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Chichester house sales news – Conveyancing solicitors may notice fall in sales

25th November 2011

According to information released by HM Revenue and Customs, 2011 property sales so far are 5% down on figures from 2010.

The report has revealed that 76,000 homes across the country were sold in October this year which was 3,000 less than in October 2010. It is thought that reduced mortgage funds and the state of the economy are to blame for the decreasing house sales.

Property websites Zoopla and Rightmove have also noticed the effects of the poor property sales. Zoopla has reported that 40% of the homes for sale on their website have had their asking prices reduced.

Furthermore, Rightmove has revealed that the average asking price for newly marketed properties on their website has fallen by £7,528 during November this year to £232,144.

Nicholas Leeming of Zoopla said, “The amount by which sellers have reduced their price expectations has risen significantly over the past 12 months, with the average property now being discounted by £3,500 more than this time last year.”

He added, “With the latest economic forecasts for 2012 looking decidedly gloomy, sellers may have to reduce their expectations further if they are serious about making a move.”

The report suggests that fewer property buyers and sellers may have been seeking a house sales solicitor in Chichester
and elsewhere across the UK over the last year compared to 2010.

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