Tuesday, October 19, 2010
Endors Price Too High
"Prices of homes on the market jumped up 0.5% over the last month but this does not mean that the market has escaped the twin downward price pressures of mortgage rationing and over-supply. This monthâ€™s upward movement is largely due to a seasonal surge in properties for sale, placed on the market at overly optimistic prices. However, this is set against a backdrop of increased price-cutting both in frequency and value (a new 20-month record for September). Moreover agentsâ€™ sales stock levels are now 16% higher than a year ago and this will only fuel the growing â€˜discount cultureâ€™ in the UK housing market."