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F. T.: Henry "hank" Pryor, Big E A Called Top In January

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Property agent calls top of house market

By Matthew "Matt" Richards

January 4 2007
02:00 | Last updated: January 4 2007 02:00
A leading estate agent has called the top of the property market, claiming an influx of sellers "motivated by greed" is increasing the supply of homes for sale and creating a vicious circle that will send prices lower in 2007.
Henry Pryor, founder of property website prime-move.com, says people are looking at the prices their neighbours' are getting for their houses and deciding to follow suit. "They are saying, 'we should cash in our chips'," Mr Pryor said.
"We may look back and say the fourth quarter of 2006 was the peak," he said.
Mr Pryor, who has called the property market correctly in the past, said his website had details on 800,000 properties, making it the biggest website for UK property sales. He said November saw the start of an increase in homeowners selling their property and moving to a second home or rented accommodation in order to cash out at what they believe is the top of the market.

Foxtons effectively called it earlier this summer when the boss took the money and ran. IMO Henry got it right and the data we have been seeing recently is either complete rubbish or it is genuine reflection of the market but fails to factor in the fact that, in a decline, the mix shifts. The bottom end tends to go first leaving more expensive homes still selling. The rich get hit last and are less dependent on chains and can afford 2nd homes etc.

Edited by Realistbear

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It is foolish for anyone to 'call the top' as the property market is not a single curve - it is far more fragmented than that. I think the market has been peaking in differnt sectors since 2005. What is of more interest to me is if the down wave is going to be quick or slow. Unfortunately I think the latter - prices will decline slowly over several years. Having said that in these current turbulent times, anything could happen. All depends if we see a big sub-prime fall out in the UK.

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