People considering selling their house are thinking: "I'll wait until the market picks up".
They have to accept that the market will fall and their property will not buck the trend.
We've got to be realists and realise that we have a bit of a way to go with price falls.
Properties that are selling at the moment – almost all at the bot
tom end of the market – would be 35 per cent down from their peak. I can't say that everything will fall by that amount, maybe it will be less further up the market but it is inevitable that we will see falls.
It will take time for this to filter through because it is hard for people to accept that their house is not worth what they think it is worth.
Do I know when property values will start to rise again? No. But I don't expect to see property rising for another year or two at least.
It will take quite a long time to settle – and when it does go up again it will possibly just go up at increases of about five per cent a year.
But I don't know if that's two years, three years... but it would be nice to just be selling property again.
A lot of people considering selling are holding on, hoping the market is going to get back to where it was – I don't think prices are going to rise significantly.
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