Wednesday, August 10, 2016

1/3 of sellers reducing asking prices…. and the rest

One in three home sellers has cut asking price, figures show

"Among the homes which have been reduced in price across the country generally, the average discount on offer is £25,257." Not to mention properties being re-listed, so the records of reductions cannot be seen.

Posted by tom101 @ 02:28 PM (5838 views)
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7 thoughts on “1/3 of sellers reducing asking prices…. and the rest

  • Zoopla asking price index on the other hand shows rising asking prices.

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  • I have always had difficulty with zoopla data

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  • Libby … I just wonder if there will be any time when you would accept a bear market has taken over, or if we are/ will be in one you will be kicking and screaming all the way down ?

    What metrics would prove to you we have entered a bear period and what would make you regret the purchase of Libby’s castle near Chase Farm ?

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  • @1 – if that’s so then Zoopla is saying asking prices are going up in order to discount the subsequent discount? Maybe agents and surveyors were supermarket chiefs in their last incarnation. Why not ‘buy two and get the third one free’?

    And of course the Express/Mail will emphasise the rise in asking prices in their next headline.

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  • techieman, we are at the precipice of a huge boom, credit and population led.

    The bust comes 2026, after the 2025 election, with a correction likely just after the next election, 2021, after election bribes peter out, though I do not rule out Brexit trade deals letting things take off very comfortably through that with us matching growth normally seen in places like China. I have been of that opinion for a while. We have only just breached the 2008 peak and 2008 is too recent for another major crash.

    The fact that most people are bearish makes a bull market even more likely.

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  • Are most people bearish ? Im not sure that most people give it that much thought to be honest.

    My question to you was quite clear. What metric(s) would cause you to change your mind ? A fall of 10% / 20% / 50% … a fall of asking prices or a fall of average prices.

    My question wasn’t your opinion on what would happen. You have explained what you think ad infinitum.

    We all know what you think. I think it’s strange that you think a credit boom will be deflationary , since deflation is defined as a contraction in the supply of money AND credit. The credit numbers are available if you care to look. The BofE does a quarterly survey.

    http://www.bankofengland.co.uk/publications/Pages/other/monetary/ccs/2016/q2.aspx

    I will admit that the numbers are confusing and personally I have already said that the jury is out until things settle down a bit.

    For me an increase in secured lending overall… net of the btl sector … (im undecided re remortgages) price increases of 5% of the pre-brexit levels ( 5% above the top in London) would convince me the bull is intact.

    It would be nice if you changed your MO to answer a question related to that question . I spank you.
    Or perhaps you are training to be a politician?

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  • pricedoutmouse says:

    @libertas “We have only just breached the 2008 peak and 2008 is too recent for another major crash.”

    It’s not too recent because the last crash never ended, it just got repeatedly postponed by desperate government and BOE policy.

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