The gradual tiptoeing of sellers into the market which started a few months ago has become a stampede.
Sensing the turning of the tide, homeowners who had held out for a return to the fantasy values of 2007 are now deciding to cash in their chips as the economy begins to wobble...
Rightmove, the UK-wide online property marketplace, has seen a huge drop in asking prices in the space of a single month - 4% in London, which is remarkable. If you're thinking of selling but have not yet tested the market, I'd suggest that economic news is only likely to worsen over the remainder of the year and lead to a further erosion in confidence.
On the other hand, if you believe the economy is back on the primrose path to prosperity, hold out for higher prices.
Here's a link to the full story for Times subscribers. Below is a snapshot for the rest of us.
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