Buyers still negotiating discounts on property prices
In a revelation which will upset many householders in the UK it has been revealed that house buyers are still negotiating average discounts of 6.2% on advertised property asking prices. The situation appears to be worse in the semi-detached housing market where the average home is going for 6.6% less than the advertised price although a 6.4% reduction in the semi-detached prices and a reduction of 5.4% in terraced home values are also of concern.
This scuppers hopes for a short-term recovery in the UK housing market as many of the reports we have seen of late are based upon asking prices rather than selling prices. Many people have argued for some time that these reports give an unfair reflection, both on the upside and downside, of the UK property market at any one moment in time. However, markets are moving very quickly and it is unrealistic to expect any report to take into account potential discounts as these can vary from home to home and person-to-person.
It will be interesting to see how these developments continue in the future with increased mortgage liquidity now available and a number of investors now starting to venture away from the sidelines. Will we see a short-term bounce or a more gradual recovery in due course?
Share this..
Related stories
Insurance fraud hits low-income consumers
The Financial Services Authority (FSA) has recently issued a number of fines in relation to insurance fraud which has left many people underinsured or in some cases uninsured despite paying their premiums. However, despite the fact that many consumers have forwarded this their premiums in good faith and assumed that the relevant cover has been taken out many will find the shocking reality when the...
Read More£93.4 million of bills for calamitous neighbours
Homeowners are having to shell out £93.4 million collectively every year to pay for damage to their property caused by their neighbours, according to Abbey.Approximately 543,000 homes will suffer damage caused by bungling or malicious neighbours, with £172 the average cost to put damage right. Yet one in twenty incidents involving neighbours will cost over £1,000 to repair.One in ten households...
Read MoreDo you check your energy bills online?
While the vast majority of energy companies in the UK will offer a small discount for those who are willing to pay online it is also a useful way to check the current status of your account. As we covered in one of our earlier posts, the energy regulator Ofgem has been looking into the direct debit payment system and the fact that more and more people in the UK have been overpaying their energy bi...
Read MoreLocal councils set to hit motorists again!
The Local Government Association has unveiled plans by a number of local authorities across the UK to charge employees to park their cars at work. This is something which was suggested a couple of years ago as a means of cutting down on inner-city traffic but it now seems as though many local councils are looking to introduce new income streams in this manner rather than focusing upon the help to...
Read MoreJJB sports to go-ahead with a £100 million rights issue
Sports retailer JJB Sports has today confirmed plans to go ahead with a £100 million rights issue despite the fact that various allegations have been made against the company's chairman. These allegations have been refuted by the company and evidence has been passed to the Financial Services Authority (FSA) which is currently investigating the situation. The company intends to issue new shares at...
Read More