Property News Feed
A quarter of a million off the asking price
07/11/2008
House price falls of 40 per cent have been seen across the north-west and with £250,000 recently shaved off the asking price of one home, Greater Manchester is no exception.
The house in question was originally put on the market for £1.25 million in Wilmslow on the outskirts of Manchester after a neighbour's property went for £1.34 million.
It sold for just under £1 million, reported the Telegraph in a commentary about the falling prices of homes.
Savills estate agency's Robert Billson told the publication: "At the moment buyers are finding it tough to pay their existing mortgage, or can't get a new one as they don't have enough of a deposit."
The average price of a house in the north-west was £137,487 - a fall of 7.1 per cent since June and 10.5 per cent over the year.
House prices were predicted to fall still further next year combined with a shortage in mortgage availability.
Meanwhile, city centre flats are going for a fraction of what they would have two years ago, with the new Liverpool dockside developments particularly hard hit.
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