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TODAY'S OTHER NEWS

Relisted homes coming back up to £21,000 cheaper – claim

Homes that agents are putting back on the market after a fall-through are being relisted for as much as £21,000 cheaper, research suggests.

Quick buy firm HBB Solutions analysed current market data looking at the level of homes that were progressing with a buyer, only for this sale to collapse and the property return to the market for sale.

It found that properties being relisted for sale by estate agents are commanding an average asking price of £380,410 in the current market. 

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This is some £6,805 less than the average asking price of homes listed for sale that haven’t been subject to a collapsed sale. 

The relisting price reduction is at its highest in London, with homes returning to the market for £21,000 lower on average.

In the South East, a home subject to a collapsed sale is coming back on for more than £11,000 cheaper than the original listing, while in the North East this discount sits at almost £10,000. 

The South East accounts for 22% of all homes currently returning to the market across Britain, while London (16%) and the East of England (12%) also rank high, along with the North West and South West (10%).

Across Britain, relisted homes account for just 1.3% of total homes listed for sale in the current market. 

Chris Hodgkinson, managing director of HBB Solutions, said: “The UK property market has been overheating for quite some time now and while this is great news for homeowners who are securing record prices for their homes, it also creates an undercurrent of instability as buyers scramble to secure limited stock at a cost they are pushed to afford. 

“As a result, some sellers are finding that, having accepted an offer, their sale falls apart during the progression stages and they are left with little choice but to relist their home for sale. 

“When doing so, many will reduce the asking price in order to secure a quicker sale to compensate for the time already wasted and this presents buyers an opportunity to at least reduce the high cost of homeownership in today’s market.”

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