline is
the first time Rightmove has ever recorded an annual fall in house prices.