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House prices fall or rise (take your pick)
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The most popular moving date is today, September 1, the Post Office has revealed. The two next

Prospective first-time buyers sink to new low
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The proportion of buyers expecting to buy for the first time in the next 12 months

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Net lending plummeted in July to the second lowest monthly figure since records began in 1993,

Henry Pryor Blog
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Welcome to a new monthly blog by Henry Pryor, estate agent turned entrepreneur, inventor and expert

Rightmove profits climb 39% as more agents sign up
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A rise in the number of agents and an overall willingness to pay more to Rightmove

Portal creates new 'check out your competition' stats
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Property portal Home has created some new statistic pages on its site which we reckon will

Six in ten mortgages are now for house purchase
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The proportion of mortgages being taken out for purchases, as opposed to remortgages, is at its

News Story

Thousands of homes on market have prices slashed

Wednesday 16th June 2010

Over-valuing of properties for sale appears to be widespread, with the number of homes on the market reduced in price last month at a high.

Prices of 66,445 homes were reduced, with an average price cut of £14,700.

According to the property portal Home, which tracks data on asking prices for properties new to the market as well as prices for properties already for sale, sellers are reducing prices out of nervousness ahead of the emergency Budget, and frustration.

Buyers are in short supply, says the site, and the time to sell a home now stands at 94 days.

Although asking prices increased by 0.3% in May, there were monthly falls in six out of nine regions in England and Wales.

The average asking price for a property in England and Wales is now £229,606 – an amazing £69,000 ahead of the actual average selling price quoted by Halifax – and showing a huge disconnection between sellers’ aspirations and what they actually get.

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Posted By Laughing on Wednesday 16th June 2010 17:13:40

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I blame HIPs, they obviously made vendors add on £000's to the value of the house because of the cost.

Couldn't possibly be anything to do with Carp EAs overvalueing to win the instruction!

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Posted By PeeBee on Wednesday 16th June 2010 10:13:48

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So - it's "overvaluing" that is the cause of this, and nothing at all to do with overaspirational vendors demanding THEIR own price be tried?

Problem with this kind of story is the tarbrush effect. Now everyone will expect ££££'s off prices, leading to further overinflation, leading to...

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Editorial Contact Details - Rosalind Renshaw | rosalind.renshaw@estateagenttoday.co.uk | 01252 843 566.