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The key to successful buying and selling in the housing market is dependent on realistic pricing, it has been claimed.

When putting up properties for sale, sellers have been encouraged to a price tag that is in line with the realities of the present housing situation by Russel + Aitken.

"As has always been the case, whatever the property and whatever the market conditions, realistic pricing has always been the key to successful marketing," commented Dianne Paterson, property partner at the firm.

She went on to add that the while the demand for smaller homes had declined, mortgage applicants were exhibiting a greater interest in family homes.

Recent research made public by Knight Frank indicates that the asking prices of properties in prime locations of Edinburgh fell by an average 4.6 per cent in the third quarter of this year.

The report also highlighted that houses that were priced at more than £2 million were the ones to see that sharpest fall.