Sellers & the economic downturn
Results issued by HM Land Registry at the end of last year allow an objective analysis of the housing market in 2011. And it seems that many sellers are refusing to accept that their house may no longer hold the same value as it did when the market peaked in 2008.
Of those who successfully sold their homes, the statistics show that the actual selling price was in the region of 12% less than the asking price. For those who bought in the peak times, acceptance that your property has lost value can be a bitter pill to swallow. It’s perhaps not surprising, then, that more stubborn sellers, with less urgency to move, are simply sitting tight and hoping for a positive change in the market. Unfortunately, they may have a long wait.
Of course, there are areas that continue to buck the trend, most notably London and the South East. Here in East Devon, we, too, continue to experience a high demand for properties and prices remain buoyant in certain areas. However, if you’re a serious seller, the message is clear; when it comes to valuing your property, your agent knows best.