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73% of houses sold below asking price


Nearly three quarters of houses on sale in January this year were sold for less than their asking price, according to figures from the National Association of Estate Agents January Housing Market Report.

73% of homes were sold for less than their asking price last month, which is 17% more than January 2013, when 56% of homes were sold for less. This means homebuyers are now in a stronger position to negotiate on price, and further confirms that the present is one of the best times there has ever been to purchase a house.

These changes may be due to movement in the mortgage market thanks to the reformed Stamp Duty. Sellers may have hiked up house prices to take advantage of buyers increased budget, but instead of paying over the odds, buyers are negotiating a fair price regardless of the Stamp Duty changes.
Supply and demand for houses were both down in January, which means the market might be cooling off. Experts have predicted that further reforms around the general election will help to balance the deficit.

Mark Hayward, managing director of the National Association of Estate Agents, said:
“The housing market is based solely on sentiment and so if consumers feel an ounce of uncertainty; this will result in a temporary lull. With the General Election on its way, we’re starting to see the different political parties stowing up policies around housing, which is undoubtedly causing uncertainty in the property market.”

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