House sellers 'could be facing difficult times'

By Jonathan Dawes, Tue 22 Jul 2008 - Published in Mortgages

As more people struggle to secure loans in order to get on the housing ladder and the property market slows, sellers could be facing a period of "significant frustration", Savills has warned.

Director of residential research Lucian Cook said falling house prices should help to get "the market working properly".

However, he also stated those people looking at selling who are unwilling to compromise on the asking price "are faced with the prospect of not moving or having their property on the market for a very significant period of time".

This comes after figures from Rightmove showed that average house prices fell by about Ł4,000 in July compared with the previous month.

Currently, people selling houses are asking for two per cent less than they were a year ago.

This is the first time Rightmove has measured a year-on-year drop in property prices.

July also witnessed the sixth consecutive monthly rise in unsold properties per estate agent.

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