Everyone is feeling the effects of the economy right now. A recent report by property listing website Zoopla.co.uk has found that 40% of properties that are currently up for sale have had to cut their asking price at least once. On average, sellers have shaved 7.1% off of the asking price of current properties on the market.
Even Millionaires Hit
Even Millionaires’ Row has been hit, with 27% of the £1 million-plus homes that are on the market at the moment slashing their asking price.
As Nicholas Leeming of Zoopla.co.uk has said, “Vendors continue to have to lower prices due to weak buyer demand. Sluggish economic growth has hit buyer confidence and tight-fisted lenders are currently making it impossible for swathes of would-be buyers to benefit from the price reductions. For those who can get mortgages, now is as good a time as there has been in over a year to bag a property bargain.”
Sellers Starting to See
Sellers are beginning to understand the market more and to realize that they can’t ask exorbitant amounts. A Rightmove survey recently found that the four weeks ending in the middle of August have shown a slight annual dip in what people are asking for properties. Sellers so far in August have dropped their average asking price by 2.1%.