Sellers overestimating house prices
Estate Agents are only in agreement about a housing bubble in Greater London and the South East.
Agents in the North East, North West, Yorkshire and Humber, Wales, East Anglia and the South West have not witnessed any signs of uncontrollable price hikes over the last 12 months.
Robin King, director at Move with Us, said: ‘Whilst increased confidence in the property market is really positive news, reports of a housing bubble may be pushing home owners to set unrealistic asking prices. Putting a property on market with an accurate valuation is paramount.
‘Our advice to home owners is not to always believe the hype and to listen to their local property expert, the estate agent.
‘If a property is listed for sale too low, it’ll sell but the vendor will lose money. If it’s priced too highly it will not generate much interest and will probably need a price reduction at a later date.
‘This is precisely why we go to such great lengths to correctly value property using comprehensive data and in-depth comparisons of homes that are both sold and currently being marketed in the local area.’
The opinions of estate agents in Scotland, the East Midlands and the West Midlands are split.
Scotland’s agents are 50/50 on the subject of a housing bubble, while 57% in the East Midlands report seeing a bubble compared to 58% in the West Midlands.
In Greater London 92% has seen a bubble, while 74% have witnessed one in the South East.