Homeowners are beginning to realise their properties are no longer worth what they once were, it has been asserted.
After the Rightmove House Price Index revealed average asking prices fell in June for the first time in five months, Little House Company director Jane Marr explained people have struggled to accept the changing market.
"We have seen our private sellers reducing prices to kick start a sale," she said.
"They realise its a buyers market and pricing is the main issue that will help get a sale."
According to the Rightmove statistics, the average asking price is now £226,436 – 5.5 per cent lower than in June 2008.
However this is still six per cent higher than January this year and is way above the typical sale price of £155,600, as reported by Hometrack earlier this month.
Some property owners may decide they are unwilling to accept a reduce price for their residence and opt to improve instead, with a glazed extension or conservatory being two possible options.