Falling asking prices spark panic among vendors
The postcode lottery continues for many homeowners thinking about selling in the near future as asking prices across the country take a further hit.
New figures released by online property giant Rightmove have painted a worrying picture for those who need to sell their house fast as the expected autumn spike in prices has failed to materialise.
The research has shown that asking prices in many regions around the country have actually fallen during September for the first time since 2013 – with the average UK asking price decreasing by 1.2% from the previous month to £310,000.
While areas that provide certain necessary amenities such as schools and key transport routes have managed to buck the trend, homeowners may find themselves preferring to avoid placing their homes for sale in the near future to avoid the risk of losing money.
However, for homeowners in more precarious circumstances, the need to sell in order to avoid the possibility of negative equity may compel them to market their home regardless.
“Estate agents are clearly advising many sellers that they have to lower their price expectations to fit in with buyers’ stretched financial resources, with that price compromise hopefully generating extra buyer interest,” said Miles Shipside, director of Rightmove.
A knock-on effect
Industry experts believe that the fall in asking prices has been exacerbated by a fall in the value of prime real estate locations such as Kensington and Chelsea where prices have plunged by a shocking 2.9% in a single month.
“We’ve advised sellers in many locations across London that the current market requires sensible and realistic pricing,” said Robert McLaughlin, sales director at Kinleigh, Folkard and Hayward.
Estate agents are urging sellers in badly affected areas to temper expectations with regard to the value of their homes or be prepared for a long wait to find a buyer as uncertainty continues.
The plunge in asking prices has shocked insiders who believed that the chronic shortage of housing across the country would continue to increase property values even further, but the only areas where homeowners have benefited from rising prices so far have been in the North East, Yorkshire, and the Humber.
Of course, many sellers are unable to wait to place their house on the market – but luckily there are many property buying companies who will buy any home, regardless of condition or location for a competitive price.
Need to sell fast? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.