Asking prices are lowering by up to 20%
22/11/2011 - Home owners have reduce their property values
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New figures have disclosed that around two out of five people who are selling their homes are deciding to reduce the asking price as they try to achieve a sale.
Although home owners have been far more realistic in their calculations when selling over the past few years, it is now though that the average asking price reduction had reached its highest level for two years. The figure reached by most sellers is said to be almost £20,000 below the asking price of their property a rise of £3500 during the past twelve months.
It has long been the case that properties for sale in London are able to achieve a greater sale price against more regional areas but even those in the capital have had to look at their asking price and bring the figure in to reach a sale.
Eight out of ten of the areas with the biggest price discounts are in the North of England. In areas around the UK people is Glasgow are reducing their asking prices the most by an average of 9%, whilst those Croydon, Swindon, Chelmsford and Bedford are all affected the least.
It is felt, in the industry, that the problem may get worse over the next twelve months as more home buyers feel the strain of their personal finances dictating what they can and cannot afford to spend. Home owners are having to reduce their expectations in order to sell and move on and may need to continue to do so in 2012.
