House sellers ‘forced to face reality’

People attempting to sell their home have had to become more realistic over falling values, an industry insider has said.

In order to “stand a chance” of securing a sale, vendors have been forced to cut their asking prices, according to DTZ Residential director Mike Bickerton.

And in turn, these individuals will be looking for cheaper prices as they also move up the ladder, he explained, but added that first-time buyers may face different hurdles.

“The biggest single problem facing first-time buyers is the scale of deposit required to be able to consider purchasing,” Mr Bickerton noted.

This could be preventing those hoping to enter the market from accessing mortgages.

Despite this, the latest figures from the National Association of Estate Agents suggested that property transactions have improved recently.

A report from the body showed that average sales per agent rose to around ten during April, an increase from eight in March.

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