|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |   
Saturday 06th of December 2008
September 1, 2008

Homes sell at 10% below asking prices


by Gill Montia
Homes sell at 10% below asking prices

Hometrack has reported that home sellers are accepting offers almost 10% below asking prices, to secure a sale.

According to the housing intelligence firm, sellers achieved an average 90.7% of their asking prices in August, down from 90.9% in July.

The figure is at its lowest since Hometrack began recording the proportion of asking price achieved, in 2001, and the firm points out that some properties sold in August would have already been downwardly repriced before a buyer was found.

The sale to asking price ratio has now dropped for the 11th consecutive month giving an annual average of 5.3% in the 12 months to the end of August, compared with 4.4% a year earlier.

The August month-on-month decline of 0.9% was slightly below that of July and June and the number of viewings needed to secure a sale also fell slightly.

However, the average length of time a home remained on the market stood at over 11 weeks, or almost twice as long as in August 2007.

Hometrack put the average price of a UK home at £167,000 in August, down 0.9% on July.

Prices fell in almost 60% of postcodes in England and Wales, with the sharpest falls recorded in East Anglia, London and the South West.

The figures compares with a 1.9% decline in August reported by Nationwide last week, taking the average price of a home to £164,654, or £19,000 less than in August 2007.

Discuss this in the Finance Markets forums

Story link: Homes sell at 10% below asking prices


Add to Bookmarks:

ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL

 

 

Previous: « New orders for UK’s industrial output fall to 3-year low
Next: New mortgages from Woolwich and Abbey »

Visited 644 times, 2 so far today