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There has been a lot of discussion with regard to the housing market over the past few months since the onset of the global credit crunch, with particular reference usually being given to those looking to buy a new property and the difficulties they are probably experiencing in being able to be accepted for a mortgage or home loan and raising sufficient cash to be able to fund the necessary deposit required.

The plight of these individuals has been well documented, but spare a thought for those people at the other end of the housing market who are wanting to sell their property.

Recent reductions in house prices have gone a reasonable way to helping the housing market recover and allow people to get back into the market, particularly first time buyers, but this has been of little comfort to those individuals whose houses are currently up for sale.

According to a recent survey, there are now fifteen properties for sale on the market for every one person who is looking to buy one and this means that a vendor has to do something special if they want to sell their home, either through spending money on renovating the property, or reducing the price, or even both in order to make the sale.

For someone who is selling and moving up the property ladder the situation is not too bad, as they will reap the benefits on the purchase of the new house, but someone wanting to down size, or even sell up altogether, perhaps looking to use the cash from their home to fund their retirement, faces the frustrating prospect of receiving quite a bit less than they would have done at this time last year.

Many of these individuals may still have outstanding mortgages or secured loans on their homes and this will also eat into their already reduced profits. We must also remember however, that most of those selling will have enjoyed a significant level of growth in their property value over previous years and this must be taken into account when considering the small correction they are currently experiencing.