Asking prices on properties in the UK falling
January 3, 2008
According to figures from the property specialist Right Move, asking prices on properties in the UK have plummeted by an average 3.2% in the last month. It is thought that a general slowdown in the housing market coupled with the rollout of Home Information Packs to all residential properties may have contributed to this fall in asking prices. This means that the average asking price is now £232,396 for a house, which reflects a drop of £7,590 compared to the previous month.
Experts have stated that the rollout of HIPS has caused “further confusion at a sensitive time for the property market”. Home Information Packs have been required on all residential properties being marketed for sale in England and Wales since December 14th of this year. Right Move also states that there is a traditional winter slowdown in the housing market at this time of year, which has also contributed to the fall in asking prices.
Industry officials state that there are more smaller properties now coming onto the market rather than larger ones, and this has affected asking price averages. London saw a fall of 6.8% in asking prices. This is because the last month has seen more lower prices one and two bed properties come onto the market rather than the more expensive, larger properties.
An official from Right Move stated: “New listings are low at this time of year so the artificial wave of ‘low-end’ sellers has really distorted the average prices of properties new to the market.” He added that in the coming year house prices are unlikely to crash but will most probably stagnate.
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