Prices slashed for quick sales?

CLAIMS that home sellers are slashing asking prices by up to £13,000 in South Yorkshire to achieve sales have met with a mixed reaction by agents in and around Mexborough.

A study by a property website showed almost half of people selling property in Rotherham had cut asking prices by an average of £13,671 to get a sale.

This was stated as the third highest area of reduction in the country, behind Chesterfield and Glasgow.

But are the results of the research by Zoopla reflected in the Dearne area?

Shaun Gutteridge, partner of Dearne Valley Excelsior, based at Wath, in Rotherham borough, said in his view the figure of £13,000 appeared highly excessive.

“We have not seen those kind of reductions,” he said. “People are having to drop prices by five per cent or so on average I would say, and price tags do have to reflect the market we are in. But there are still plenty of buyers.

“We have had the best January for three years and would put that down to more people getting finance, and sellers being more realistic with their pricing.”

But just down the road at Thurnscoe, in the Barnsley borough, mortgage adviser Alison Maltby at Signature said they had seen some drastic reductions.

“It is the buy-to-let market that is most buoyant as we are still not getting the first time buyers,” she said.

“There is an influx of investors, from both local areas and the south of the country, and they want the best achievable prices.

“We are finding sellers will reduce substantially to get a quick sale, and particularly so in recent weeks”.

This has been noticeable with three-bed semis, she added. “I’ve seen prices dropped from £80,000 to £65,000. Buy-to-let is the dominating sector of the market”.

The McDonalds of Mexborough, which is in Doncaster borough, agree.

They closed their Mexborough agency last week, to focus on the letting side from a new base near home, at Finningley.

“We feel this is a smart move in today’s market - the rental side is booming but unfortunately we opened at a time when we thought we would be moving out of recession and that’s not been the case”, said Tracy McDonald.

“In our experience, people were not prepared to reduce. Sellers of a house offered at £129,000 would receive an offer for £120,000 and turn it down. but a couple of months later they’d want to accept the offer, and it would be too late. People do need to be flexible”.

The study stated the current average national reduction was £19,580.