Sellers "slash" asking prices

Graham_Devon

Homeowners are being forced to slash their asking prices as the property market stagnates, according to research published today.

Property website Zoopla.co.uk said more than a third of vendors in the UK (36.4%) had reduced the asking price for their property at least once since August, with the average person knocking 6.1% off the original price – the equivalent of nearly £16,000.

The biggest price reductions have been made by homeowners in northern cities, with those in Manchester reducing their asking prices by an average of 7.15% while those in Newcastle have cut them by 7.13%.

The reductions are being made in response to a shortage of buyers, with many adopting a wait and see approach until the outlook for both the property market and the wider economy become more clear.

Nicholas Leeming, commercial director of Zoopla, said: "For the past few months, asking prices have been somewhat out of kilter with what buyers are prepared or can afford to pay, but sellers are becoming increasingly realistic.

http://www.guardian.co.uk/money/2010/nov/03/home-sellers-slash-asking-prices

Sellers wising up? Or simply asking too much to begin with?

WhiteHorse

Graham_Devon wrote: »

Sellers wising up? Or simply asking too much to begin with?

Both.

Add greedy estate agents who initially overprice in the hope that they may get lucky. The fact that this wastes the sellers time is of no interest to them.

chucky

Graham_Devon wrote: »

http://www.guardian.co.uk/money/2010/nov/03/home-sellers-slash-asking-prices

Sellers wising up? Or simply asking too much to begin with?

a lovely thread...

here's what you though about Zoopla's last piece of research...

Graham_Devon wrote: »

To the even keener reader, they will notice the zoopla research is so basic, it deserves to be recycled into value toilet roll instead of the posher stuff.

it's quite sad that posters pick and choose the news stories that they like and hope they're true... what so good about this report from Zoopla...

Graham_Devon

chucky wrote: »

a lovely thread...

here's what you though about Zoopla's last piece of research...

it's quite sad that posters pick and choose the news stories that they like and hope they're true... what so good about this report from Zoopla...

Thanks Chuckles. Why not post up the full post? And the thread so we can see what the response was actually about? Your gonna get some people very excited with that snippet though!

Then, maybe, you could discuss this thread?

PasturesNew

6% isn't really slashing is it... I've seen a lot of 10% chunks being lopped off Round My Way. And a couple of right, proper bargains if those were the houses I was interested in. Nothing wrong with them at all, bar being over-priced in the first instance.

THE_GHOULS_PARADISE

Market has stabilised. End of argument. Go ask your local EA.

mcc100

In the present climate you'd get as much sense out of an estate agent as you did out of Comical Ali during the first few months of the invasion of Iraq.

Graham_Devon

Next leg down is on....and it feels good

Really2

Graham_Devon wrote: »

Next leg down is on....and it feels good

Heather Mills posts on MSE instead of twitter by accident about her recent fitting.

diable

worldtraveller wrote: »

Hah! Some of us have seen it all before, several times! Panic either has, or undoubtedly will set in, during this inevitable falling market. But, IMHO, it's all the more likely and potentially more severe today, compared with the past, due to the totally unsustainable increases we have seen over the past few years.

Was it 1990 or so when prices dropped by 50%?

Sibley

Most people who would sell now will just wait.
All these figures mean nothing.

It's only places actually on the market that will be involved in price rises or cuts.

If a house isn't for sale it hasn't lost 1 pence. If a seller has decided now is not a good time to sell then nobody will be buying their property cheap.

I can't understand the way the bears rejoice at any drop in monthly figures. It doesn't mean they can walk round deciding to buy any house they want. Homeowners can just stay put until prices rise. It really is a good time to be owning a house. Prices will rise eventually. Who cares about what they are doing now? I've got 13 years left on my mortgage. If prices rise I'll sell but if they stagnate or even dropped I could just sit it out. In 13 years time they will be higher than now and I'll cash in for my retirement fund.

Why on earth would I suddenly think 'I must sell now?'

Most are paying low rate mortgages now. Why would somebody decide to sell when it's not a sellers market?

You wait 3 months. If prices do not rise and market stabilizes then there will be a lack of decent places on the market.

Granted a few will need to sell as always but their places will be snapped up by BTL landlords. Same as ever.

Whatever happens I'd like to bet none of the bears on these forums will ever buy. If they had the means they would have bought by now.