News
Property sales on the up
It’s not all bad news- according to the National Association of Estate Agents, (NAEA) property sales rose slightly in October, for the second month in a row.
The NAEA survey showed that the average estate agent sold seven properties last month, which was an increase from six in September.
“Sellers are now being more realistic and are cutting their asking prices,” said the NAEA.
Property search website, Globrix said price cuts on homes last week averaged £16,871 across the UK.
Average prices, according to the biggest lenders, have fallen by about 15 per cent in the past year and sales have fallen by more than half.
“Sellers are beginning to face up to the reality that their houses are not worth as much now as they were 12 months ago,” said Chris Brown, president of the NAEA.
“They are ripping up last year's price tags and beginning to come to terms with the new economic reality,” he added.
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