Houses selling for nine per cent below asking price

Properties across the UK are being sold for an average of nine per cent below their asking price, according to new research from the Royal Institute of Chartered Surveyors (Rics).

The findings reveal that now is a good time to think of making a property purchase - with sellers in some regions being forced to accept a 12.5 per cent discount from their original price.

Commenting on the research, Simon Rubinsohn, Rics chief economist, said: "With housing transactions currently at a 30 year low, many vendors are being forced to lower their asking prices to achieve a sale in an ever shrinking market or they are being forced to rent their property until the market picks up."

With the number of houses for sale falling in line with demand, sellers in the north are accepting an average of 12.5 per cent lower than the asking price, while vendors in the East Midlands, West Midlands and Wales are accepting ten per cent below.

London properties saw the lowest decline - at just 8.5 per cent.

UK Property News posted on 29/09/2008 12:07:09