Insurance News Archive

Property sellers face 'difficulty and frustration'

The housing market will cause people currently trying to sell properties "significant frustration", according to an expert.

Lucian Cook, director of Savills residential research, says conditions are difficult at the moment and sellers face a dilemma if they are not prepared to sacrifice on asking price.

He suggests if they choose not to sell for a lower price they could be forced into not moving or having their property on the market for a very long time.

Mr Cook acknowledges the fact owners know they would have been dealing with "very different expectations of price" three or six months ago is hard to swallow.

However, he added: "In terms of making the market function and for people being able to transact then it has to be a good thing if it manages to get the market working properly."

According to the Rightmove House Price Index for July, new sellers have been pricing their properties at 1.8 per cent, or £4,345 less than the previous month.

This is the largest decrease ever recorded in July, with the previous figure being a one per cent drop three years ago.

22 Jul 2008