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Thursday, June 17, 2010

Prices slashed by £14,700

The average price reduction for one of the 66,445 properties reduced in price last month was a massive £14,700.

This is according to property portal Home which currently has over 800,000 properties on it's books.

The conclusion is that many vendors are over valuing their properties and are then forced to subsequently reduce them. Any property investor should be still looking to drive down the price of a potential acquisition especially if they are a cash buyer or have ready access to mortgage finance.

Buyers are still in short supply say the website home and the average time to sell now stands at 94 day.

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