With all the differing opinions and varying 'advice' out there at the moment about the current housing market, it's no wonder it's confusing.

What's really going on?

In my experience the most successful price reductions over the last few weeks ( that have resulted in an agreed sale) have all been , on average, 20% lower than was being asked a year ago!

It's what I'm now calling the 20% rule. That's what it seems to take to sell, some people are just getting there quicker than others.

The implications are twofold. Firstly, if you bought a property within the last 1-2 years and are contemplating selling now, I'd say I wouldn't if I was you!

Secondly, if you reduce sufficiently and manage to pass that reduction on it's actually a good time to get involved, (i.e 20% off £275,000 is more than 20% off £170,000) assuming everyone in a chain follows the same principle.  If they don't, then move on to another one.

So, if you're determined to sell, it can be done!! Do the research if you're buying or selling, or both.

Remember, the 20% rule applies to the house you're buying as much as the one you're selling.

Happy hunting