House sellers slash asking price to attract buyers

Posted under General by Jermaine

The UK housing market which has witnessed biggest slump in last few months is trying to revive itself as the home sellers have started cutting down the asking price by an average of £4,300. A survey report released, mentions that the rising number of unsold properties which reached the highest ever level, has forced the drop in the average asking price from £239,564 to £235,219 in England and Wales in the month of June. This is the second consecutive fall since drop of £3,000 in June.

According to the commercial director of Rightmove, Mr. Mark Shipside, sellers have realised about the positive impact of lowering the asking price. An approach of aggressive pricing is likely to improvement sale of properties. The survey indicates that estate agents registered on an average 77 properties for sale against 74 last month. This increase is attributed to the cut in asking price. The buyers were reluctant to buy property on account of credit crunch. The asking price cut has provided a well deserved relief to the buyers.

According to Rightmove, West Midlands registered the biggest fall of 3.7 per cent in asking price, followed by 3.3 per cent in the South-East. Greater London was the exception to the down trend where average asking price rose by 0.3 per cent, with Tower Hamlet recording an increase of 4.1 per cent.

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