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Asking prices down, but sale prices down more
neverdespairgirl
Posts: 16,501 Forumite
Interesting - even as we track asking price drops via Property Bee, acheived prices are falling even faster.
Home sellers are being forced to accept offers on average 9% below their asking price, said the Royal Institution of Chartered Surveyors (Rics).
The gap between asking and selling price is widening as the property market downturn worsens, Rics added.
Property prices have fallen by 11% in the past year, according to major lenders, while sales have fallen by more than half.
The available evidence suggests that prices and sales will fall further.
"With housing transactions currently at a 30-year low, many vendors are being forced to lower their asking prices to achieve a sale in an ever shrinking market or they are being forced to rent their property until the market picks up," said Simon Rubinsohn, RICS chief economist.
"The gap between asking prices and selling prices could widen in the coming months as the downturn in the economy becomes more visible, he added.
http://news.bbc.co.uk/1/hi/business/7638028.stm
Home sellers are being forced to accept offers on average 9% below their asking price, said the Royal Institution of Chartered Surveyors (Rics).
The gap between asking and selling price is widening as the property market downturn worsens, Rics added.
Property prices have fallen by 11% in the past year, according to major lenders, while sales have fallen by more than half.
The available evidence suggests that prices and sales will fall further.
"With housing transactions currently at a 30-year low, many vendors are being forced to lower their asking prices to achieve a sale in an ever shrinking market or they are being forced to rent their property until the market picks up," said Simon Rubinsohn, RICS chief economist.
"The gap between asking prices and selling prices could widen in the coming months as the downturn in the economy becomes more visible, he added.
http://news.bbc.co.uk/1/hi/business/7638028.stm
...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.
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Great news for people wanting to buy.:D However bad news for my friends trying to sell, I tried my best to warn them.
:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
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