New and existing sellers have reacted to the quieter time of
the year by launching their own Autumn Sale to tempt buyers, according to the November
2017 Rightmove House Price Index:
New-to-the-market sellers trim the asking price of property
this month, albeit by a modest 0.8% (-£2,392).
Over one-third (37%) of properties already on the market
have reduced their asking price since their first listing. This is the highest
proportion at this time of year for five years – a sign of initial
over-optimism and a tougher market.
However, the East Midlands housing market continues to buck
the trend and instead is leading the other regions with a +5.5% annual increase (+£10,844 YOY) in the average price of property coming onto the market since November 2016, up from £195,890 to £206,734.
Chris Pick, Business Development Manager and Valuer with
Newark and Southwell estate agent, Alasdair Morrison & Partners said:
“This latest report from Rightmove shows that existing
sellers are keen to sell before Christmas by holding an Autumn Sale.
“However, if the property was keenly priced in the first
place, then there will be little room for negotiation on price. We are always
careful to advise sellers not to over-price their properties if their aim is to
sell quickly.”
Miles Shipside from Rightmove said:
“With stretched buyer affordability tested further by the recent interest rate rise, sellers should be increasingly wary of over-pricing rather than hoping for a Budget reduction in Stamp Duty to boost buyer activity.”
