Falling asking prices not enough to tempt Brits away from renting |
21 2008 |
| Growing numbers of Britons are still opting to stay in the rental property sector, even though homeowners across the country are dropping thousands of pounds off their asking prices in order to make a sale amid a general slowdown. That is the suggestion of new figures from the website Rightmove, which show that the number of unsold properties on the market is currently at a record high, despite the fact that average asking prices have fallen by £4,300 in the past few weeks alone. What's more, those looking to get onto the property ladder in London continue to be hit by rising prices, particularly in the more desirable areas of the capital, prompting many more to see renting as the best option for the foreseeable future. Commenting on the figures, Mark Shipside, commercial director at Rightmove, indicated that this trend is likely to continue for some time as prices remain out of the reach of a majority of young professionals: "Sellers are finally recognising that they need to undercut their rivals from the outset, rather than testing the market and dropping prices later," he said. "Sellers' pricing needs to be at the level where deals are being done. It could be a lot better outcome to price aggressively and sell now, rather than accept a bigger reduction later as prices continue to fall." The average asking price for a UK property currently stands at just over £239,000, the study also revealed.  |
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