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Zoopla reports prices down by 15k on listings

We knew it was about to happen, but now clearer than ever, prices are dropping dramatically in the lead up to the holidays with property listings falling by around 6% or 15,000 in the UK. The asking price is being forced down as few buyers are prepared pay the current prices and sellers are aware of the current market.

Zoopla reports prices down by 15k on listings

Zoopla reports prices down

Worst effected was Swindon followed by Norwich and Bournemouth. Zoopla reports “The traditional New Year influx of properties for sale coming to the market 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. As a result, now is a great time for buyers to try to land a bargain”.

1. Swindon – 49.5% of properties were reduced by 5.14%
2. Norwich – 46.8% of properties were reduced by 5.92%
3. Bournemouth – 45.9% of properties were reduced by 5.74%
4. Northampton – 45.8% of properties were reduced by 5.68%
5. Leicester – 45.3% of properties were reduced by 5.93%

The survey continued to unveil Poole, Birmingham, Bristol, Exeter and Coventry were all dropping the asking prices to around 5%.

Zoopla also reported: Discounted properties for sale increased by 13% over last 3 months. Over £500m has been cut from UK asking prices since August 2010 and that the city of Manchester has the highest average discount on properties for sale though not as high as Swindon and the other areas.

posted by Zane in Buying,Estate Agents,For Sale,Recession,Zoopla and have Comments (2)

2 Responses to “Zoopla reports prices down by 15k on listings”

  1. property pete says:

    I really think its worth waiting until March 2011 if you are on the market
    Nothing will be worth buying or selling until then as we will start to get an idea of whether it will turn for the summer by then

    Just my views – but a lot of experience tells me time will tell in the spring

  2. Zanet says:

    @ property pete
    thanks for your comment
    i think you are right about 2011 and waiting until the spring before committing yourself

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