asking prices
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Latest property news
Estate agents are significantly over-pricing houses by up to £82,000
Analysis of nearly 90,000 transactions over past 12 months reveals huge gap between asking and final sale price in many areas of London and the South.
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Latest property news
Housing market makes a slow start to 2019 caused by ‘Brexit hesitancy’
Brexit has in part been blamed by Rightmove on the weakest start to the year for the housing market since 2012, its latest index says.
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Latest property news
Agent stock down 6.75% compared to 2015, latest Rightmove index figures reveal
The average level of sales stock per estate agent branch has dropped by 6.75% compared to 2015, the latest Rightmove index reveals. This decrease in the number of homes available for sale is across the board; for every month so far this year the average figure is lower than the same month two years ago. During 2015, historical Rightmove data shows, agents had 61.8 properties on their books on average, which has now dropped by four properties to 57.6 properties. Rightmove says in its report that overall estate agents’ stock of property for sale remains “tight” particularly further north where demand is exceeding supply. Northern price rises This is also pushing up prices faster in the north than the south – Rightmove says the North East’s housing market is experiencing the fastest asking price growth at the moment, up 1.3% month-on-month and 4.7% year-on-year. Also, it’s the regions above London that are doing the best year-on-year as London, the SE and SW all experiencing weaker price growth than their northern counterparts. Rightmove is also pessimistic about next year, which it says will see asking price growth of 1% overall. “2018 will continue the 2017 trend by being a real mixed…
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Latest property news
Asking price reductions at their highest for five years, says Rightmove
Over a third of properties for sale in the UK have had their original asking prices cut since being listed, says the latest Rightmove house price index. At 37% of all existing homes for sale, this is the highest proportion dropping their prices during the autumn months for five years (see graph below), the portal says. This pushed down asking prices by 0.8% during October, the index shows, with price reductions heaviest at the top of property ladder. Rightmove says it’s a buyers’ market now and that vendors should be “wary of over-pricing” and that holding out for a Stamp Duty reduction in next week’s Budget statement to boost buyer activity. Price cutting following the Summer market high-point is a pre-Xmas tradition within the property market but the proportion of homes for sale being cut in price has been rising over the past three years and is now at a peak. “In the run-up to the festive season many sellers are trying to tempt distracted buyers to look at their property by dangling the bauble of more attractive pricing given the quieter time of year and more challenging market,” says Miles Shipside (pictured, right). “Many sellers who have been on…
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