Across the UK, there has been a cut of 7.5% off average house prices. Out of ten sellers, four had cut the prices of their houses in order to drum up some interest from potential buyers.
The average asking price of £261,067 was given the price cut of £19,600 – the biggest drop ever recorded, according to online property experts.
The reductions mean that desperate sellers have knocked off a grand total of £2.5 billion off their house prices in order to generate a situation where sellers can ask; “Buy my house now for a quick cash sale”.
Over the three months to January, house prices fell by 0.9% compared to the previous three months before. Over the month of January there was a slight rise in prices, however, economists predict little change in the market. Howard Archer, chief UK and European economist at IHS Global Insight, expects prices to fall by 5% in 2012.
“We suspect that low wage growth, rising unemployment and persistent concerns over the economic situation and outlook will limit potential buyers and weigh down on house prices,” said Mr Archer.
May 12, 2012 at 8:19 am | Buy my house now |
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