Properties selling at less than their asking price

29-Dec-2005

Properties are continuing to sell at less than their initial asking price,helping more first time buyers to get onto the first rung of the property ladder.

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Figures released in the latest Hometrack survey revealed that the majority of homes can be bought for around 93.5 per cent of the asking price, reports Leeds Today.

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Despite recent predictions that prices are set to rise in 2006, the results showed that costs remained unchanged in over 84 per cent of postcode areas across the UK, indicating that sellers must keep their prices realistic.

"It is clear that buyers remain highly price and quality sensitive," explained Richard Donnell, director of research at Hometrack.

Mr Donnell believes that affordability is still a big issue for aspiring homeowners and that sellers should not get carried away with talk of increasing prices.

The research also showed that the average time it takes to sell a property is eight weeks.

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