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Wednesday, 27 June 2012

Property asking price skyrockets, but the Eurozone crisis coupled with the sporting season in Europe, sadden sellers

The latest data from UK property listing website, Rightmove, announced highest record of Property asking price, however, the trend might be crunched in presence of enough number of homes for sale and the summer sports in UK are set to deter this trend.

Right move has observed this trend to be for the third month in a raw, by home sellers of London and South East.

However, the report has got bad news for the property dwellers of unpopular areas. For them, they will have to lower their house asking price keeping in mind the Eurozone financial crisis.  More so, the summer in UK is marked as a sporting season for having Euro 2012 and the London 2012 Olympics which will keep the potential home buyers away from buying.

'Agents report a two-tier market where those who can afford to price realistically are selling, while those who are equity-poor are struggling to sell as they often have to price up to make any prospect of a move viable,'  said Miles Shipside, director at Rightmove.

Added to this, the report recorded increased number of supply in terms of sellers, with 29,394 new sellers a week-'highest new listing run-rate for two years.'

The national average rate of asking prices has risen to one percent in the month to mid-June to £246,235.

The report said: 'In spite of sellers' current record price aspirations, in real terms they are still an average of 13% lower. London is the only region where there has been an inflation-busting increase over the same five year timescale, with asking prices 3% ahead of the national Retail Price Index (RPI).'

The latest survey from Royal Institution of Chartered Surveyors, noticed a tough time for sellers with estate agents selling less than four homes a week in May on average, despite the fact that May traditionally has been an apt month registering higher sales of home.

Report further stated how sellers are forced to sell their property at a price then their expected price and otherwise the sellers who don't get their price, get reluctant to sell and wait for the right buyer, making their property stay on hold for a longer period of time.

Mr Shipside said: 'It remains a very local market ruled by property style and location, and a few minutes study will reveal whether your property is hot or not.

'The traditionally more active spring window is closing and a summer of sporting distractions underway. Cutting your asking price to be cheaper than your competition and promoting your selling points better will be the key to avoid being an also-ran in the race to sell.'

Therefore, even though the property asking price is seen rising, the current economic and social happenings in UK, shall not allow the trend to sustain and thereby not let the sellers get an advantage.


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