SELL YOUR HOME QUICKLYProperty buyers restrain themselves as prices continue to drop
The most recent statistics show that property prices are decreasing throughout the UK – for the eighth consecutive month, reports The Times. According to the information website, Hometrack, the value of the average house in the UK is 1.9% less than it was last year – having decreased by a further 0.5% during the previous month.
The website explains the ongoing decrease in the value of property as a “buyer’s strike”. Aspirant buyers – especially those of holiday homes – are holding back in the hope of prices falling even further.
Hometrack contends that “less aspirational” property purchases are what is needed to rectify the slump, which experts are already comparing to the property market crash of the 90s. “The implication for prices in the short term largely depends on the split between those who ‘have to sell within a certain period of time’ versus those ‘looking to sell at the right price’”, explained Hometrack’s director of research, Richard Donnell.
He went further to say, “We do not believe that this is a precursor to a major rise in forced sales and large price falls. It seems likely that in the short term prices will continue to edge down until they reach a level where buyers are prepared to commit.”
Whereas it only took an average of 5.8 weeks to sell a home this time last year, it now takes approximately 9.8 weeks. In addition, the number of required home viewings has increased from 10.3 last year to 14 today.
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