Norfolks online estate agents. Est. 2007

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8 October 2007

    THE property market has swung in favour of buyers as house price rises come to a standstill throughout much of the country. The latest figures from the Nationwide building society show that although prices have risen strongly in London, the South East and the South West over the past three months, the market beyond remained flat. House prices have even fallen in Wales, providing further confirmation that the higher cost of borrowing is starting to bite.
    Buyers are exploiting nervousness in the market by lowering their offers, while a growing number of agents are advising sellers to drop their prices. Max Ziff, of Humberts estate agents, says: “About 20 per cent of deals that we would have expected to go through this month have stalled while buyers review the market.” Ziff predicts that prices will fall by 10 per cent by the spring unless interest rates are reduced by half a point before Christmas.
    Buying agents are now instructing their clients to exploit the market. James Greenwood, of Stacks Search & Acquisition, says: “Buyers should be looking at getting the asking price down by at least 10 per cent, possibly more.” However, experts believe that a lack of property for sale will keep property prices from crashing. Richard Donnell, of Hometrack, the property data company, says: “If anything, there appears to be a tightening in supply in the face of greater uncertainty.”

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