16
Jun
INTERESTING PROPERTY PRICE ARTICLE
Thousands of homes on market have prices
slashed
Wednesday 16th June 2010
Over-valuing of properties for sale appears to be widespread,
with the number of homes on the market reduced in price last month
at a high.
Prices of 66,445 homes were reduced, with an average price cut
of £14,700.
According to the property portal Home, which tracks data on
asking prices for properties new to the market as well as prices
for properties already for sale, sellers are reducing prices out of
nervousness ahead of the emergency Budget, and frustration.
Buyers are in short supply, says the site, and the time to sell
a home now stands at 94 days.
Although asking prices increased by 0.3% in May, there were
monthly falls in six out of nine regions in England and Wales.
The average asking price for a property in England and Wales is
now £229,606 – an amazing £69,000 ahead of the
actual average selling price quoted by Halifax – and showing
a huge disconnection between sellers’ aspirations and what
they actually get.