House price fall 'sign of realism from sellers'
FALLING house prices should not be met with alarm and are a reflection of vendors being more realistic, according to several estate agents, who are reporting modest increases in sales in recent months.
Figures released by the States yesterday confirmed the average purchase price of local market properties was 5.8% down from this time last year.
Lenders have also been positive about an increase in property transactions.
Swoffers director Andre Austin said he was not worried by the fall.
'It's not a huge surprise and from our end it's not all doom and gloom. We are seeing decent volumes in terms of sales, but it is all about price at the moment,' he said.
'No one, particularly the vendors, wants to see house prices fall, but it's not a surprise or a secret.
'We are seeing buyers and vendors working well together and that is something to be aware of – people aren't going to pay for something that they think is overpriced.'
