Residential conveyancing news: Sellers are continuing to drop prices

Posted 14/12/2010

Anyone thinking of using a residential conveyancing solicitor with a view to buying a property may be pleased to know that sellers are continuing to drop prices.

According to Rightmove, homes are being reduced by as much as £7,000 as their owners try to secure a sale.

Furthermore, it was forecast that prices will continue to fall into 2011 by up to five per cent.

This could be good news for people who already have a deposit saved up and are ready to move.

Rightmove spokesperson Miles Shipside said the findings indicate that sellers are being more realistic about house prices.

“High numbers of searches on the Rightmove website show that prospective buyers are still looking, perhaps watching and waiting for the right buy to whet their appetite and fit their pocket,” he added.

Those wishing to buy could consider avoiding market towns after a recent study by Lloyds TSB found that properties there could cost as much as £30,000 more than homes in other areas.