City workers, more used to the trading culture, are prepared to take a cut in selling prices to reduce debt levels. Many bought properties with large mortgages at the height of the price cycle, and are now keen to sell up in order to reduce their debt and restructure their finances. The majority are moving into rented homes, which offer them the flexibility they need in light of ongoing economic uncertainty.
Richard Cotton, Divisional Head of Residential Agency at Cluttons, comments: "These sellers are realistic about pricing their home for a fast sale, at as much as 25% lower than the peak price of August 2007. They are prepared to accept a lower price in order to sure up their finances, while the rest of the market is still waiting to see what happens. Good transport links to the City, which are only set to improve, mean these properties now offer excellent value for money."
