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16/07/2012
House Sellers Dropping Prices
The average asking price for homes being put up for sale fell by 1.7%, according to property website Rightmove.
This is the first drop in average prices in July, approximately £4,138, since 2008.
Rightmove also said that the number of would-be sellers this month outnumbered successful buyers by two to one and warned that people hoping to sell their homes would have to cut their asking prices further if they wanted to be successful.
Miles Shipside, director of Rightmove, said the level of unsold stock remained "stubbornly high" at 75 homes per estate agency branch.
"The fact that we have not seen major price falls in the UK and that many areas are not awash with 'For Sale' boards may lead some sellers to be over-optimistic with their pricing.
"New seller numbers may be down some 30% on the period prior to credit-crunch, but the numbers achieving a successful sale are down by half and average unsold stock levels are creeping up.
"Sellers need to adjust, as this new world is the new norm," he added.
(H)
This is the first drop in average prices in July, approximately £4,138, since 2008.
Rightmove also said that the number of would-be sellers this month outnumbered successful buyers by two to one and warned that people hoping to sell their homes would have to cut their asking prices further if they wanted to be successful.
Miles Shipside, director of Rightmove, said the level of unsold stock remained "stubbornly high" at 75 homes per estate agency branch.
"The fact that we have not seen major price falls in the UK and that many areas are not awash with 'For Sale' boards may lead some sellers to be over-optimistic with their pricing.
"New seller numbers may be down some 30% on the period prior to credit-crunch, but the numbers achieving a successful sale are down by half and average unsold stock levels are creeping up.
"Sellers need to adjust, as this new world is the new norm," he added.
(H)
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Northern Ireland WeatherThis Evening and Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Perhaps a touch of ground frost. Cloud will spread east towards morning. Minimum temperature 2 °C.
