I have read the Daft and MyHome reporst/Press Releases today and cannot help but notice that they are all based on Asking Price.
This has to do with the sites themselves (Property Advertising sites) and with the archaic Privacy laws which prevent us agents from revealing details of transactions to the public.
The real issue here is Selling Price.
Both quote figures as being down 37-43% for Asking Prices.
But what they don't highlight is that in the boom, houses generally made at least and sometimes up to 30% MORE than the Asking Price.
Now, in the bust, houses sometimes make up to 30% LESS than the Asking Price!
So the true divergence in price from boom to bust is being hidden by these figures.
Most good agents have experienced 45-55% drops in Selling Price...but due to archaic legislation, we cannot give you details, sorry!
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