Sellers start ‘summer sale’ slashing property asking prices by £7,000
Great news for buyers as sellers knock over £7,000 off asking prices in last ditch summer sales
ASKING prices in the UK have been slashed by £7,218 as sellers try to shift their homes more quickly.
A drop in prices of 2.3 per cent since June means the average cost of a home has fallen to just £301,973, according to property listings website Rightmove.
This is particularly good news for first-time buyers, who will need to fork out less and won't be stung by a corresponding drop in the amount they'll get for their current properties.
Buyers also have more choice, as the number of homes for sale has increased by 2.1 per cent.
Asking prices usually fall in August, as homeowners look to wrap up sales and move ahead of Christmas.
But it looks like sellers are particularly keen this year, with prices dropping by 2.3 per cent compared to 2.1 per cent in 2017.
London and the South East have seen the biggest fall in prices, with the rest of the country seeing falls of just 1.5 per cent on average.
Miles Shipside, Rightmove director and housing market analyst commented: “Sellers who come to market in the peak holiday month often have a pressing need to sell and price down accordingly, and are offering ‘summer sale’ prices to entice holiday-distracted buyers.
"Since [2010] the average price of property coming to market has gone up by 32 per cent, stretching buyer affordability. More substantial discounts are therefore required to tempt warier buyers."
How long does it take to sell a house
ANY sellers looking to move before Christmas need to move quickly.
With just 18 weeks to go, the pressure is really on.
Righmove data shows that on average the time between a house going on the market and being agreed to sell is just eight weeks.
However, it then takes 13 weeks on average to complete.
That means a house going on the market now would be sold and completed in 21 weeks - or by mid-January.
There are things you can do if you want your house to sell more quickly.
Making sure that the right financial and legal preparations are made can make a huge difference.
Shipside said: "Lack of up-front preparation leads to mortgage or cash availability hold-ups, and failure to get legally required documents ready in anticipation of a sale can add weeks.
"Sale-ready sellers and the correct choice of a well-prepared buyer with a short or sound chain can still bring the turkey to the table in your new home in time for Christmas.”
Those sellers who have dropped prices are managing to sell their properties.
The Connells Group Estate Agency said it has relaunched 5,000 properties this summer - all with meaningful price decreases. 30 per cent of these sellers have now agreed sales so far.
David Plumtree, Connells Group Estate Agency chief executive, said: "Our figures show that properties will continue to sell well as long as they are correctly priced.
"We usually see a flurry of activity as the summer comes to a close and as thoughts turn to getting moved in time for Christmas and starting a new year in a new home.
"Sellers would do well to get their home on the market now in preparation to take advantage of this upturn in interest.”
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