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Written by rosalind renshaw

Over-valuing of properties for sale appears to be widespread, with the number of homes on the market reduced in price last month at a high.

Prices of 66,445 homes were reduced, with an average price cut of £14,700.

According to the property portal Home, which tracks data on asking prices for properties new to the market as well as prices for properties already for sale, sellers are reducing prices out of nervousness ahead of the emergency Budget, and frustration.

Buyers are in short supply, says the site,  and the time to sell a home now stands at 94 days.

Although asking prices increased by 0.3% in May, there were monthly falls in six out of nine regions in England and Wales.

The average asking price for a property in England and Wales is now £229,606 –  an amazing £69,000 ahead of the actual average selling price quoted by Halifax – and showing a huge disconnection between sellers’ aspirations and what they actually get.


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    I blame HIPs, they obviously made vendors add on £000's to the value of the house because of the cost.

    Couldn't possibly be anything to do with Carp EAs overvalueing to win the instruction!

    • 16 June 2010 17:13 PM
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    So - it's "overvaluing" that is the cause of this, and nothing at all to do with overaspirational vendors demanding THEIR own price be tried?

    Problem with this kind of story is the tarbrush effect. Now everyone will expect ££££'s off prices, leading to further overinflation, leading to...

    • 16 June 2010 10:13 AM
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