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Brits think property is over-valued

Thursday, 28 April 2011 2:58 PM

Many people in the UK think that housing is over-valued, but very few are hopeful of a drop in prices in the near future, a survey has revealed.

The study by property website Rightmove.co.uk found that 48 per cent of people thought property in their area was over-priced, with this figure rising to 66 per cent for first-time buyers.

Londoners were the most likely to think house prices were too high, followed by those in the South West and those in the South East.

Looking ahead, just a quarter of people predict prices will come down this year, down from around a third who held this view last quarter.

Almost half of those questioned for the survey said that they expect no change in the market this year and this is the seventh consecutive quarter this proportion has increased.

Miles Shipside, director of Rightmove, said: "We now have a situation where half of the UK public feel house prices are too high, yet three-quarters of the same public are expecting prices to either stay the same or increase over the next 12 months. This suggests the prospect of a market stand-off and rising unsold stock levels if sellers don't wise up to the house price views of their target market."

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