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July 25, 2007

Buyers have the upper hand

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by Gill Montia

Buyers have the upper hand

A recent study from The Royal Institution of Chartered Surveyors indicates a deteriorating UK property market resulting in buyers being able to negotiate house prices below the asking price for the first time in many months.

This information is supported by reports from surveyors and estate agents who declare that increasing interest rates and an abundance of houses for sale are turning parts of the country into a buyers’ market.

According to Chancellors estate agents in Oxfordshire, a lot of property is on the market at exaggerated prices, it is without doubt a buyers market due to the huge selection of properties.

Mundys estate agents in Lincoln have commented that there are tough market conditions and buyers have a lot of properties to opt for however, properties that are correctly priced stand a chance of having a quick sale, therefore the asking price is critical.

Property price growth has slowed significantly outside London and the Home Counties. The recent regional breakdown by the Nationwide shows that prices have been flat for 12 months in Liverpool and in Birmingham and Newcastle, they have risen by just 3%.


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