Three quarters of house sales sink below asking price, data shows

More than three quarters of house sales are now being being agreed below the asking price, according to new data.

Propertymark says 76% of homes are selling for less than was originally asked when they entered the market.

There is also a 14% reduction in the number of properties available for sale at each member branch, the latest Propertymark housing insight report reveals.

Buyers down

The survey shows prospective buyers registered per branch down to 60 in September from 81 in August. The average number of viewings per property remained static.

Nathan Emerson, CEO at Propertymark (main picture), says: “Whilst the interest rate hold in September was good news, it offers little respite for those who need to remortgage or those seeking leveraged entry into the housing market.

“However, despite inflation remaining stubbornly high, it is moving in the right direction for both households and businesses.

House sales

There has been “a slight reduction” in the number of available properties in September, he says. “This reflects ongoing market uncertainty, but we expect this trend to level out in the short term.”

“More concerningly, the vast majority of properties continue to sell below asking price pointing to a pricing correction despite average house prices continuing to rise.”

Tinker

In the lettings market, the picture remains the same, Emerson says. “Governments across the UK continue to tinker with legislation and legislative programs, disincentivising landlords along the way.”

Supply remains tight, he adds, with far more applicant registrations than properties available.

“Pressure on rents continues although there are some signs of restraint in this month’s figures compared to last month.”

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