Glacierman

I believe that asking prices have become completely unrealistic and are being hyped by the hope of continued growth. In one small village outside Newcastle upon Tyne there are nearly 50 propertires for sale, most of which have been on the market since last year and many for over 2 years. We know that a 3-bed semi for example sold last summer for £180 K to a developer who has tried to sell it unsuccesfully during the late summer for £255 K, then £ 249 K, and still unsold at £ 239 K. Identical properties on the same street are being put on now for over 250 K. However the only actual sale was last summer at £ 180 K. So it seems to me that the Estate agents have been sustaining a clear increase in asking prices without any clear increase in buyer demand. I am currently renting after having taken 2 years to sell a house in Staffordshire I am certainly not rushing in to buy at these prices, which appear ridiculous relative to the local economy and level of demand.