House sellers setting unrealistic asking prices?

Posted: 22 Feb 2011 12:56:14 GMT

People selling their homes might be setting their prices at an unrealistic level, according to an expert in the sector.

House sellers might be setting the prices for their homes too high, according to an expert from Mouseprice

Data released by Rightmove earlier this month showed new sellers pushed their asking prices up by 3.1 per cent to an average of £230,030 this month.

The figure represents growth of 0.3 per cent compared to the level of February 2010.

Selwyn Lim, director of property market information resource Mouseprice, said the increase was understandable, but warned that there appeared to be a "persistent disconnect" between buyers and sellers.

"It really shows why the transaction volumes are weaker now than a year ago," he stated, adding: "The vast majority of these asking prices will be reduced over time as a property is on the market."

The expert added that he believes agents might be keeping prices high but that they are likely to reduce the cost of homes as time passes.
 

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