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Home Sellers facing Reality

House sellers are now facing the reality that their properties have lost some value leading to the gap between asking prices and sale prices becoming smaller. Since 2007, when house prices began to fall, a gap emerged between home seller's expectations and the reality of actual sale prices. This is reflected in the index produced by property listing website, Rightmove, which shows asking prices have consistently risen year on year. While the house price reports from the Land Registry, Halifax and Nationwide, which are based on actual sales prices, have shown a decline.However, a report from Zoopla, the property listing site, has revealed that two in five properties, currently on the market, have had their asking prices cut at least once. Furthermore Rightmove reports that asking prices by new home sellers fell by 2.1% to an average of £231,543 in August.Property sales remain low compared to pre 2007. Over the past four years the number of new sellers to the market has been subdued at 30% below 2007 levels. Figures for the number of serious buyers in the market are also roughly down 30%. But on the brighter side it is expected that the new financial crisis seen in the financial markets will not affect the housing market as both prices and transaction levels are already low. For those hoping to sell their property the good news is that prices are unlikely to drop much further.

Trading Since

2003