After several buoyant months in the property market, it seems that the Newark house sellers are starting to reduce their asking prices. We have seen months of house price growth hitting record highs, now asking prices across England saw growth of just 0.1% between June and July, with the average asking price increasing by just £277 to £336,019. Research by estate agent comparison site, GetAgent.co.uk, has revealed how asking prices across many areas of the property market tumbled in the wake of the initial stamp duty holiday deadline at the end of June.
The firm’s analysis looked at the average asking price for homes listed on the market in June of this year when the stamp duty holiday was in full swing and how this compared to just one month later once the tax-free threshold on a property purchase had been reduced to £250,000 from £500,000.
According to the data, as many as 46% of areas saw the average asking price decline.
Colby Short, Founder and CEO of GetAgent.co.uk, commented: “The stamp duty holiday has been fuelling an incredible rate of house price growth pretty much since its introduction and while it isn’t the primary motivation for buying a home, we’re certain to see some degree of downward correction as both extended deadlines expire.
“In this case, the first deadline at the end of June led to an abrupt reduction in asking prices across many areas of the market, as sellers could no longer chance their arm to cash in on buoyant market activity driven by buyers with a little extra cash in their pocket during the negotiation stage.”
If you are one of those Newark house sellers looking for a fair deal then contact us and we will be on the case straight away.