UK November 2011
Would you consider dropping your property for sale price by as much as £20,000 to secure a sale? A new report widely reported indicates that as many as 40 per cent of all UK properties currently on the market for sale have experienced at least one price reduction as sellers try to entice buyers to bite in a struggling housing market.
Over the past 12 months, with the advent of the recession looming more apparent in the European market place, buyers who are desperate to sell are looking at price reductions - not just once but multiple times to reach a point where buyers deem the purchase as a safe bet.
Regional variations have a greater affect on where and by how much the reductions are taking place. Northern England, Scotland and lower income areas that saw higher price rises towards the end of the boom are seeing a greater affect on buyer sentiment.
London property market continues to be resilient and yet a high proportion of real estate for sale in the UK's capital have had to be reduced to get interest. London and parts the south east of the UK that have remained somewhat immune will innevitably take a knock on affect.
2012 is looking decidedly patchy as regards property prices in the UK as a whole and if the EU recession takes hold further and unemployment continues to rise it will all have an affect on the downward pressure and it is possible that prices will continue to drop.
IPD - Novermber 2011 |
