House sales still in decline as sellers drop prices by £20k
Tuesday, 22 November 2011 01:56
With sales of properties in the UK still lower than last year and the housing market remaining at a standstill, would-be sellers are taking desperate measures, new research has found.
HM Revenue & Customs' new figures for October 2011 state that 76,000 homes changed hands last month, BBC News reports.
Although this is 1,000 more than September, it is still 3,000 fewer than the corresponding period for 2010.
For the year as whole thus far, sales are also down by five per cent when compared with last year.
With fewer buyers seeming to be willing to make a purchase, people with properties up for sale are slashing thousands of pounds off their asking prices in a bid to entice them.
According to Zoopla, two out of five sellers have been forced to do this, with the average discount from the original cost having reached a new high of £19,500.
This is £3,500 more than last year and means a collective £3 billion has been taken off house prices since 2010.
The most likely region for homes to be discounted is the north-west, although London is also suffering from the phenomenon.
Zoopla's Nicholas Leeming said it is not predicted to improve over the next 12 months and could get worse.
"With the latest economic forecasts for 2012 looking decidedly gloomy, sellers may have to reduce their expectations further if they are serious about making a move," he added.
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