Gap between asking prices and sold prices widens, says Knight Frank
Knight Frank says higher mortgage rates and a glut of listings are forcing sellers to accept bigger cuts, with prime homes seeing the steepest discounts.
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5 Articles
In the UK housing market, the asking price is increasingly just a starting point for negotiations. Properties that were sold between July and September sold for an average of 90.6% of the original asking price, according to Knight Frank data. A property listed for £300,000 sold for an average of £271,800. A property with an asking price of £500,000 would have sold for around £453,000. The reason is a combination of higher mortgage costs, a large…
Gap Between Asking and Sold Property Prices Widens, Knight Frank Reports
NewsFinale NewsFinale Journal Estate agents and property sellers are routinely setting asking prices well above the figures homes eventually achieve, with the average property selling for almost 10 per cent less than its original listing price. Knight Frank says sellers are being forced to accept steep discounts as higher mortgage rates and an oversupply of homes create tougher […]
UK Home Sellers Slash Asking Prices by Nearly 10% as Buyers Gain Upper Hand in Property Market
Home sellers across the UK are accepting substantial reductions from their original asking prices as higher mortgage rates and an increase in available properties make it harder to attract buyers. Data from estate agency Knight Frank shows that homes completing the exchange of contracts between July and September sold for an average of 90.6 per […]
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