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Nine out of ten properties sold for less than asking price in March

May 2nd 2018
By: Melanie
Nine out of ten properties sold for less than asking price in March

If you are a first-time buyer looking to get onto the property ladder then this could be the right time to do it, as it really does seem to be a buyers market according to new data. 

The latest housing report by NAEA Propertymark revealed that almost nine out of ten properties sold in March were sold for less than the asking price - this is the highest since they started compiling data in 2013, with only 10% of properties they state sold for their asking price. 

The housing market has been dogged the past few years by a lack of stock, however, this is now at an all-time high with the number of properties on the market being at a high of 40 per branch compared to approximately 35 in February. At the same, the amount of buyers has also dropped slightly from 309 to 308, an annual fall of 22% compared to last March which stood at 397. 

They state that despite the Government’s efforts to help first-time buyers onto the property market, there was 3% less first-time buyer sales in March. 

Mark Hayward, chief executive of NAEA Propertymark said: “A record number of properties sold for less than asking price in March, indicating that buyers have shifted into the power seat.

“This is music to house-hunters’ ears – especially first-time buyers. Although sales to the group have fallen, the fact that the market is moving in the favour of buyers may trigger an upward swing in the number of sales agreed as they’re in a position to negotiate lower prices.”

If you are looking to sell your home then it’s vital that you make sure that it is priced to sell, as this could make the difference from it stagnating on the market rather selling. Intercounty have experience in the local market and will be able to give you an accurate indication of price, so why not pop into your local branch of Intercounty today for a free valuation or try out our free instant valuation tool.