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Sellers find house price drops hard to swallow

Mouseprice says that average selling time rose from 3.9 months in the last quarter of 2007 to 5.5 months in the last quarter of 2008.

In line with this, sales volumes decreased by approximately 50% but prices dropped just 13.5% according to the Land Registry.

Zipporah Morrison Baker, a spokesperson for Mouseprice, said: “The fact that average selling times have increased is evidence that buyers and sellers are not reaching agreement on price as quickly as before. After a period of assuming that your property is worth a certain amount, people are reluctant to settle for less. “This is a psychological effect brought on by relentless house price rises over the last few years.“

House prices rises over the last few years have greatly outstripped earnings growth and made individuals and families feel wealthier. With the myth of inevitability of house price growth exposed, many people will realise the necessity of living within their earnings, as their property can no longer be relied upon to grow their net wealth.”


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