Asking Price Reductions
It appears that house asking price reductions have now started to reduce since the last market review published in May 2009.
Then the average reduction in asking price was 14%, it has now decreased to 10%. This decrease is possibly due to sellers now pricing their property inline with the general market price reduction of 9% (reduction in property prices since their peak in October 2007).
The properties priced above £1m still have the highest average price reductions at 12%. Properties priced between £500,000 and £999,999 have seen their rate of decline decrease from 12% to 10%, whilst those priced between £250,000 and £499,999, the decrease has moved from 10% to 9%. Properties priced under £250,000 have seen no change in the average price reduction level of 8%. This level of price reduction has remained constant since 2007.
2009 witnessed the local property market come back to life, however 29% of all properties for sale have benefited from a price reduction since being brought to market, proving that it still can be a buyers market!
