Mortgage sqeeze causes slow home selling, reports mortgage brokers London Morgage Advice Monday, 19th July 2010

Rightmove reported this morning that new sellers now outnumber new mortgage approvals by 5.2, while at the same time unsold numbers of properties remining on agents’ lists has leapt by almost 25% in the first six months of this year.

More than 30,000 new properties are coming to the market each week, up by 45% on last July they report.

Rightmove reports that over the last month, they have come down by 0.6% – the first fall this year.Asking prices for properties new to the market are, however, finally dropping.

There is still a huge gap between sellers’ expectations and the reality of mortgage-approved prices as reported by Halifax and Nationwide. Halifax is quoting £166,203 and Nationwide £170,111. The average asking price now £236,332,

However, as the year goes on, Rightmove isforecasting more falls in asking prices,.