The property market has reached a virtual standstill, with a record number of homes for sale and no one to buy them, according to the National Association of Estate Agents (NAEA).
A recent Rightmove House Price Index revealed that there are currently over one million properties on the market, with sellers last month forced to cut their asking prices by an average of almost £3,000.
NAEA president Chris Brown said estate agents were finding themselves with a back-log of houses that they were unable to sell.
Although the current housing slump is undoubtedly bad news for home owners, Mr Brown pointed out that it was "very good news" for first-time buyers and investors.
"People's expectations are now coming into line with reality... I certainly think they [buyers] have got a lot of pulling power and a lot of influence on the market," he explained.
According to figures recently released by Nationwide, property prices are currently 6.3 per cent lower than the same period last year.
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