PROPERTY MARKET
£5OO Drop In House Prices
In the last three months, vendors of houses in Christchurch in the £5OOO to £6OOO range, have had to reduce their prices by £4OO to £6OO, said a leading real estate agent yesterday. House price reductions of £4OO and £5OO compared with three months ago were common, he said. He attributed the decline in property values to the recent economic measures.
“Three months ago, or possibly less, it was a sellers’ market in Christchurch for homes,” he said. “It has changed to a buyers’ market, overnight.” Today there was definite buyer resistance for homes. “People with properties to sell are trying to hang on to the price that was ruling three months ago,” he said. “But the prospective purchaser is playing his cards coolly, realising the credit squeeze is on.
“The prospective purchaser is shopping around, and picking out bargains. He is beating the seller down,” the estate agent said.
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Bibliographic details
Press, Volume CVII, Issue 31379, 26 May 1967, Page 10
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157PROPERTY MARKET Press, Volume CVII, Issue 31379, 26 May 1967, Page 10
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