According to Greycoat Real Estate, the price of houses changes according to demand and the availability of houses in the market. In the UK real estate market, the prices have been falling since the start of the year in January 2024.
When a buyer pulls out, it can cause the property to stay in the market for a longer period than expected, which causes its value to go down, as Greycoat specialists explain. Buyers try to negotiate for better deals, which causes the sales agents to lower the prices so that they can close the sales deal.
Personal views or opinions regarding a property can also cause the property’s value to be adjusted. Before buying, Greycoat adds, one takes a site visit to see whether the property fits their current needs.
If a majority of the buyers have a negative review of a property, Greycoat real estate agency comments, the seller might have to lower its price so that it can be sold (Parkeray).
In the UK, many properties are being put up for sale. This increases the supply, and the market has to adjust by lowering the prices so that the supply does not exceed the demand, Greycoat instills. The low mortgage rates currently experienced in the UK are prompting many people to buy houses rather than rent.