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'Significant frustration' for people in the housing market
21/07/2008 17:32:00
Being part of the housing market at present is difficult for home owners, a leading real estate provider has said.
For people looking to sell their houses, the drop in prices is forcing them to consider taking their asking prices down in turn.
Savills has said those who are reluctant to make the potential "sacrifice" of dropping prices in order to get a sale will be faced with "a very difficult decision".
According to the Rightmove House Price Index published today (July 21st), new sellers emerging on the property market have on average priced their properties at over £4,000 less than the previous month.
Lucian Cook, director of Savills residential research, said: "It is very difficult for some people to swallow ... just in terms of the fact that they may know that three or six months ago they were dealing with very different expectations of price from the one that they are looking at now."
In related property market news, research from the Axa Financial Taskforce suggested that house prices in "middle Britain" may fall by up to £40,000 by Christmas this year.
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