Brits realise homes no longer worth what they were

A property expert has suggested that after months of being in denial, UK property owners are now starting to accept their residence is not worth what it once was.

The comments from Little House Company director Jane Marr come on the back of figures from the Rightmove House Price Index, which showed asking prices fell in June for the first time in five months.

"We have seen our private sellers reducing prices to kick start a sale," she said, hinting people had struggle to accept the changing market before now.

"They realise its a buyers market and pricing is the main issue that will help get a sale."

Hometrack data shows there is still a large gap between the average sale price of £155,600 and Rightmoves typical asking price of £226,436.

The desired figure from sellers is 5.5 per cent less than it was a year ago, but still six per cent higher than in January this year.

Homeowners unwilling to reduce their asking price and looking for extra space may decide to add a loft conversion and roof light instead.