'Deluded' sellers stall the property market

[AtW]

"House price rises are slowing after hitting an affordability ceiling for many parts of the UK, according to new figures from Halifax - but sellers are still "delusional" about the valuations they can demand.

The average price of a British home rose 0.9pc from November to December to £188,858 continuing a six-month trend of falling annual growth rate.

Values in the last three months of 2014 were 0.3pc higher than in the previous three months, making December the fifth consecutive month in which the quarterly rate of increase declined.

Martin Ellis, housing economist at Halifax said the figures showed a market where house prices have outstripped wage inflation and hit an affordability ceiling for many parts of the UK.

“The deterioration in housing affordability as a result of rising house prices, earnings growth that has been consistently below consumer price inflation until very recently and speculation of an interest rate rise, have combined to temper housing demand since the summer," he said. "

Source:
'Deluded' sellers and sky high house prices have stalled the property market - Telegraph

The end is nigh!

[cojak]

That's certainly what we were finding.

Most are 50 - 100k over the odds.

We haven't bothered looking anymore.

[quackhandle]

I'm probably one of those sellers but wouldn't say I'm deluded, you chance your arm and see what you can get.

I've not sold yet (currently changing EA) so when house goes back on market it will be a bit lower as I want to move.

qh

[TykeMerc]

I started looking at what's available on Rightmove in early December as I'm considering a move and renting out my current place.
What I've seen seems a bit overpriced compared to what I'm willing to pay, so at the moment I'm voluntarily priced out rather than economically.

[eek]

I'm probably one of those sellers but wouldn't say I'm deluded, you chance your arm and see what you can get.

I've not sold yet (currently changing EA) so when house goes back on market it will be a bit lower as I want to move.

qh

How long was your house on the market?

[Grasser73]

Surely Estate Agents set the prices with their valuations. Maybe it's they who are deluded and not the sellers, or am I missing something? (I haven't read the article, the link didn't open for me).

[quackhandle]

How long was your house on the market?

Just over a year.

qh

[OwlHoot]

Seems like I timed my sale and purchase perfectly.

Sold a London studio flat for £500K and bought my large turnip in Devon, completing last July.

[Platypus]

Surely Estate Agents set the prices with their valuations. Maybe it's they who are deluded and not the sellers, or am I missing something? (I haven't read the article, the link didn't open for me).

Estate agents will secure a client by over-valuing a house "I can get you £50k more than the other agent, I have high value cash buyers on book" blah blah.

Then the house doesn't sell, so over a period of months or years the price is reduced until it does sell. Once the client is on-board with an unrealistically high price, that's when they become delusion, convinced their house is worth more than it is, because some unqualified spiv told them so.

[anonymouse]

When I sold a house 2 years ago, I did it the other way around, advertised cheap and had about 6 viewings in 3 weeks. 2 people got into a bidding war, and ended up selling at the price I wanted.

The sale then dragged on for 4 months because of solicitors, but that's another story..