As a welcome dose of reality, home sellers have slashed their asking prices by a record amount this month.

Rightmove, the UK’s largest property portal, reports that property owners reduced average prices by 3.3% in November.

But there is still a considerable gap between asking prices according to Rightmove at £236,000 and sale prices according to HM Land Registry of £164,000 as per the Nationwide building society numbers.

2013 should see a better market. Mortgage approvals are up and property search activity has increased significantly of late. But a recovery to some normality is only likely if sellers and their agents get real on pricing.

Pie in the sky valuations lead nowhere.

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