Homeowners slash asking prices at fastest rate this year

chewmylegoff

Wow. The number of people cutting the price of their properties has reached a 9 month high?! That is so unexpected in a market with predictable seasonal variations.

It would be more useful if Zoopla was able to tell us what the average reduction in asking price was, rather than absolute figures regarding how many properties have had a price reduction (which captures everything from a £1 reduction upwards). That would actually be meaningful data, if coupled with the rightmove index.

JonnyBravo

chewmylegoff wrote: »

It would be more useful if Zoopla was able to tell us what the average reduction in asking price was, rather than absolute figures regarding how many properties have had a price reduction (which captures everything from a £1 reduction upwards). That would actually be meaningful data, if coupled with the rightmove index.

Now I know HSW is not the most reliable of sources.... and I've not clicked his link to check it....

but....

his follow up post does say "The average asking price reduction now stands at just under £19,000, with the biggest bargains being found in the North "


Edit: That'll teach me. I've now read it. £19k is the area with the largest %age drops. Bit of selective quoting from hsw for a change.

chewmylegoff

JonnyBravo wrote: »

Now I know HSW is not the most reliable of sources.... and I've not clicked his link to check it....

but....

his follow up post does say "The average asking price reduction now stands at just under £19,000, with the biggest bargains being found in the North "


Edit: That'll teach me. I've now read it. £19k is the area with the largest %age drops. Bit of selective quoting from hsw for a change.

to be fair when you bother to click on the link (or read his follow up post), of which i hadn't done either, you do get some £reduction stats, although the average reduction / % stat puts average house price at £250,000.

the average sale price according to the latest ONS stats is £231,000.

i am rather suspicious that they have just calculated the average asking price (according i suppose to zoopla) and compared it to the average price per ONS and concluded that the average price drop is £19,000.

if that is what they have done then this isn't "research" but a mathematical comparison between two figures which are probably not calculated on a comparable basis.

chewmylegoff

JonnyBravo wrote: »

Edit: That'll teach me. I've now read it. £19k is the area with the largest %age drops. Bit of selective quoting from hsw for a change.

i don't think so - i think £19,000 is both the average reduction for all properties across the uk (average £250,000 working backwards), and also the average reduction in the region seeing the highest losses (where the average price is £200,000 working backwards from their figures).

kabayiri

Alan Partidge : "Idea for a new show, featuring the nations' doyens Krusty and Phwyll.

Reduction, reduction, reduction.

Our intrepid duo wander around areas with the highest reductions this week, in a wet dream fantasy trance.

Note. This *must* not turn into a rave."

JonnyBravo

chewmylegoff wrote: »

i don't think so - i think £19,000 is both the average reduction for all properties across the uk (average £250,000 working backwards), and also the average reduction in the region seeing the highest losses (where the average price is £200,000 working backwards from their figures).

Ah yes.
Seems as if the£18,888 for Newcastle is coincidentally similar nominally although it is the highest %age drop.
Yes - much larger drops nominally in London etc. That'll please brit. I should imagine he'll be waiting for a much larger crash though.

nickj_2

in my local paper they did an article /survey from local estate agents , the average asking price for this area was aound £400k , the average selling price was only £320k, does this constitute a crash ,

abaxas

nickj wrote: »

in my local paper they did an article /survey from local estate agents , the average asking price for this area was aound £400k , the average selling price was only £320k, does this constitute a crash ,

No crash in the North East, due to nothing selling :P

michaels

As chewie says, most property is listed in spring, some sells so comes off rm, some sticks and is withdrawn so comes off rigtmove, some is reduced...thus /5 with reduction likely to be seasonal.

Additionally with low sales volumes EAs are likely to be chasing business via pitching high valuations (whisper softly) expecting to need reductions to get the sale and their commission.

davsidipp

ess0two wrote: »

Could'nt agree more,i recently offered £1500 on a 2011 Porsche 911 turbo,its all i was willing to pay for it.

was it accepted?:rotfl: