More houses stick on the market as buyer�s fall of the cliff

According to a recent report by Hometrack this morning, there was a monthly fall of applicants of 2.6% in the month of September.

Whilst there has been a drop of new sellers this has only edged down by 0.6% During the first nine months of the year, the supply of property for sale has risen by twice the amount of demand.

Over this period new instructions increased by 22%, however the rise in applicants only rose by 11%

The report also revealed that property remained on the market for an average of 9.6 weeks Sadly for sellers house prices have now dropped consecutively for 15 months.

It is only London’s continued growth that has propped up the overall picture during this time.

With growth averaging at 0.2% The report also suggests that price drops will continue at least until the end of 2011, and many vendors are eager to finalise deals before the end of the year.

Of the 1,500 agents conferred with the largest percentage price adjustments will certainly have to be in order.

Richard Donnell, Hometrack director of research, said these would “ultimately kick-start a new phase of re-pricing across the market”.

It is clear that this information, highlights that more estate agents would morph into letting agents to survive in the current market.