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Mapatasy

Sharp rise in homes sold below asking prices

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http://uk.pressfrom.com/news/uk-news/-97912-sharp-rise-in-homes-sold-below-asking-prices/

http://www.naea.co.uk/info-guides/housing-market-reports/

RECORD NUMBER OF PROPERTIES SOLD AT LESS THAN ASKING PRICE

  • Both demand for properties, and supply of available stock fell in November
  • The number of sales agreed also dropped

What properties sold for

  • More than four in five (84 per cent) properties sold for less than asking price in November, the highest number since records began in 2013
  • In October, 82 per cent of properties were sold under asking price, compared to 76 per cent in November 2015.

Demand for properties

  • In November, the number of house hunters fell by a fifth (22 per cent) from 440 in October, to 344 registered per member branch on average.

Supply of properties

  • The number of properties on estate agents’ books was 39 in November. This is a nine per cent decrease from October when 43 were recorded and the lowest level since July this year.

Sales to FTBs and sales agreed

  • In November, three in every ten (29 per cent) sales were made to first time buyers (FTBs). This is a three per cent drop from October when a record number of sales were made to FTBs (32 per cent)
  • The number of sales agreed decreased in November, to an average of eight per branch, down from nine in October and September.

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5 minutes ago, long time lurking said:

Seen the first place ever sell after an auction for below the guide price 

Was common in 2008...in fact nothing sold for any price...then Gordon saved us.

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Just now, TheCountOfNowhere said:

Was common in 2008...in fact nothing sold for any price...then Gordon saved us.

Seen plenty not selling as of now ,but never seen sold below guide after the auction ,the normal blag is enter it in the next auction with a slightly lower guide price 

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6 minutes ago, long time lurking said:

Seen plenty not selling as of now ,but never seen sold below guide after the auction ,the normal blag is enter it in the next auction with a slightly lower guide price 

Maybe collapse really is just around the corner.

Me thinks carney will do anything to salvage his reputation, which might well destroy his reputation.

2017 could be a funny old year.

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43 minutes ago, TheCountOfNowhere said:

Maybe collapse really is just around the corner.

Me thinks carney will do anything to salvage his reputation, which might well destroy his reputation.

2017 could be a funny old year.

Something afoot for sure ,but this the first time i have seen this ,i see it as desperation setting in these few places did not have kite flying guide prices either(but they were not exactly desirable) add this to the ones that failed to sell ( whic are significantly up) ,i include withdrawn prior in that number as thats just EA speak for no fecker showed any interest in it , so we wont waste any money on the auction fee

Edited by long time lurking

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10 hours ago, Mapatasy said:

What properties sold for

  • More than four in five (84 per cent) properties sold for less than asking price in November, the highest number since records began in 2013

That looked impressive until the very last part of that sentence.  That's in the last three years only..

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Its still good news. If this message takes hold then it will encourage sellers to lower their starting prices and agents to be more realistic in their quotes to get their commission.

Plus, it all helps to add to the concerns of BTLers.

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Also, I have to wonder if this is the completely insane kite-flying initial asking price, or are any asking price reductions to just-a-little-bit-less-than-completely insane kite-flying prices taken into account?

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3 hours ago, danlee74 said:

Also, I have to wonder if this is the completely insane kite-flying initial asking price, or are any asking price reductions to just-a-little-bit-less-than-completely insane kite-flying prices taken into account?

I have to wonder this also. All a home owner has to do is look around at the prices of the properties around him, plus add in all the years of HPI optimism and you can come up with a figure that doesn't quite sit in reality. I am also aware that many people are seeing the current situation as a good time to lowball a few cheeky offers to see what happens. At some point something has to give.

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1 hour ago, Pieman Pieface said:

I have to wonder this also. All a home owner has to do is look around at the prices of the properties around him, plus add in all the years of HPI optimism and you can come up with a figure that doesn't quite sit in reality. I am also aware that many people are seeing the current situation as a good time to lowball a few cheeky offers to see what happens. At some point something has to give.

In most peoples mind a "cheeky offer" = £5k below asking innit

 

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