93 percent of asking price being achieved for properties

Recently released data has suggested that the property market is once more swinging in favour of sellers, as an increased number of homes are achieving almost the full asking price when they are sold.

One property company has released data showing that properties are now achieving around 93 percent of the asking price when they go on the market, which means that buyers will now have less leeway to negotiate unless they want to risk losing the property to another buyer.

In February of last year properties were reaching only 88 percent of the asking price when they went to market, but the increase means that sellers are now once again gaining control of the market. Nationwide figures have shown that there has been an increase of 8 percent in property prices over the past year, and this has been partly driven by an increased demand for property from would be buyers.

The increase in the amount being achieved for properties that are on the market is thought to further evidence of improvements in the property sector. Over recent months a number of industry experts have highlighted the various green shoots that have indicated that the sector is improving, and with an increase in property sales, increased prices, increased interest from buyers, and a higher percentage of the asking price being reached this certainly seems to be the case.

The data in the report was released by Hometrack, and a spokesperson from the company stated: ‘The proportion of the asking price has bounced back over the course of 2009 from a low of 88% in February 2009. This measure has now reached 93%, and is starting to plateau in the face of firmer pricing and reduced sales volumes.’

Tags: property market, swinging, Real estate economics, Real estate broker, asking price