Thursday, April 7, 2011

House sales slump by half

House sales fall 47% in 3 years

There is growing evidence that vendors are having to slash their expectations and ambitious asking prices just to get savvy buyers to a viewing, let alone an offer.

Posted by doomwatch @ 09:46 AM (1645 views)
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8 thoughts on “House sales slump by half

  • This is the House Price Crash.

    How do the estate agents survive?

    Could they be getting get a little extra help from their banks?

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  • 1. will said…’How do the estate agents survive?’

    ~ That could be the most intelligent question of the day.

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  • sibley's b'stard child says:

    I’m presuming the remaining EAs have supplemented their revenue with lettings. Mind you, i’m sure it was somewhere in the region of 10-15% (?) of EAs that closed-down during 08/09 so i’m guessing what few transactions there are are a little more liberally spread. Still, there was an article in this morning’s Metro advising how savvy vendors can attract more would-be-buyers; funnily enough, reducing the asking price didn’t feature.

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  • You heard it here first. Capitulation is starting to finally happen here in the Greedy Cotswolds.
    Anything that’s been on the market for more than 3 months has had it’s asking price knocked down a peg by
    5 to 10%. Finally sense is starting to prevail.

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  • mark wadsworth says:

    Yup, a wildly overpriced house up the road from me just had £50,000 knocked off the asking. If they knock off another 50% then I might manage to persuade Her Indoors to buy it (it has a very small garden but apart from that it’s fine).

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  • In ref to my post @3. 5-10% has come off the over-valuation froth. Stuff that’s been over-priced by 15-25% in the first place, clearly needs to
    come down a lot further, especially as prices have dipped in my area by 3-5% in the last 6 months.

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  • sibley's b'stard child says:

    Same here DW, my RM/Property Bee watch-list is looking rather bearish of late with a spate of new listings since the New Year, plus the obligatory 10%+ reductions.

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  • mark wadsworth says:

    Sibs, DW, sure, instead of being about 125% overpriced, houses round my way are now merely 100% overpriced, but it’s all heading in the right direction.

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