UK sellers becoming ‘more realistic’
Those looking to buy a home may have noticed listings on the books of the property agents Norwich has reflect a more realistic price, as one in three sellers have discounted property. Could this be, then, the perfect time of year to pick up a bargain?
The survey suggests that in the latter half of 2014, 33% of property sellers have reacted to the cooling down of the housing market by reducing the asking price – the highest proportion since August 2012. This comes after more positive news at the start of 2014, where mortgage rates and government home buying schemes were thought to have stabilised the market.
However, a lull towards the end of the year is often expected, as buyers look to wait until Christmas and New Year have passed before uprooting themselves, therefore to secure a buyer at this time of year, sellers are having to offer a good price.
The average reduction is of 6.7% of the asking price, which equates to an average of a £24, 429 reduction, however, areas of London which have smaller numbers of reductions can see discounts averaging £55, 606, 9.2% of the average asking price. While London has a below average figure of 29%, this is double the figure reported in early 2014.
Topping the leaderboard of most reduced properties is Preston, Lancashire and other areas in Lancashire and Yorkshire also sit at the top of the table. Edinburgh is Scotland is the most likely area in the UK to achieve its asking price. There is no specific reference to Norwich properties presented.