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Estate agents turn gloomy on the UK market

Estate agents in the UK have turned dramatically gloomy on the UK market with the latest survey from the Royal Institute of Chartered Surveyors showing that a balance of 32% more estate agents saw a reduction in prices in August compared to those who saw arise. This is the highest reading from this particular survey since May 2009 and comes amid suggestions that UK property sellers may well need to reduce their prices by up to 10%.

A number of estate agents have stepped forward to comment upon the lack of first-time buyers in the market due to funding problems in the short to medium term. As a consequence this has depressed the market as a whole and with more people now looking to sell their property against those looking to buy the balance has certainly swung in favour all buyers. As the number of properties on the market continues to rise it is almost inevitable that we will see prices soften in the short term with sellers becoming more and more desperate.

We are moving back to a situation we last saw in the depths of the recession when sellers were desperate to sell their properties and potential buyers were happy to sit on the sidelines.

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