Rise in asking price ‘folly at this time’
ASKING prices for homes in England and Wales have risen 0.5 per cent since the start of the year and are now up 1.6 per cent on a year ago.
A report by property search engine Home said that it was hard to justify such optimism over prices in these difficult economic times.
It adds: “Over-pricing in the current economic climate is simply folly. False optimism usually leads to disappointed sellers, but worse still, it could lead to a home buyers’ strike and consequently rapidly falling prices.
The site reported that new listings were 12 per cent up on a year ago and that the Scottish housing market has been flooded with a 48 per cent rise in new listings.