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According to industry officials the property market has suddenly swung from being a sellers market to being a buyers market, as falling house prices and difficulties in selling are forcing homeowners to accept much lower prices for their homes. The Royal Institute of Chartered Surveyors recently reported that property prices were falling at their fastest pace since records began in 1978, and this had resulted in a myriad of problems for homeowners.

The obvious problems for homeowners is that they are losing money on the value of their property, and those that have recently purchased their properties at a high price could suffer more than others, because they could be the ones that end up falling into negative equity if house prices continue to tumble, leaving them owing more on their mortgage than the home is actually worth.

However, there is also another major problem, and this is that would-be buyers are too wary to make a purchase in the current climate, with a variety of predictions indicating that house prices could continue to tumble by as much as 20% over the next two years. This means that homeowners that put their properties up for sale are finding it far more difficult to sell, and in order to speed things up are having to accept offers that are sometimes significantly lower than the asking prices.

One industry professional stated: 'Sellers are having extreme difficulty finding buyers. The market is just not performing as it should be as we approach the prime selling months. The problem is further complicated by the credit crunch forcing banks to cut back on the availability of mortgage loans'  Another said: 'The build-up of unsold properties will encourage buyers to negotiate lower asking prices.'