|
Sellers turn to marking down property
17 November 2008 16:54
Property sellers are turning to cutting their asking prices in response to desperate market conditions, an investigation has revealed.
The latest statistics from Rightmove show that sellers have cut asking prices by an average of 2.9 per cent since the start of November.
What’s more, only 80,000 owners put their home on the market between October 11th and November 8th, making it the slowest month since Rightmove began recording data in 2002.
Commercial director at Rightmove, Michael Shipside, said that sellers could avoid unnecessary disillusionment and despair if they marketed at an asking closer to what the evidence indicates they are likely to receive.
He added that while average asking prices have fallen by more than seven per cent over the last year, in most cases you would have to double that if you wanted to sell your property.
Last week, the Bank of England governor Mervyn King hinted that there could be more base rates cuts in a bid to revitalise the property market.
|
