Asking prices down but still optimistic

Posted: 18 Nov 2008 11:11:29 GMT

            Property News - Asking prices down but still optimistic

Asking prices for homes in the UK have slipped by 7.1 per cent in the last year, figures from Rightmove have confirmed, although they are still hovering far above national property prices.

The UK average asking price in November was £222,979, the research showed, despite the October Halifax house price index stating that the average home now sells at £168,176.

Miles Shipside, commercial director at Rightmove, suggested that sellers would need to reduce their asking prices significantly in order to make a timely sale.

"Some sellers could avoid months of disillusionment and despair if they started marketing at an asking price a lot closer to where the evidence indicates they are likely to end up."

It is likely that high asking prices are being used by sellers as a way to minimise their exposure to the buyer's market which currently exists.

Estate agents' fees will also no doubt push up asking prices as sellers hope to recoup the extra cost of selling via an agent.

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