Asking prices likely to redouble 10% drop

Posted: 17 Dec 2008 13:31:36 GMT

            Property News - Asking prices likely to redouble 10% drop

Recent research from Rightmove has suggested that asking prices for UK properties are likely to drop as fast in 2009 as they have done this year so far.

The Rightmove House Price Index shows that asking prices peaked in May this year, but have since dropped a significant ten per cent in just seven months.

The fall, representing a cut of £24,000 in asking prices, is likely to be matched by the end of 2009, it has been suggested, leaving homeowners significantly out of pocket.

Miles Shipside, commercial director of Rightmove explained: "For those select buyers looking for a quality property and who are willing and able to proceed, 2009 is likely to be the year of the deal.

"The location of the best quality bargains will be dependant on which popular areas are hardest hit by the credit crunch, with thousands of local markets operating their own supply and demand environment."

Homeowners hoping to achieve the maximum selling price should look at selling their property online, as this could attract more buyers than traditional methods, and should cut out an expensive middle man.

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