Posts tagged ‘housing’
Almost one-third (32%) of property for sale in Britain today, has had their asking price reduced at least once since they were first listed on the market.
Our latest research reveals an average price drop of 6.1% for all homes that have been discounted and a total of £1.5 billion that has been slashed off the asking prices of properties that are currently listed for sale on Zoopla.co.uk (did you know we’re the only site to allow users to sort results by the properties that have been most reduced in price?).
At least one-third of properties for sale have been discounted from their original asking price in 36 of the main 50 cities/towns we studied – full list – as more and more sellers are cautiously reducing asking prices in a bid to attract buyers and lock in the house price gains of the past 16 months.
Barnsley tops the list of locations that have seen the most price reductions with 44% of all properties currently listed for sale having been discounted at some point. At the other end of the scale, only 24% of current sellers in Glasgow have knocked anything off their original listing price.
The highest average price reductions have been in Rotherham, Manchester and Barnsley, where average asking prices have been discounted by 7.1%. In Rotherham that represents a £9,442 drop in asking prices whilst average prices have been reduced by £11,376 in Manchester and £8,978 in Barnsley. By contrast, average price reductions in the south have been smaller, with average asking prices in Chelmsford and Brighton both having been reduced by 5.1%, or £18,814 and £19,928 respectively.
At the top end of the market, for properties with current asking prices of £1+ million, sellers are not feeling the pinch to quite the same degree with only 22% of properties having been reduced in price since first being put on the market. However, for those properties that have been reduced in this price bracket, the discount is much higher than the average at 9.6%.
Price reductions in 10 key British cities/towns
|Rank||Location||% of Listings with
Source: Zoopla.co.uk (as at August 1st 2010)
Full Top 50 list here
- Price reductions based on all properties listed for sale as at 1st August 2010
- Includes all price reductions since the property was first listed for sale on Zoopla.co.uk
- The Top 50 are taken from the key cities/towns across Britain based on the number of properties listed for sale
Following on from the Conservatives and Liberal Democrats releasing their ‘Coalition Agreement’ document on 12th May which confirmed, under the Environment section (pt 6), that “Home Information Packs (HIPs) are to be scrapped and Energy Performance Certificates (EPCs) retained” mass confusion set in and home owners, agents, Lawyers and HIP providers each reacted in their own way – some of the comments can be read here.
Well, the Government has acted pretty quickly (eight days) and fulfilled their manifesto and confirmed today that HIPS have been suspended. This was announced at a press conference held at Bullman Booth estate agents in Battersea, London.
Full press release on Communities and Local Government website.
CLG Secretary of State Eric Pickles said:
“HIPs are history. This action will encourage sellers back into the market and help the market as a whole, and the economy recover.”
Housing minister Grant Shapps said:
“This is a great example of how this new Government is getting straight down to work by cutting away pointless red-tape that is strangling the market. Rather than shelling out hundreds of pounds for nothing in return we’re stripping away bureaucracy and letting home owners sell their properties.
“But we’re also showing our commitment to a greener housing market by keeping Energy Performance Certificates and making them more relevant in helping buyers make informed decisions on the energy costs of their new home.”
Here’s our comment on the situation from our Commercial Director, Nick Leeming. Do let us know your thoughts on the situation using the comment box below.
“There were serious concerns that a delay in the scrapping of HIPs would harm the housing market by deterring would-be sellers from putting their homes on the market. But the government has responded quickly and the imminent suspension of HIPs will banish any second thoughts from homeowners. The writing was always on the wall for HIPs. The packs did not contain all the key information buyers and solicitors would need and sellers were always reluctant to incur additional costs – particularly during the economic downturn when there was no guarantee of a sale completing. The inevitable job losses are unquestionably a bitter blow for those who paid considerable amounts to train as home inspectors. The hope is that the demise of HIPs will boost the housing market recovery and, in turn, create further employment in the sector.”
Grant Shapps, the Conservatives’ former shadow housing minister, has confirmed, via his twitter page last night, that he has been appointed Minister of State for Housing.
It is understood that the role no longer has Cabinet status and therefore, unlike his Labour predecessor, he will not attend Cabinet meetings.
Is this, coupled with the time it took to make the appointment, an indication as to where housing is on the list of priorities?
Let us know your thoughts below.
A full guide to Cabinet members can be found here.
About Grant Shapps
Previous positions held
MP for Welwyn Hatfield, May 2005 –
Vice-Chairman of Conservative Party Campaigning, Dec 2005 -
Shadow Minister for Housing, June 2007 – May 2010
Proudest political achievement
Founding the Conservative Homelessness Foundation
Interests outside of politics
Aviation (holds a pilot’s licence)
Married to Belinda
Three children: Hadley and twins, Noa and Tabytha
Information taken from the Conservatives website