Property sales increase due to lower prices

Recent reports have shown that there has been a slight increase in the number of property sales going through, and it is thought that this is due to the price of properties on the market coming down, as sellers finally accept that they are going to have to be more realistic about their pricing and accept lower prices on their homes.

Earlier this year property sale numbers dropped to an average of less than one sale per estate agent per week, reflecting the severity of the housing slump. However, according to recent reports the number of sales have increased slightly although the housing market remains challenging.

One spokesperson from the National Association of Estate Agents said: ‘Sellers are beginning to face up to the reality that their houses are not worth as much now as they were 12 months ago. They are ripping up last year’s price tags and beginning to come to terms with the new economic reality. That is a difficult thing to do – but the silver lining is that the market is now more transparent for buyers. Prices are becoming realistic, and we hope that this provides the boost needed to encourage those families who so desperately want to buy houses to get onto the market.’

Another official added: ‘Few people will take heart from the fact the latest lending figures are marginally up on September, as they are still massively lower than October last year. You have a double whammy where consumer confidence is shot to bits by a rapidly weakening economy and the mainstream lenders are only accepting ‘quality’ applicants with big deposits. I hate to say it but it could be some time before things start to improve.’