Over the past twelve months we have seen a 10-15% reduction in property prices across the whole county of Herefordshire, the national figures are 15-20% with London being worst affected at losses of up to 25% of 2007 values. Most of this loss has been experienced in the last six months.
There are still ample people wanting to move, they are just prevented from doing so until they have sold their own property. Our mailing list is full of registered buyers who have a house to sell, that are on the market and waiting for a proceedable sale (to a first time buyer / investor / people in rented accommodation / cash purchasers).
Proceedable buyers are “watching” the market, they are mostly not registered with agents, they are keeping their eye on the relevant property websites, in the paper and sporadically walking around the agent’s offices to see what is happening. If they see a property they are interested in, they will drive by first generally and if suitable arrange a viewing and possibly offer. Sales are therefore still being agreed, but are quite challenging to negotiate and then keep together once agreed.
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