14th November 2017.
House Prices Are Being Cut Fast!
House prices are being cut at the fastest rate in five years, according to a recent report. This is believed to be an attempt to encourage sales and influence ‘nervous buyers’.
Recent figures from online property portal, Rightmove, have shown that at least three properties listed online have reduced their price since first coming on the market.
Rightmove is skeptical of this move by sellers, believing that while it shows optimism, recent hurdles such as the rise in interest rates could still discourage buyers from making a big ticket purchase.
The property portal did suggest, that with vendors so keen to sell, they may be more open to negotiate a good deal.
Miles Shipside, director and housing market analyst at Rightmove, warned that while reduced pricing may encourage distracted buyers, it may also spook others who immediately suspect there is “something wrong” with the property because of the smaller price tag.
Shipside further hopes that the forthcoming Budget next week will give the housing market a boost.
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