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Why is the UK property market still so soft?

As the revelation that further discounts of up to 6.6% can be negotiated from advertised property prices hits the news wires many people are worried about the short to medium term future of UK property prices. The fact that such discounts can still be negotiated despite the assumption by many that the property market has turned the corner is something of a slap in the face to those with a more positive outlook in the short to medium term.

The truth is that many people in the UK are still chronically overextended on their finances and in desperate need of additional capital in the short term. While some people have made significant gains on earlier properties there are many people across the UK who are still struggling to make ends meet. Even though the UK government has introduced a number of rescue schemes to try and delay any potential home repossessions in the future, there are still significant concerns in the homeowners market.

As long as there are property sellers willing to negotiate further discounts they would appear to be little hope of a short-term recovery in prices. While the additional discount theory does vary enormously throughout the country there would appear to be a general willingness from current sellers to take lower prices.

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