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Mortgage-holders see house prices as too over-valued

Published: 27/04/2011

Almost half of homeowners in the UK think the properties in their local area are over-valued, a survey by Rightmove has found. 

While 48 per cent of people said this, the proportion of people believing house prices are too high increased in certain areas including London (60 per cent) and the south-east (51.7 per cent).

The property website questioned over 26,000 people about their sentiments on the housing market and found that 24.9 per cent also believe house prices will fall this year.

This is a drop from 32.3 per cent of people expecting falling prices in the first quarter of the year.

"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," commented Rightmove director Miles Shipside.

He added that the trend suggests a "market stand-off" may occur with rising unsold stock levels "if sellers don't wise up to the house price views of their target market".

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Last Updated: 11-02-2012