Tuesday, September 30, 2008

Panic home selling now the order of the day

House sellers have to drop prices by as much as 12.5% to get a sale - RICS

Across the UK, houses are selling at an average of nine percent below the asking price with sellers in some regions being forced to accept as much as 12.5 percent discount off their advertised price, says RICS research... As economic fundamentals continue to worsen, the gap between selling and asking prices is widening. In the North vendors are accepting the lowest offers - averaging 12.5 percent below the marketed price. Vendors in the North West, East Midlands, West Midlands and Wales are accepting offers averaging approximately 10 percent below but in London the figure stands at 8.5 percent.

Posted by converted lurker @ 12:46 PM (1278 views)
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6 thoughts on “Panic home selling now the order of the day

  • and the rest i would expect a 30% reduction…

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  • converted lurker says:

    interesting aspect for me is that this may be a 12.5% reduction based after a yoy 10% fall….are we already into a 25% correction?

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  • converted lurker

    No. The 10-12% figure coming from the Natiowide and Halifax surveys is based on actual selling prices. It does confirm that asking prices have not moved much but sellers are listening to offers. That is also my own experience.

    You also get people deliberately overpricing their houses – giving a false impression of a bargain.

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  • Anyone who doesn’t have to pay back a mortgage and just wants out is going to be selling much lower than these figures.

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  • i know someone who wishes they had taken a lower offer, as they feel stuck now.. their house is on for 250k and they were offered 210k and now regret not taking it……………

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  • Makes a change from panic buying, just one year ago.

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