Homes ‘only being sold as bargains’ says expert

The current property market is suited to buyers and the only houses being sold are those priced competitively, an expert has stated.

Founder of online property selling site Briffy.com David Amstell said his own firm’s experience has been that only those people who were trading their homes at bargain prices were successfully selling them.

When the stamp duty threshold is reduced from £175,000 to £125,000 at the end of this year, sellers may have to absorb this cost by trimming their asking prices further, he suggested.

A buyers’ market situation might encourage consumers to look for the best mortgage in order to take advantage before prices rise significantly again.

Despite recent price rises, the cost of purchasing a home is still well below 2008 levels, according to Land Registry figures.

These indicated that in July, despite prices increasing for the second month in a row, the average home in England and Wales was still 11.7 per cent cheaper than a year earlier.

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