Recent news has announced that one third of properties for sale will be sold after making a reduction on the original asking price. Selling your property in the current climate is becoming more and more challenging, even more so than during the depths of the recession some have argued.
The houses will have had their value cut at least once since they were first put up for sale. These ar surprising figures as people generally feel the housing market is improving.
The areas where prices were reduced the most tended to be in Manchester, Rotherham and Barnsley where original asking prices were typically discounted by 7.1 per cent.
When the 7.1% figure is translated into monetary figures drops of 11,400 can be seen in Manchester, 9000 in Barnsley and around 9500 in Rotherham. It is easier to see the financial impact of the reductions when the figures are translated into money.
Commercial director of company Zoopla, Nicholas Leeming has been quoted as saying “Sellers across the country are certainly feeling the heat this summer as the recovery has slowed and the market direction is uncertain.” The property market recovery certainly seems to be stunted at the moment.
Lots of sellers are reducing their original asking prices in the hope of attracting buyers as a last ditch attempt at selling their homes. The thing to bear in mind is that Britain is not one big housing market- it is made up of many different sub markets. Smaller price reductions have been noticed in areas such as the south of England which is possibly due to the employment prospects being better there than in the North.
It certainly is a buyers’ market at the moment and savvy house hunters will definitely be well aware that if they look hard enough they will possibly be able to find themselves a real bargain.
Conveyancing Cheshire can help with any buying ans selling of property. Employ a litigation solicitor Cheshire to help with conveyancing.