Many people who turned to the lettings market because they could not sell their property are now changing their approach.

According to Cluttons, lots of homeowners who wanted to sell chose to rent out their house in the short term in the hope the market would recover within a few months.

However, there has been no sign of a recovery and people are now apparently accepting the current state of affairs and reducing their asking prices.

James Hyman, partner for residential sales at Cluttons, commented: "This is good news for the sales market, which has been stalled in part by the reluctance of sellers to recognise that their homes are worth considerably less."

He added that sellers who are not in a position to rent their property out in the long term have decided that they are probably better off selling at current prices.

According to figures from Halifax, house prices dropped by 2.2. per cent last month.

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