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The Key to Selling Houses Fast
Today is not a very good time to be selling a house in the UK says theadvisory.co.uk, but for certain people it isn’t the worst either.
The UK’s largest property website Rightmove has just revealed a 0.6% average drop in asking prices in the four weeks ending July 10th. This it says is as a result of a massive increase in supply.
The firm said that an average of 30,000 properties was being put onto the market each week during the period, 45% more than last July. While mortgage approvals have shown a slight rise in recent months, they are still far lower than the number of homes coming onto the market. According to the British Bankers Association just 36,709 mortgages were approved for house purchase in May, this is up from 35,964 in April but still means that just over 8470 mortgages were being approved each week, leaving 21,529 homes without a buyer each month.
Suffice to say, with such a drastic situation stacking up supply against weak demand, price reductions of 0.6% are not going to cut the mustard. But if the previous correction is anything to go by it will take the majority of sellers and agents a long time to either realise this, or to admit it to themselves and/or others.
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