Two-thirds of properties were sold in July for under their asking price, the NAEA has said.
The NAEA’s report – which notably contains no regional breakdown – said that just 4% of homes sold for over the asking price, with 30% selling at the asking price.
The proportion of 66% of properties selling at under asking price is less than in London. LonRes says that 80% of houses last month sold for less than their asking price.
The NAEA also said that the average number of properties available per branch was up by 11% month on month to stand at 51, and that demand slipped from 371 applicants in June to 368 in July.
The association put the number of overall sales to first-time buyers at 20% of the total – a far lower proportion than most current estimates.
Overall sales per branch averaged nine in July.
The report also says that 92% of respondents want Stamp Duty to be reformed.
Just over a third (36%) of agents said that Stamp Duty has “frequently deterred” house buyers from moving.
Comments (3)
Isn't this story the norm. Well done NAEA on telling us something that has been going on for decades.
Id like to hazard a guess as to where the homes sold over the asking price were too. Slipping demand, lack of affordability, extra qualifying criteria for mortgages, and more property on the market means one thing; sale price drops. The false high has hit its peak.
No real surprise there then!