'This chap has had to lower it by £20,000, from £385,000 to £365,000, and he might take it down another £5,000 from that' How the house price slump is causing misery for sellers
a 2.6 per cent fall in house prices across the UK in the past twelve months.
The country’s biggest mortgage lender said it is the biggest fall in prices since 2011 following the global financial crisis and amounted to around £7,500 being wiped off the average UK house price in cash terms. Some regions of the UK have been hit harder than others, with prices falling 2.6 per cent in London and 3 per cent in the South East, but by just 0.2 per cent in Yorkshire and the North East.Alan Greenin, a mortgage broker based in Kent, told: “I’ve got clients trying to find a buyer and they’re struggling at the moment. They’ve have had to lower their expectations.and not knowing where they’re going to be. I had a client lower their price yesterday and another this morning.
“This chap has had to lower it by £20,000, from £385,000 to £365,000, and he might take it down another £5,000 from that.Mr Greenin said that during the school summer holidays demand for housing normally “quietens down” and could see viewings drop further.are a “correction” – rather than a crash – after years of sustained growth that has seen the cost of an average UK house increase by more than £100,000 in the last decade.
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