UK asking prices continue to fall..

By
Services for Real Estate Pros with Globrix

Here at Globrix we're still keenly tracking those asking prices and it has become clear that since our last data release, asking prices have continued to fall.

So where is the best area in the UK to pick up a property at a rock-bottom price?

According to our most bang-up-to-date stats, Southend-On-Sea is the top location in the UK right now if you’re looking to pick up a bargain. In the past week alone (w/c 28th November 2008), 2.9% of sellers in the seaside resort have cut their original asking prices, a higher percentage than anywhere else in the country. This means for bargain hunters looking for a steal, Southend-on-Sea is the place to look, with 33 properties reduced in price by an average of £11,075 since Friday 28th November.

In the latest list of bargain hotspots, Southend-on-Sea is followed by Bedford (2.3%), where 38 properties have been reduced by an average of £23,831 in the past week, and Colchester (1.9%), where 52 properties have had an average of £11,430 knocked off the price since 28th November.

But in which large towns have price cuts been the sharpest?

Sellers in Cambridge appear to have had a major reality check over the past week: while only 0.6% of the properties in the famous University town have had their prices cut since 28th November, the average price cut was a massive 16.6%, or £42,772. Property price cuts in Stoke-On-Trent came the closest to Cambridge. The average price cut over the past week was 9.2%, or £9,588. In third place was Northampton, seeing an average price cut of 8.8%, or £11,220. In London, 278 properties have been reduced in price by motivated sellers during the past week, at a staggering average drop of £58,446. In Birmingham, the UK’s second largest city, 53 properties have been lowered in price by sellers, by an average of £7,806.

Nationally, 3293 properties have been reduced in price by sellers since 28th November at an average price drop of £22,061 (7%).

Daniel Lee, Globrix CEO, had this to say on the latest drops...

“As the weeks go by, more and more sellers are repricing their properties downwards on the basis that if they don’t then they simply won’t find a buyer. There is no doubt that sellers are becoming a lot more realistic around price — the penny really has dropped. Clearly the next month will be quiet but it will be interesting to see whether the combination of lower interest rates and lower house prices will finally stimulate the market in the New Year.”

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. M Starr 12/16/2008 10:06 AM
Topic:
ActiveRain Community
Groups:
International Real Estate
Club Chaos
Tags:
uk house prices

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Rainmaker
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Maria Morton
Platinum Realty - Kansas City, MO
Kansas City Real Estate 816-560-3758

Poppy, thanks for the informative post. I have 2 uncles in England and they will appreciate this article.

Dec 05, 2008 01:32 AM #1
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Larry Story
Total Care Realty - Greensboro, NC
Total Care Realty, LLC, Greensboro, NC Real Estate

Nice post Poppy.  I have a client in UK now that is trying to sell so they can move to the US.  Got a question for you.  I have another client with equestrian property in an equestrian community in Georgia.  It is not far from Atlanta, GA.   They have noticed an influx of British buyers coming in and buying property there.   Is there a good site to put her property on in the UK to get in front of the ones looking to invest "across the pond"?

Dec 05, 2008 02:18 AM #2
Anonymous
Anonymous

Interesting post -- appreciated your stats report.    A lot of U.K. buyers end up in my destination venue/secondary home marketplace.

Dec 05, 2008 03:33 AM #3
Anonymous
Li Read, Sea to Sky Premier Properties, on Salt Spring Island

Interesting post -- appreciated your stats report.    A lot of U.K. buyers end up in my destination venue/secondary home marketplace.

Dec 05, 2008 03:38 AM #4
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591,056
C Tann-Starr
Tann Starr & Associates, Inc. - Palm Bay, FL

Awesome post! Very interesting market report. You've got me really thinking here. I'm with Larry regarding posting our properties across the Big Pond. JuicyRedApple.org is a start. Maybe Globrix can hook up something more definitive that your American crew can use for their UK prospecting and listing posts. If you build it, we will come. :-)

Dec 05, 2008 08:51 AM #5
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591,056
C Tann-Starr
Tann Starr & Associates, Inc. - Palm Bay, FL

Featured @ Club Chaos

Dec 05, 2008 08:52 AM #6
Anonymous
The Owl

Hi all.  Posting from the UK.  I run Juicy Red Apple, which was kindly mentioned above.  JRA is a online network community much like this one.  Anyway, not here to promote my site, but offer assistance.  One of our members UK Land and Farms specialises in farms and the like so could be a very good starting point.  The chap who runs it is very helpful and I am sure would offer some useful advice.

Jan 31, 2009 12:37 AM #7
Anonymous
wacken roy

Uk property rate were falling in past but nowdays they are rising day by day. be sure to buy your property as soon as possible before it ran out of your budget. Redstones can provide you the best property buying options at reasonable rate. please visit our website for more details. http://www.redstones.co.uk

Jun 15, 2010 02:13 AM #8
Anonymous
wacken roy

Uk property rate were falling in past but nowdays they are rising day by day. be sure to buy your property as soon as possible before it ran out of your budget. Redstones can provide you the best property buying options at reasonable rate. please visit our website for more details. http://www.redstones.co.uk

Jun 15, 2010 02:13 AM #9
Anonymous
London Property Search

UK house price fell 1.4% in January, to an average 208552 uro, within the decline taking the annual rate of gain down to 0.5%.

Mar 15, 2011 11:04 PM #10
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Poppy Dinsey

London, UK
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