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Homeowners flock to try and sell homes

August 25, 2008 by admin  
Filed under News, News-Mortgages

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According to a recent report many homeowners are panicking because of the ongoing drop in property values in the UK, and this has resulted in a million homes being up for sale recently. Property values have been falling for some months, and many industry officials believe that they could fall by in excess of 10% by the end of the year. Many homeowners are worried that if they wait to sell their homes they could end up losing thousand of pounds more on the value of the property.

It is thought that many of those deciding to sell their homes are hoping to get their hands on a new build property at a discounted price, with average asking prices between May and June falling by around £3000 according to some industry officials. In some areas the price drop has been far higher, with some even seeing drops of around £20,000.

Officials have said that between May and June of this year around 170,000 properties were put up for sale, and this resulted in over one million properties being up for sale in total during this period. Unfortunately estate agents have been reporting very poor property sales for some time, and therefore this is a bad time for those hoping to sell their homes, as the chances of selling – particularly at asking price – have become more and more slim.

One official said that many sellers had previously been refusing to acknowledge the fall in property values, and were unable to sell their homes because the price was so high. He said that this problem was finally starting to sort itself.

He said: ‘In spite of the lowest housing transactions for 30 years, new sellers had been coming to the market asking for record prices. It was a mad state of affairs that defied the laws of economics. Thankfully new sellers are now taking some pro-active steps to price more realistically from the outset to attract increasingly hard-pressed buyers.’

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  1. Interest rate cuts could be put on hold says:
    August 25, 2008 at 12:08 pm

    [...] Homeowners flock to try and sell homes [...]



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