Sellers start ‘summer sale’ slashing property asking prices by £7,000
ASKING prices in the UK have been slashed by £7,218 as sellers try to shift their homes more quickly.
A drop in prices of 2.3 per cent since June means the average cost of a home has fallen to just £301,973, according to property listings website Rightmove.
This is particularly good news for first-time buyers, who will need to fork out less and won't be stung by a corresponding drop in the amount they'll get for their current properties.
Buyers also have more choice, as the number of homes for sale has increased by 2.1 per cent.
Asking prices usually fall in August, as homeowners look to wrap up sales and move ahead of Christmas.
But it looks like sellers are particularly keen this year, with prices dropping by 2.3 per cent compared to 2.1 per cent in 2017.
London and the South East have seen the biggest fall in prices, with the rest of the country seeing falls of just 1.5 per cent on average.
Miles Shipside, Rightmove director and housing market analyst commented: “Sellers who come to market in the peak holiday month often have a pressing need to sell and price down accordingly, and are offering ‘summer sale’ prices to entice holiday-distracted buyers.
"Since  the average price of property coming to market has gone up by 32 per cent, stretching buyer affordability. More substantial discounts are therefore required to tempt warier buyers."al discounts are therefore required to tempt warier buyers."
Those sellers who have dropped prices are managing to sell their properties.
The Connells Group Estate Agency said it has relaunched 5,000 properties this summer - all with meaningful price decreases. 30 per cent of these sellers have now agreed sales so far.
David Plumtree, Connells Group Estate Agency chief executive, said: "Our figures show that properties will continue to sell well as long as they are correctly priced.
"We usually see a flurry of activity as the summer comes to a close and as thoughts turn to getting moved in time for Christmas and starting a new year in a new home.
"Sellers would do well to get their home on the market now in preparation to take advantage of this upturn in interest.”
To read the rest of the article, please visit: https://www.thesun.co.uk/money/7056093/property-prices-slashed-summer-sale/
For more up-to-date property news and helpful articles for landlords and tenants alike, please scroll through the rest of Mount Properties' blog.