More than two-thirds of current house sellers are selling without reducing their asking price.
Could this be a sign that the market is now improving and confidence returning?
According to leading UK property portal Zoopla just 31% of homes on the market have reduced their asking price – the lowest proportion recorded in over two years.
This suggests that sellers are becoming confident enough to hold their asking prices, perhaps signs that the market is improving.
Viewing numbers are also on the increase, now up to 10.8 for each sold property.
Let’s look at other facts that may help determine whether buoyancy is returning to the housing market.
10 Market Confidence metrics
- Asking prices have increased 2.8% according to RightMove
- Sold prices increased 1% according to UK Land Registry
- Asking price reductions are down to 31% (from 37%) according to Zoopla
- Properties coming to the market is up 8.7% (751,360) according to Zoopla
- Buyer enquiries & viewings are up 14.3% according to Hometrack
- Increase in mortgage approvals to 55,785 Dec12 – an increase on previous month and up year on year according to Bank of England
- Reduced time to sell at an average of 89 days according to Right Move
- Higher sale price to asking price ratio at 93.4% according to Hometrack
- Sales volumes are up 1% and volumes on properties over £500k have increased by 9% according to UK Land Registry
- February 2013 is the 4th consecutive month that sales volumes have increased according to RICS
*stats by agentanalytics.co.uk
Looking at the above indicators it appears that confidence is starting to return to the market, although accurate pricing still seems to be pivotal to getting a good reaction to marketing and the result you strive for.
If you are thinking of selling, then now may be a good time to do so.