Games at fault for a fall in prices

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NORTH East house sellers dropped their prices during the Olympics as they tried to tempt buyers into a purchase while engrossed in the games, a survey has claimed.

Property website Rightmove said prices in the region fell 1.3 per cent between July and August, with the year-on-year average figure dropping by 0.8 per cent to £149,139.

In Sunderland, the price tag was reduced by three per cent, bringing the average price to £122,282, the second lowest in the region, with County Durham’s average house price standing at £113,812.

Miles Shipside, the site’s director, said: “The number of new sellers is slightly up on the same period last year, though perhaps as a reflection of their urgency to sell, or to compensate for the distraction of the achievements served up by Team GB, they have dropped their asking prices more aggressively than summer sellers in previous years.”

Mr Shipside warned that as the tough economy continues, sellers will have to “compete hard” to attract buyers this autumn when activity traditionally picks up after the summer lull, if they want to move house before Christmas.

Prices in Wales saw the biggest year-on-year drop, with a fall of 5.2 per cent.