Property database shows large drop in house prices

An online database of property prices has shown a significant difference between the price that sellers originally ask for and the price that their properties actually sell for.

Propertysnake.co.uk works by indexing the Rightmove property site for homes for sale and notes not only the asking price, but also the selling price of all available properties. In this way, Propertysnake builds a picture of the property market across all regions of the UK.

Contrary to the popular image of a booming sellers market with ever increasing prices, Propertysnake has shown that a sigficant proportion of properties sell for much less than their original asking price - sometimes up to 40%.

While not an official report on the state of the property industry, the information available on Propertysnake may give hope to potential homebuyers who are seeing their chances of owning a home decreasing every day.