Homeowners 'misunderstand house market'

Posted: 22 Oct 2008 11:07:11 GMT

A great many homeowners looking to sell their properties do not seem to realise how tough the housing market currently it, an expert has claimed.

Homeowners often think that their home is special and will have no problems being sold, according to the National Association of Estate Agents (NAEA).

Chris Brown, president of the group, explained that homeowners often think their house is as good as - or better than - other houses on the market "because they live in it".

"They always believe someone will like it as much as they do," he added. "But they have not been exposed to the property market as professionals are."

A survey by Zoopla published in October revealed that 97.3 per cent of British homes have declined in value over the last year with only 2.7 per cent actually worth more now than they were 12 months ago.

Interestingly, it highlighted that 38 per cent of homeowners expect the value of their property to remain the same or increase in the near future.

This despite the fact that only 19 per cent expect average house prices to do the same.

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