Homeowners staying put as buyers expect 25% discount
17th March 2009
Asking prices for UK homes fell by an average of nine per cent over the past 12 months, though many prospective buyers are now expecting discounts of around 25 per cent.
That is according to the latest housing market figures published by Rightmove, which show that homeowners are becoming increasingly reluctant to put their properties on the market as they fear buyers will attempt to land themselves a bargain.
Given this, research carried out by the property analyst found that the number of homes put up for sale over the course of March is likely to total just 79,000, compared to 182,000 for the same month in 2008.
Miles Shipside, commercial director of Rightmove, commented: "Some sellers are still pricing wishfully high, though it is encouraging that elements of the market have adapted relatively quickly to find a new price floor at a discount of around 25 per cent from peak."
These latest figures come soon after Nationwide reported that house prices have fallen by an average of 17.6 per cent over the past 12 months, news likely to be welcomed by buy-to-let investors who stand to benefit from a rise in demand for rental property.
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UK Property Investment
17th March 2009
Asking prices for UK homes fell by an average of nine per cent over the past 12 months, though many prospective buyers are now expecting discounts of around 25 per cent.
That is according to the latest housing market figures published by Rightmove, which show that homeowners are becoming increasingly reluctant to put their properties on the market as they fear buyers will attempt to land themselves a bargain.
Given this, research carried out by the property analyst found that the number of homes put up for sale over the course of March is likely to total just 79,000, compared to 182,000 for the same month in 2008.
Miles Shipside, commercial director of Rightmove, commented: "Some sellers are still pricing wishfully high, though it is encouraging that elements of the market have adapted relatively quickly to find a new price floor at a discount of around 25 per cent from peak."
These latest figures come soon after Nationwide reported that house prices have fallen by an average of 17.6 per cent over the past 12 months, news likely to be welcomed by buy-to-let investors who stand to benefit from a rise in demand for rental property.
<< Back to News