Wednesday, September 19, 2012
Houses ‘Drop £11,000 In Three Months’
Houses 'Drop £11,000 In Three Months'
House prices have continued to fall with sellers asking some £11,000 less than three months ago, according to new research.
Posted by mark @ 10:00 AM (2422 views)
7 thoughts on “Houses ‘Drop £11,000 In Three Months’”
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tom101 says:
But not in London right….
Reticent says:
In London they fell £21.2k and I see this borne out using Property Bee near me (Wandworth borough). These are asking prices, though. Asking prices are so much higher than actual sold prices at the moment that they could feasibly drop 20% whilst actual sold prices carried on rising. That is, sellers getting realistic about pricing might cause buyers to meet them halfway or else encourage buyers to reenter the market.
Realistically though, falling asking prices probably mean falling agreed prices. There is no buyer’s strike. Demand is constrained by mortgage financing and uncertainty, not because people are put off by unrealistic prices. Falling asking prices reflect a shift in the balance of supply/demand as sellers suddenly realise they haven’t had a viewing in months. That will bear down on prices, but it would be foolish to assume that agreed prices will fall as much as asking prices will, purely because asking prices have been so out of kilter with reality for so long and thus have far further to fall.
mark wadsworth says:
Jolly good, it’s all grist to t’mill etc.
hpwatcher says:
must be in hull….
grumpybob says:
Not in Southampton either. Not that I’m really looking at the moment or for the foreseeable. For me, 5 years of stagnation has lead to a predictable outcome: I’m now at risk of redundancy. Still, all that matters is that interest rates stay low, irresponsible lenders get to stay in their overpriced houses, etc. Makes me sick.
bankster says:
Don’t worry grumpybob redundancy might be the best thing to ever happen to you! I’ve deferred mine for a year but then I’m off to become a photographer! Can’t wait to get out of bed in the morning to do something I actually enjoy.
mark says:
bankster, what cameras? canons?