'Growing frustration' for UK home-sellers
Many people with London property that they want to sell are becoming frustrated by their inability to do so because of the current state of the UK's housing market, it has been claimed.
Responding to a new index from Rightmove, which suggested that new sellers lowered their selling prices by over £4,000 on average in July, real estate firm Savills said that it is an extremely difficult time to be in the housing market.
Lucian Cook, director of residential research at the firm, said that a drop in asking prices might help to restore some degree of functionality to the market, but suggested that sellers will be faced with a much tougher situation than three to six months ago.
"For those people who aren't prepared to sacrifice on asking price it leaves them in a very difficult decision because they are faced with the prospect of not moving or having their property on the market for a very significant period of time," he added.
The 1.8 per cent drop in average asking prices is the largest ever recorded by Rightmove's House Price Index.
It also revealed that new sellers are now asking for two per cent less than they were at the same time last year, the first time a year-on-year drop has ever been recorded.
Published 28th July, 2008
© 2008 Estates IT Limited
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Many people with London property that they want to sell are becoming frustrated by their inability to do so because of the current state of the UK's housing market, it has been claimed.