Hope for property market revival in the Spring

The lowest base rate since 1955 and the promise of further aggressive cuts give the potential for a greater volume of sales in 2009,' say Rightmove, a leading property portal.

A survey from Rightmove published this month reports that many sellers are now cutting asking prices for their homes.

Rightmove report that asking prices fell by 2.9 per cent in November, making them 7.1 per cent below their level a year ago. Homeowners who are serious about selling their home are recognising the need for drastic action:

'Some sellers could avoid months of disillusionment and despair if they started marketing at an asking price a lot closer to where evidence indicates they are likely to end up,' said Miles Shipside, Rightmove's Commercial Director.

Suzanne Gray, Director at ludlowthompson agrees:' In recent months we have sold property where the homeowner is realistic about the asking price.'

Rightmove comment that there is still some hope of an in the Spring after the traditional winter drop off of housing transactions.