Poor Sales and Lowering Prices for UK Houses, Sell House Fast
Published on April 28, 2012 | Author: Harish
House Prices and Sales Trends Not Healthy, Sell My House Fast
House price variables do not accurately reflect levels of sales for houses in the UK. While house prices in London are riding high, the nation’s capital does not signify conditions elsewhere where prices are mostly lower and sales are definitely down-in-the-dumps. It is no wonder that British householders are wondering who is going to buy my house.
Property watchers at the Royal Institution of Chartered Surveyors, RICS, say that prices are falling nationwide except in London. Rightmove, the property listing website, says that London’s higher prices skew the UK’s overall average to above its 2008 level. London is almost always an exception to the norm when it comes to the housing market.
Sellers are asking nearly three per cent more for homes between March and April, moving the average house price to £243,737. The average price back in May 2008 was only £242,410, which is £1,327 lower than today’s number. London prices have gone the other direction since the 2008 housing peak.
In the capital, home prices are now 14.9 per cent above those from four years ago. Current prices for the rest of the UK, excluding London, are down 4.3 per cent from 2008. March brought smiles to the faces of lucky sellers with first-time buyers raising the number of sales to its highest level in the last two years.
First-timers hurrying to purchase before the end of the stamp duty holiday accounted for much of the increased sales. In spite of the improved sales, house prices continued their overall downward trend. Just the same, a lower number of surveyors reported falling prices. This marked the least negative report since summer of 2010.
While March prices might have shown improvement in places, experts disagree on how much impact the approaching end of the stamp duty exemption actually had. Halifax reported price jumps averaging 2.2 per cent. Nationwide, however, stated that prices dropped by one per cent last month. Commentators point out that the low number of home sales skews other housing market numbers.
Dark Clouds Discourage Homeowners, Companies that Buy Houses Bring Sunshine
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