Home.co.uk's latest Asking Price report shows that even more desperate vendors are resorting to price-cutting to sell their properties. Asking prices across England and Wales were cut by a staggering total of just over £1.1 billion last month.
Around 74, 000 homes for sale had their asking price cut in the month of June by an average of £15,000 per property in the hope that this will attract a buyer. This is the largest number of asking price reductions in a single month since January 2009. "With the London property market enjoying a sustained recovery since February 2009, most of these reductions are taking place in the Regions, Wales and Scotland," commented Doug Shephard, Business Development Director at Home.co.uk.
Selling property outside of London remains highly time-consuming and price-sensitive, especially in the North. The average Time on Market for unsold property in Manchester is 234 days, whilst in London it is a mere 135 days. Many marketing times in the North and Wales remain more than twice pre-crisis levels whilst banks still require large deposits before they will lend against property.
"Our advice to sellers is to make sure they choose an estate agent that markets their property as widely as possible," advised Shephard. "Our research has shown that using an estate agent that advertises your property more widely can cut the average marketing time by 60 days and help secure a better sale price."
More information on where estate agents advertise and how long their clients' properties take to sell can be found in the Home.co.uk Estate Agents Directory.
Notes for EditorsOver the last 22 years, Home.co.uk has become established as a dynamic, innovative and ethical service. By providing the UK's most comprehensive Property Search and Estate Agents directory coupled with detailed House Price analysis, Home.co.uk delivers the real power of the Internet to inform and empower estate agents, homebuyers, renters, landlords and sellers in across the UK.
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