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The future of the UK housing market

The spectre of the 80s crash is looming.” “It’s a buyers market.” “Asking prices are taking a battering.”

Although speculation about the state of the property market continues unabated, it’s not all bad news for sellers.

DIY property selling is becoming increasingly appealing. Nearly 1 in 10 home sellers already sell privately; saving themselves an estimated 159 million in estate agents’ fees, savings which could go a long way towards softening the blow of an unachieved asking price.

The internet offers a real alternative for those looking to take control of their home sale. A private property sale no longer means a small ad in the paper and a makeshift for sale sign. With the internet, sellers can advertise to millions of potential buyers quickly and cheaply.

‘At times like these, sellers start to scrutinise the costs of moving home,’ says Paul McGuckin, founder of on-line property advertising service coolcaves.com. ‘By selling online, sellers can cut out costly estate agents’ fees – typically a third of the overall cost of moving.

November 2004