The largest drop for 4 years has been reported this week. The asking price of homes being put up for sale has fallen by 3.1% in the past month, according to the property website Rightmove.
As a result of the economic uncertainty and concerns about the state of the eurozone, asking prices are reflecting a dramatic fall. The worst fall since December 2007. It could be due to would- be sellers postponing their marketing until the new year. The weekly supply of homes put on the market is now at the lowest since the aftermath of the collapse of Lehman Brothers Holdings Inc. in 2008.
All 10 regions in England and Wales tracked by Rightmove showed falling asking prices in November, the first time in more than three years they have all declined together. Shipside said that it’s “no great surprise” that property owners looking for a sale “have had to accept a substantial haircut on their asking prices.” Nationally, values were up 1.2 percent from a year earlier in November.
It does provide a positive spin for those looking to pickup a property bargain.
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