Asking prices drop phenomenal £17,000 in fortnight

Posted: 28 Nov 2008 09:11:04 GMT

            Property News - Asking prices drop phenomenal £17,000 in fortnight

Homeowners have taken a hatchet to asking prices as they chopped £17,000 off of the average asking price in just two weeks, it has been reported.

In a sign that homeowners are becoming serious about the fact that the market is now firmly a buyer's market, the research from Globrix shows that sellers who dropped their asking prices did so by an average of £17,000 since November 10th.

Such a cut represents a drop in price of 6.5 per cent.

A spokesman for the Royal Institution of Chartered Surveyors told the Times: "It has become a buyer's market for those with money to spend. Chartered surveyors are reporting that some sellers are starting to re-price their properties to reflect the current market.

"The gap between asking prices and selling prices could narrow further in the coming months as the downturn in the economy continues."

As the Halifax reports that house prices have now fallen a total of 15 per cent since the August 2007 peak and are likely to fall further, sellers must come to terms with the lower prices.

Many will be selling at a lower price to make up for the money buyers will spend on estate agent fees but selling online could save a homeowner money, which would ease the pain of falling house prices.

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