Property expert predicts sellers may wait it out
With asking prices for UK property falling almost continuously, many homeowners are choosing to stay put and improve rather than move.
Rightmove research showed that asking prices have fallen by a record amount in the last 12 months, with the average asking price falling almost five per cent – the biggest ever year on year drop on record.
Rightmove commercial director Miles Shipside explained that many homeowners are looking to wait it out rather than move because they can still afford to do so.
"Any potential buyer will drive a hard bargain, so the temptation for sellers to price up and negotiate later may seem like a good idea," he said.
"These are not the tactics of sellers in real financial hardship, and it would appear that the economic downturn has yet to become an everyday reality to most people."
With the housing market showing no signs of stabilising, those who require extra space could achieve it though the addition of a bespoke conservatory or lean-to.