Sales are down despite cuts in property prices

Posted under General by Jermaine

Property sellers have started cutting the asking prices for their homes in order to stop the slump in sales.

According to an online agency report, a cut in the asking price for an average British home was 2.3% last month, amounting to a drop of £5,403. The sellers in London offered a higher discount, to the extent of 5.3% last month alone equalling a reduction of £21,000 in the asking price in 4 weeks to August 9.

The agency reports that the cut, the largest ever in August, is the indication that asking prices are falling at a much faster pace, escpecially when compared to the 1.8 per cent and 1.2 per cent in the preceding months.

According to commercial director Miles Shipside of Rightmove, sellers are motivated to flock to the market in the middle of holiday season, and London is perhaps buzzing with the special summer sale where prices are down by 3.8% compared to last year.

According to Rightmove, national asking prices were highest at £242,500 in May compared to prices measured as per the Nationwide and Halifax indices which were highest last autumn. The increase was caused by some sellers who did not enter the market.

Many housing market surveys are reporting distressing sales in the South and East Anglia and other places.

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