Drop in house prices ‘frustrating’ for sellers

Attempting to sell a house in the current market could lead to “significant frustration” for homeowners, it has been suggested.

Global real estate service provider Savills said a drop in average prices has helped the market to function properly, but sellers have been forced to come to terms with the fact that their expectations need to be lower than a few months ago.

Director of Savills residential research Lucian Cook observed that anyone not prepared to compromise on asking price could be left in a “difficult” position, as “they are faced with the prospect of not moving or having their property on the market for a very significant period of time”.

This week the Rightmove House Price Index found that the average asking price had dropped by £4,345 (1.8 per cent) since June, as the number of unsold properties rose for the sixth consecutive month.

© Adfero Ltd

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