With UK house prices continuing to fall many people have been sitting on their hands rather than sell in such turbulent conditions.
That could all be about to change; there is currently a lot of optimism surrounding the latest release of Rightmove's house price index, which reported the 3rd consecutive monthly rise in asking prices. This could result in many people thinking the time is right to put their house onto the market, which could be greatly detrimental to UK house prices.
Rightmove recording a rise in asking prices is not a good sign. All other reputable indexes are showing prices still falling, there has been no massive increase in transaction numbers, and all signs point to prices continuing to fall. Therefore raised asking prices only affirm the recent reports that vendors are still unwilling to be realistic and drop their prices in order to sell.
This is bad news for UK house prices because it threatens to prolong the current freefall for those vendors who are realistic. Until eventually the majority of vendors are forced into realism by the market's bottom, indicated by hugely increased transaction and buyer numbers.
Anyone who wants to sell their property, but isn't quite yet ready to drop their price the 20-30% necessary to sell by traditional means, is advised to try unconventional means such as Zungalow.com. Richard McKay Zungalow director said sellers have "nothing to lose," from advertising on their site.
"Many people right now are thinking: how can I sell my house right now, I won't even get enough to pay off my mortgage? But that needn't be the case. Our £29 per year package is the perfect suck-em-an-see package for UK private home sales, you can show your house to a massive community of online property browsers, all of whom are free to make offers on your property, be they for a swap, or higher than the going rate," Richard explained.
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