Asking prices stick as 43% more homes flood market

There are now 43% more houses on the market than at the start of the year – but asking prices are still not coming down.

According to FindaProperty this morning, the average asking price is £220,231 – compared with the £166,000 actual sales price quoted by Halifax.

Stock levels have grown 6% in the last month and there are more houses for sale than in January 2008.

FindaProperty says that in seven regions in the UK, asking prices have stabilised or risen slightly in the last month.

In only four regions have asking prices fallen. These are the West Midlands, Wales, the South-West and London. In the first three, asking prices have fallen only 0.1% to 0.2%.

The only meaningful fall in asking prices is in London, where FindaProperty records a 1.1% drop, down to an average asking price of £435,110.

In London, stock levels rose 7% over the last month and are up 51.3% compared with the start of the year.

source www.estateagenttoday.co.uk

Inflated asking prices are confusing to buyers and sellers alike and will not meet with approval from mortgage lenders. In order to sell sucessfully in this market, it is even more important that you get the true selling value of your home from your agent rather than an inflated "ego booster" figure. This is a trick that some less scrupulous agents will use to buy your instructions and who will then spend the next six months beating you down to a realistic selling figure which is often far lower than the figure that would have received had the correct pricing strategy been used from the start.

Why not call Blakes to get an honest and reliable appriasal of your property's current value?

Call 023 92 602155.