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Selling Your Property Privately Is Even More Advantageous In A Falling Property Market

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By : Brazg Gavin    99 or more times read
There is certainly such a lot of downward pressure on prices that sellers really need to furnish themselves some kind of edge to acquire the best price. By selling privately, a house seller may be able to add more exposure to the property.

Using house category, major sellers made the greatest cutbacks, with properties selling for more than GBP1 million cutting their selling price at approximately 8%.

By location sellers in the north wielded the heaviest scythe; with Manchester sellers cutting an average 7.15% off the asking price of their homes, and sellers in Newcastle cutting 7.13% on average. A serious reduction in the volume of potential buyers is thought to be behind the slashes, as buyers take up a "wait and see" perspective as a result of uncertainty over upcoming government cut backs and also the future of the economy in general.

Zoopla's commercial director Nicholas Leeming said: "For the past few months, asking prices have been somewhat out of kilter with what buyers are prepared or can afford to pay, but sellers are becoming increasingly realistic.

The traditional New Year influx of properties coming to the market for sale will mean even more competition among sellers, and many are keen to try to secure a buyer this side of Christmas and are lowering their expectations accordingly."

Curiously, the portion of sellers decreasing their asking prices is strongest in the south, with 50% of all owners in Swindon, 47% of Norwich home sellers, and 46% of Bournemouth owners have slashed their price tag at least once since August. The same thing goes for over 40% of home sellers in Poole, Exeter, Bristol, Coventry, Birmingham, Leicester and Northampton.

While a higher percentage of sellers have been cutting prices in the south, the slashes happen to be slighter. The average cut in London was 5.2% and there was an average cut of 5.1% in Poole. Nonetheless, because properties in London as well as the south can be more expensive, these cuts are nevertheless more significant in tangible terms costing as much as 21,000 to 31,000.

It appears that our prediction of a second correction was on target. Prices should not have commenced increasing the other year, and did so only because of considerably low supply levels. These days the HIPs abolition and other variables improving supply, along with the global financial perspective and present and impending government cut backs, high lack of employment and millions of people still on reduced or frozen wages, the only way is down for UK house prices.

Even though the economic crisis became a major catalyst, house prices in the UK crashed simply because they soared faster than incomes, and grow to be not affordable for first time potential buyers. As they failed to slide or reached an ideal range the second fall turned inescapable when selling prices started soaring a year ago as it was only a matter of time for it to occur.

In such a scary housing market, it can be more important than ever to maximize publicity when selling a house. Why entrust this to a representative? Considering the variety of wonderful, low priced and in many cases free private sales portals along with a wealth of information on websites, everyone ought to be extending the opportunity to sell by not totally relying on the agent but also sell privately. Why don't you?
Gavin Brazg is editor of TheAdvisory - UK's largest free resource of free expert advice for property sellers.

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