Prime property prices tumble again

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Prices of the UK’s most expensive homes have taken a tumble for the second month in a row, according to the latest Prime Property Index from PrimeLocation.com.

The monthly index, which tracks the top 25% of the UK market by asking price, shows that prime asking prices have fallen 1.3% over the past couple of months, knocking an average of £6234 off the asking price of these sought-after homes over the summer. In July prime asking prices fell 0.5% and in August prices declined by a further 0.8%. This brings the current average asking price of UK prime homes to £476,302.

Analysis of figures for the same period last year showed asking prices moving in the opposite direction, rising by 0.5% in July and 0.1% in August, pushing asking prices up £2900 during this two-month period.

Looking regionally, July of this year saw prime asking prices in five of the UK’s 11 regions fall and in August nine of the 11 UK regions experienced this decline.

Despite this two-month decline, prices of prime homes for the UK as a whole are still 1.3% higher than this time in 2011, although this year on year increase has been getting smaller. In April, the price of prime homes was 4.8% higher than they had been 12 months before this, but this year on year increase has become gradually smaller every month since.