The Royal Institution of Chartered Surveyors (Rics) has said that homeowners now have to face up to the fact that house prices are falling and that their property isnt considered as valuable as it was two years ago.
Figures released by Rics show that the property market stagnated further still in November – with the average estate agent selling just 10.6 houses compared to Octobers 10.9.
In 30 years of the Rics survey, Novembers figures represent the slowest the market has been, leading Rics spokesman Jeremy Leaf to offer an explanation as to why there are so few buyers out there.
"Unless people feel relatively confident about their job prospects, theyre unlikely to even try to obtain mortgage finance unless of course trading down or seeking to release capital," he said.
"Vendors still have to accept the inevitable fact that house prices are falling and re-price their property to suit current market conditions."
The state of the market is a huge blow to homeowners who have seen more than three quarters (76.5 per cent) of estate agents report falling house prices in November.
While there may be a lack of buyers and house prices may have fallen, the dire market may encourage some to stay in their current home and instead invest in making it a more desirable place to live by adding a conservatory or glazed kitchen extension.
Furthermore, a conservatory or glazed extension can help add to the value of the home – making it more desirable and able to command a larger fee when the market does turn.