Asking prices slashed by £6,500 but homes still not selling

| November 17, 2008 | 0 Comments
Asking prices slashed by £6,500 but homes still not selling

According to a report by property search website, Rightmove, homeowners are slashing their asking prices by £6,500 in a bid to sell their home.

In the four weeks to November 8, the average asking price of a home in England and Wales was £223,000 - a 2.9% decrease on the previous month and the largest fall since the organisation began collecting data six years ago.

Over the 12-month period, the asking price fell by 7.1% and Rightmove said that sales were being agreed at about 20% lower than last November.

However, the gap between the two is resulting in many sales collapsing as vendors refuse to accept low offers.

According to Miles Shipside of Rightmove, if vendors market their property at a reasonable asking price, then they could avoid months of frustration and despair.

Meanwhile, research shows that the average time a property is up for sale has fallen slightly, however, this is primarily due to the fact that many properties are being taken off the market due to a lack of interest.

Rightmove believes that some sellers are put off by the need for an Energy Performance Certificate, which costs around £300.

As a result of the downturn in the property market, the jobs of 15,000 people working in estate agents’ offices are at risk, according to a report published in The Times last week.

Since last summer, it is estimated that up to 7,000 estate agents have lost their jobs through staff cuts at branches or the closure of offices.

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