Property vendors 'dropping prices'

Buyers looking to get a firm footing on the property ladder may at last have the chance, after one sector commentator claimed that vendors were now dropping their prices.

Liam Bailey, head of residential research at Knight Frank, was commenting on recent research by HM Revenue & Customs, which revealed that the number of properties being sold for over £40,000 increased by 40 per cent month-on-month in March.

Mr Bailey stated that this trend had resulted from vendors and developers realising that property prices needed to be "substantially" reduced in order to make a sale.

"You have clearly got more chance of selling now than you did six months ago. The danger now is that vendors will suddenly think: 'We can raise prices' and that will just kill deals dead," he added.

Britons who wish to make a sale may like to consider adding composite doors, roofline products or new double glazing, after the Antrim Times cited Kieran Lavery, managing director of Camden Group, as saying these products could add value.

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