Almost four out of every ten sellers cut the asking price of their houses last month in the hope of a quick house sale. A price cut of £19,600 was the average across the UK – the highest drop on record, according to an online property search website.
These mass reductions are the market’s response to slow moving sale properties in the hope that sellers will be able to sell house quickly at reduced prices.
Overall £2.5 billion has been knocked off housing asking prices in recent weeks as those who are desperate to sell look to gain more interest in their property.
In terms of individual areas, Glasgow tops the list with houses being reduced dramatically in the Scottish city. The smallest average cut came in Chelmsford, where sellers cut prices by only six per cent.
House prices fell by 0.9 per cent over the three months to January compared to the previous three months, according to Halifax. Although there was a slight rise in prices over January itself, Howard Archer, chief UK and European economist at IHS Global Insight, expects prices to drop by five per cent 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.
February 25, 2012 at 6:35 am | Sell House Quickly |
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