A recent slowdown in the number of properties being put on the market means that there are fewer properties available for sale than at this time last year. The total number of properties on the market is still around 40% higher than would typically
have been seen at this time of year prior to the ‘credit crunch’. With the number of people in a position to buy still relatively low, competition between sellers remains high.
Over the last three months, 71% of properties sold at Fixed Price have been secured for less than the asking price. During the same period last year that figure stood at just 61%.
David Marshall, business analyst with ESPC commented:
“There has been very little change in the market over the last few months. The number of homes on the market is higher than you would normally see at this time of year whilst the number of active buyers is still lower meaning that market conditions strongly favour those who are in a position to buy. Buyers are frequently able to negotiate discounts on properties and that has helped to bring house prices in most areas back down from the high levels we saw last year.
“The market is most challenging for sellers of smaller properties with activity from first time buyers and buy-to-let investors both well below pre-credit crunch levels. By comparison, demand for family homes is typically more robust although even here the number of homes selling is still below what would have been seen prior to the economic downturn.”
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