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It’s a buyer’s market says NAEA after a record nine in ten homes sell for under the asking price

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Agents have declared March a buyer’s market after almost nine in ten properties sold for less than asking price, the highest on record.

NAEA Propertymark’s latest Housing Report showed 86% of properties sold for less than the asking price in March, the highest level seen since the trade body started recording such data in 2013

This is up from 74% in February, while only 10% of properties sold for the original asking price in March, the lowest since records began.

The number of properties on the market hit a five-month high at 40 per branch in March, from 35 in February.

Worth bearing in mind when the next Rightmove index is released.

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It's only a buyer's market if you have buyers willing (or able) to buy.  Otherwise it's a dead market.

Also, has this not happened because the more you jack up the insane asking price the more houses will be sold at less than those insane prices?

Edited by stop_the_craziness
bad grammar

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5 minutes ago, stop_the_craziness said:

It's only a buyer's market if you have buyers willing (or able) to buy.  Otherwise it's a dead market.

Also, has this not happened because the more you jack up the insane asking price the more house will sell at less than those insane prices?

And remember we have 750,000 people either dying or divorcing each year, that's a lot of property coming onto the market.

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3 minutes ago, inbruges said:

divorcing each year, that's a lot of property coming onto the market.

so one house with two in it now requires two places with one in each. sounds worse to me. 

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1 hour ago, Jazzman said:

I wouldn't have thought we are quite in a buyer's market yet. I think prices have leveled off so offers may be coming in below asking, and that is normal in most markets. It would be very useful to know average days on the market, the number of homes that have reduced their price and the list to sales ratio. If a home sit more than 90 days, a price reduction usually follows. If the list to sales is below 95%, we could well be heading towards a buyer's market. In the US, with current anticipated rate increases, mortgage rates on a fixed 30 year are expected to be at 6% by 2020. That should usher in falls in values. You might expect something similar in the UK. A worst case scenario is something we have overlooked and a crash in asset values across the board.

Good post and I agree. I think now the mood has shifted towards expecting bids below asking, and that in itself is a big change. 

The interesting thing is how big this gap is going to get to before asking prices go lower and start chasing the offers down. Then we can have fun as sentiment will be destroyed and buyers will become more confident. 

It's happening slower than I expected and there might be some nasty surprises along the way (more gifts from government)

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1 hour ago, Jazzman said:

I wouldn't have thought we are quite in a buyer's market yet. I think prices have leveled off so offers may be coming in below asking, and that is normal in most markets. It would be very useful to know average days on the market, the number of homes that have reduced their price and the list to sales ratio. If a home sit more than 90 days, a price reduction usually follows. If the list to sales is below 95%, we could well be heading towards a buyer's market. In the US, with current anticipated rate increases, mortgage rates on a fixed 30 year are expected to be at 6% by 2020. That should usher in falls in values. You might expect something similar in the UK. A worst case scenario is something we have overlooked and a crash in asset values across the board.

exactly

buyers market is when more and more properties come on to the market, flooding it so you actually have a choice!

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17 minutes ago, TonyJ said:

The NAEA wants people to believe it is a buyers' market in the hope they rush to buy. It is like a shop advertising *massive discounts* in order to get people through the doors, but then when they arrive they find there is only 5% off already inflated prices.

a bit like the DFS sale!

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  • 335 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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