It has been claimed that many homes are remaining unsold and stagnating on the housing market simply because they have been priced unrealistically by sellers given the current property market. Many sellers refuse to believe that their properties are not worth as much as they thought they were and are trying their luck with higher asking prices anyway.

However, in the current climate buyers are already struggling to get a mortgage or are exercising extreme caution with regards to purchasing a home due to their uncertain financial future. This has resulted in many of the overpriced homes on the market remaining unsold and the number of unsold properties that estate agents have on their books has increased over the past year.

Estate agents have reported improvements in some areas and have said that the market has been relatively stable over the past few months. However, unless buyers start being more realistic about the price tags that they attach to their properties when trying to sell them their properties could be sitting unsold for a very long time indeed after which point they would end up reducing the price anyway having possibly already lost out on a sale because of the previously high price.

An official from the National Association of Estate Agents stated: ‘We are very pleased to see that the market has remained relatively stable despite the continued economic pressures that are making life very difficult for homeowners and those looking to enter the property market. The significant growth in demand for homes reported by our agents suggests that house-hunters are searching for a good deal on property before the traditional spike in activity over the Easter holidays. That said, the picture is still very varied across the country and significant economic barriers remain.’