The latest report from Rightmove has found sellers dropping prices faster than ever in November, with a 2.9% drop month-on-month and an annual fall of -7.9%. This brings the Rightmove figure for the average property asking price to £222,979 in November compared with £229,691 last month.
The report also says that as agents are reporting sales agreed at as much as 20% below peak asking prices, quicker sales would be achieved if sellers started at an asking price which is more realistic.
The number of new sellers also continues to dwindle to 20,000 per week from 35,000 a week in November last year – the lowest since 2002 as sellers withdraw for the Christmas period. Vendors have also been affected by the fact that the Energy Performance Certificate was required for all those looking to sell their property from October 1, which is an additional marketing cost.
Commerical Director of Rightmove Miles Shipside said: ‘Some sellers could avoid months of disillusionment and despair if they started marketing at an asking price a lot closer to where the evidence indicates they are likely to end up. While average asking prices have fallen by 7.1% over the past year, in most parts of the country you should look to at least double that discount to achieve a sale.
‘Not all will be willing or able to consider it, especially those struggling with negative equity. However, those that do will increase their chances of selling more quickly and could cut out the months of asking price reductions to get to the ‘buyer friendly’ price that they could have started with.’