The Hometrack December survey has shown that homeowners selling their properties are now less likely to get their original asking price, and are selling for much less than they intended.
Buyers are negotiating discounts of up to 7% of the asking price. Average sales price, as a percentage of average asking price went down to 92.9% in December, from 93.1% in November.
This is following the pattern of decreasing house prices that has been happening throughout the last half of 2004.
Our view
Times are tougher for all as we enter another five year property cycle.