Revealed – UK cities with the most overpriced homes

by Property118.com News Team

9:08 AM, 26th July 2011
About 7 years ago

Revealed – UK cities with the most overpriced homes

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Revealed – UK cities with the most overpriced homes

"House prices are too expensive"

Oxford homes are the most overpriced in the country, according to an online survey.

Two thirds of people think homes in the city are not worth the asking prices, research by online property portal Rightmove found.

Around 63% of people consider homes in Greater London are also too expensive, says the survey.

But homes in Glasgow are too cheap, said a third of those asked.

Miles Shipside, Rightmove commercial director, said: “Contrasting local opinions of the fair value of property illustrates how patchy activity can be within a mile or two in the same city. Whether you are on the wrong or right side of the tracks depends on whether your area attracts buyers who can raise the necessary deposit to get a mortgage.”

When asked about property price expectations, four out of 10 consider prices will stay the same for the next year.

Around 26% expect prices to be higher in a year, while roughly the same number expect prices to fall.

Rival online property portal Hometrack also forecasts a property price stalemate.

The firm’s July home price survey recorded a marginal 0.1% drop for the third month running.

Sellers can expect to have a property on the market for around 9.5 weeks and 92% achieve the asking price.

Richard Donnell, director of research at Hometrack said: “The survey shows a housing market in broad equilibrium with an increasing number of sales being agreed between more realistic sellers and a growing pool of buyers.

“Almost four years in to the downturn, the housing market is showing signs of adapting to a low turnover environment. London continues to provide a strong support to the national trends with prices up by 0.3% over the month.

“Despite a general improvement in the balance of supply and demand over recent months, headline prices remain on a downward trend and are likely to fall further over the coming months. Yet with sales volumes holding up there is no impetus for any material change in prices.”



Comments

3:53 AM, 29th July 2011
About 7 years ago

A law of supply and demand. I came into the Buy to let market in 1997, with a principle strategy of buying ONLY in University towns. It proved to be right. However, I rarely let to students,as the demand they create in the locality creates a never ending scarcety of rentlals . In the past 14 years I have never experienced a single month's void.
These past 14 years have seen the property markets in unbelievable termoil, yet year-on-year my rents have gradually increased to be more than 60% of what they were when I started..This is not a market for anyone unless they are in for the long term
Today this is a substantial part of my pension, providing real income ," index" linked in a more positive way than any other (private sector) worker could hope to achieve.


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