Brits 'overestimating house values'
Brits have been warned that they may be overestimating the value of their property, with Firstrung suggesting that the market has reached a "dead zone".
The firm explained that house prices are still too high and that the industry has now reached a stalemate in terms of the number of transactions.
Recent figures from LSL Property Services and Academetrics showed that transactions were down in August.
London bucked the trend, with the House Price Index showing that transaction levels in the capital jumped by 22 per cent.
Firstrung chief executive officer Paul Holmes explained that Brits should take a more realistic standpoint when selling their property and that he did not understand why London sales continued to rise.
"I look at the amount of properties that were sold for £1 million-plus in London over the past 12 months and I wonder where the money is coming from to actually buy these properties, unless it is overseas buyers," he said.
Mr Holmes noted that the pound is still weak, which might attract foreign money, but that the capital is still puzzling in its ability to buck trends in both values and transaction rates.
Posted by David Waxman
Housing figures show lack of confidence
Brits might be tempted to improve their current property with a bespoke conservatory or other home improvement after hearing the latest comments from What Mortgage. According to the firm, recent statistics show that there is a lack...
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