Agent warns of market jitters

Posted: 05 Jan 2007 10:53:52 GMT

The founder of one of the UK's biggest property websites has warned that he has detected what could be the first signs of market jitters about the direction of prices

The founder of one of the UK's biggest property websites has warned that he has detected what could be the first signs of market jitters about the direction of prices.

The last two months of 2006 saw a sudden increase in the numbers of people selling up as they do not believe that prices are sustainable, claimed Henry Pryor of Primemove.

The danger is that the seasonal rise in properties being put up for sale could turn into a flood, depressing sales prices and causing a panic among investors.

"We may look back and say the fourth quarter of 2006 was the peak," Mr Pryor told the Financial Times. The paper said that Mr Pryor had a good track record on predictions.

New figures from property consultant King Sturge painted a very different picture however, predicting annual price growth of seven per cent for 2007.

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