The number of property prices being reduced while the property is on the market are at a 3-year high. This is according to data from Home.co.uk.
This comes as property supply is increasing but demand is remaining relatively low. Average time on market is also on the increase and is now 18% higher than it was just 12 months ago.
East of England market still defying odds
The property market in the East of England continues to defy the odds, and remains strong despite wider conditions. Property prices have increased by more than 11% in the last year, and remained largely unaffected by an increase in supply.
Quick Move Now’s managing director, Danny Luke, explains:
The property market is still hugely divided geographically.
Nationally price growth is slowing, supply is increasing but without the demand to match it, time on market is increasing and property asking prices being slashed to try to attract prospective buyers.
In regional pockets, however, we are seeing some strong continued growth. The East of England continues to do exceptionally well, as does the North West with growth of 4.2%.
The real challenge with the current property market is the amount of uncertainty that exists. An increase in supply is good news for prospective buyers, but the demand simply isn’t adequate to support strong growth.
If you’ve got a property to sell, Quick Move Now could buy your property in as little as 7 days. You’ll have no estate agency fees, no hassle and no danger of the sale falling through.
For more information on how Quick Move Now could help you make your onward move, call today on: 0800 068 3366 or fill in the free, no-obligation estimate form.