The average asking price for homes in Britain has fallen by more than 10,000 this summer, with Rightmove reporting a 1.3% decrease in August alone. The current average asking price is 368,740. The decline is characterized by a two-speed market: sellers who price realistically attract buyers, while overpricing leads to prolonged sale times. Properties that do not require price reductions typically sell in 32 days, while those that do take an average of 99 days. Overall, buyer wait times now average 62 days.
The average price tag on a home across Britain has tumbled by more than 10,000 over the summer, with a significant drop recorded in August alone.
Rightmove reported that the average asking price for a home coming to market fell by 1.3%, or 4,969, month-on-month in August, settling at 368,740.
There is a two-speed market with savvy summer sellers pricing realistically to attract buyers, while others are pricing properties too high.
The overall average time to find a buyer is now 62 days, however it takes an average of 32 days to find a buyer if a property does not need a price reduction.
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