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SELL YOUR HOME QUICKLYUK house prices plummet during July
For homeowners struggling to sell property, the latest house price statistics offer little encouragement. Aboutproperty.co.uk has reported that prices continued to plummet in July, down by 1.8 percent since last month. According to the article, this is the sharpest decline ever for a month of July.
The figures were revealed by Rightmove’s latest house price survey, reported Aboutproperty.co.uk. And, although prices continue to fall, homeowners are still battling to sell as a result of tighter lending conditions and less mortgage availability.
Since the start of the credit crunch, more and more home loan products have been pulled from the market, making it virtually impossible for would-be owners to source mortgages. Hence, sellers are being forced to lower asking prices earlier on in the sales process.
Rightmove’s Miles Shipside explained to Aboutproperty.co.uk, “Sellers are finally recognising that they need to undercut their rivals from the outset, rather than testing the market and dropping prices later. It could be a lot better outcome to price aggressively and sell now, rather than accept a bigger reduction later as prices continue to fall.”