Smoove comments on the publication of the Rightmove House Price Index

Simon McCulloch, Chief Commercial & Growth Officer at Smoove, responds to the publication of the latest Rightmove House Price Index covering July.

“July’s house price decrease is not yet indicative of a downward trend, and it would be wrong to read too much into the -1.1% figure.

“Historically, prices tend to dip in the mid to late summer.

“Another month-on-month fall, however, may start to indicate a direction of travel, so September’s figures will be watched closely.

“It also may start playing into the minds of sellers, who may start to try and expedite transactions, to stave off the risk of ‘gazundering’ – people reducing their offer to reflect house price valuation decreases.”

Kindly shared by Smoove

Main article photo courtesy of Pixabay