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olde guto

Zoopla - Sellers Cutting Asking Prices

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Zoopla story saying average reduction of original asking price is now over £25,000 http://www.westerndailypress.co.uk/House-sellers-start-slash-bigger-chunks-original/story-29248168-detail/story.html

Pretty much confirms what people here have seen since the BTL stampede to join the sinking ship finished at the end of March.

Did a quick google news search for zoopla, not much coverage in the national press (a few local articles though).

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Is it fair to say, then, that the average cut as a percentage is therefore 13% , as the average house price in the England/Wales is £189k?

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Zoopla story saying average reduction of original asking price is now over £25,000 http://www.westerndailypress.co.uk/House-sellers-start-slash-bigger-chunks-original/story-29248168-detail/story.html

Pretty much confirms what people here have seen since the BTL stampede to join the sinking ship finished at the end of March.

Did a quick google news search for zoopla, not much coverage in the national press (a few local articles though).

Not sure that tells us much - except about the Rightmove index.

There are always three classes of house on the market. Those priced to sell. Those priced never to sell. And those which hope to sell eventually, and who drop the price when the market ignores the kite originally flown. I expect the latter are still the majority.

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"Demand continues to outstrip demand, with new instructions from sellers falling in March and stock levels currently around 20 per cent lower than a year ago.

"

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A few doors down from me paid £460k in 2006 for their house . They put it on the market beginning of last month, I nearly choked on my coffee when I saw how much for. A whopping

£795K !! I had seen the For Sale sign, which is why I checked. I had expected to see £575k max. Last week the asking price was reduced to £750K . Could this be a 'new' method being used by Estate Agents. Advertise it for a ridiculous amount, wait a few weeks, reduce it to a lower BUT still ridiculous asking price in the hope that someone somewhere will notice and will think it's now a bargain?

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Probably ....comes down to basic psychology (obvs) ....I worked in a garden centre for years in the late 90’s....retail is detail right?....in my case...would get a memo from HO saying to reduce X...but as I was in charge of the department and didn’t like losing revenue, I gave X some tlc for an hour and put the price up 20% ....all sold within days...it’s expensive...must be good kinda approach...worked every time. So yeah I’d hazard a guess that’s exactly what EA’s do!

(but opposite...of course....)

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Guest BillyNI

"Demand continues to outstrip demand, with new instructions from sellers falling in March and stock levels currently around 20 per cent lower than a year ago.

"

That is some quality reporting.

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And in Independent

http://www.independent.co.uk/news/business/news/housing-bubble-has-burst-after-sellers-slash-asking-prices-by-average-of-25265-a7020456.html

edit - and there's a thing to vote on - 60% say not buying can't afford it

should this thread be merged with the one just started by mr pebbles?

Edited by North London Rent Girl

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What I want to know is, if £25k is the average reduction and the average house price is £189k in Eng/Wales, that's a 13% drop. Not "up to 10%".

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