UK Sellers Drop Their Property Prices

Sellers across the UK have been dropping the prices of their properties in an attempt to sell their home more quickly.

2012-08-17

LONDON, ENGLAND, August 17, 2012 (Press-News.org) A report by a property portal has found that a record number of desperate house sellers are dropping their asking prices to encourage buyers to buy their homes.

Property prices in the UK have been dropped by a record number of sellers during recent months in order to secure sales of their properties. A total of 37 per cent of properties were discounted in price compared to 34 per cent in May which is the highest volume in nine months.

The average reduction in price is approximately GBP19,000 with some areas in the UK showing higher discounts than others. In London 29 per cent of houses for sale had their asking prices decreased by around GBP44,118. However sales in London and the South East of England generally have remained buoyant including new homes in Kent and new houses for sale in Essex.

In the North of England there were larger discounts on property prices, particularly in Newcastle with nearly 10 per cent off asking prices and Liverpool with just over 9 per cent off prices.

The average value for a detached house in the UK now stands at GBP329,731 and for a semi detached home the average value is GBP195,693. Average house prices have decreased by GBP2,629 equal to 1.16 per cent compared to one year ago.

The smallest reduction in property prices was in Plymouth with an average of GBP10,761 being discounted from values.

A number of factors for sellers dropping their prices include the holiday period during July and August and the Olympics and Jubilee celebrations which have deterred would-be house buyers from searching for homes causing a quiet period for the property market. Sellers also have to be more realistic about pricing for their properties and consider dropping their prices to make them attractive to buyers. Reluctant sellers however do not want to drop their prices, especially if they can take their time over selling.

For those who want a quick sale on their home, sellers have been prepared to drop their asking prices in order to move. Prices have overall dropped over a period of five months by 0.7 per cent in July.

Notes to Editors:
What House? is a leading property website that features thousands of new developments in Norfolk and new homes in Suffolk as well as the rest of the UK. It also provides the latest property news, valuation of homes and property and mortgage advice. Over the last 30 years, What House? has held their annual What House? Awards, which are the longest established New Homes awards in the UK recognising UK house builders and developers across 21 categories.

What House? is a leading UK property portal.

Website: www.whathouse.co.uk

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UK Sellers Drop Their Property Prices

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