Those looking to sell their house have been forced to become more realistic about the price, it has been noted.
Mike Bickerton, director at DTZ Residential, said that vendors have had to lower asking prices in order to “stand a chance” of finding a buyer in today’s market.
And in turn, the sellers will be hoping to get a cheaper asking price when they move up the property ladder themselves, he explained.
Mr Bickerton also said that discounts are not enough on their own to encourage first-time buyers to enter the marketplace, adding that debt management issues may be more important to this group.
“The biggest single problem facing first-time buyers is the scale of deposit required to be able to consider purchasing,” he commented.
However, sales appear to be on the rise, according to figures from the National Association of Estate Agents.
A report from the body showed that on average, members sold around ten properties in April, up from eight in March.
By Jamie Price