The volume of properties being brought to the market has eased in recent months meaning that the number of homes for sale is now lower than at this stage last year.
Despite this easing the number of homes for sale is still some 40% above levels that would be expected at this time of year. Buyers remain in a strong position during negotiations.
Over the last three months, 70% 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 57%.
David Marshall, business analyst with ESPC commented:
As has been the case for most of 2011, market conditions just now favour buyers. There are more homes for sale than you would normally see at this time of year whilst the number of people who are in a position to buy is still relatively low. Sellers are having to work harder to attract buyers and in most cases will have to be willing to offer a little leeway on price if they are to secure a sale. The market for smaller properties continues to be most significantly affected by the downturn but across the board the activity in the market is quieter than at this time last year.
“Looking ahead we’re likely to see a continuation of recent trends which will mean prices in most areas will be between 3 and 5% lower than they were a year ago. The economic recovery remains weak and we do not expect to see a significant
improvement in consumer confidence or mortgage availability in the short term meaning that in 2012 the number of homes selling will be broadly in line with what we have seen this year.”
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