Many estate agents simply aren’t telling their clients the truth. They are peddling over optimistic valuations in order to win instructions by flattery and the result is the highest level of unsold property stock since 2007 (Source Rightmove and RICS).
Prices are set to adjust downwards. It’s nothing to panic about although the media will try to whip up some suitable sensationalism no doubt, however with stocks high, mortgages still tight and demand at a low ebb, the blip of price rises in 2009 has ended.
2010/11 will see price falls. 10% by my reckoning.
Of course if you’re selling and buying, it won’t matter because if yours goes down so does the one you buy.
But if you’re an investor with a portfolio to unload or an individual with a single buy to let or inherited property to dispose of, then do it now…
And don’t listen to the ‘Gavin’ that tells you that your property is still worth what it was in summer 2007. Because it’s not.
Truth, Sell, Save at www.eMoov.co.uk online low cost estate agents