Commenting on the latest rise in ASKING prices on the Rightmove website in the face of falling SOLD prices and transactions at 50% of 2007 levels, Miles Shipside, Rightmove’s Commercial Director said this morning…

‘High levels of unsold stock and record asking prices cannot remain happy bedfellows for long, so we expect to see this romp away from reality to reverse itself in the second half of the year as the over-supply of property and under-supply of mortgages reassert themselves and exert downwards price pressure’.

In other words, asking prices are far too high for the fewer buyers out there and will, inevitably, come down soon.

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