‘Asking’ price reductions

It appears that asking price reductions have accelerated a small amount since the last market review published in November 2008. Then the reduction in asking price was 10%, it has now increased to 11%. This small increase is possibly due to more of the 2008 listed properties now being re adjusted to 2009 prices.

The properties above £1m have remained stable at reduction level of 14%. Properties valued between £500,000 and £999,999 have seen their rate of decline increase from 9% to 12%, whilst those priced between £250,000 and £499,999 the decrease moved from 9% to 10%. Properties priced under £250,000 have seen no change in the average price reduction level of 8%. From the analysis it can be concluded the property owners of houses valued between £500,000 and £1m have been most proactive in reducing the value of their homes to gain a sale. Reports from all of the local estate agents indicate this part of the market has seen the highest increase in sales since the beginning of the year.