It’s a buyers’ market in Britain as house sellers drop their asking price

BUYERS continued to have the upperhand in Britain’s property market in August as homeowners further lowered their asking prices to achieve a sale, and agents’ books remained full, a survey showed yesterday.

While the interest rate cut by the Bank of England on August 4 might help new buyers to get a foot on the property ladder, it was unlikely to stoke a house price boom, property website Rightmove said in its monthly survey.

The survey, conducted between July 10 and August 6, showed the average asking price for a property fell to €287,497, a rise of 2.1% compared with a year ago, but a decline of 0.2% from June-July.