The figures are finally coming out and various data gatherers confirm what estate agents have been saying for months. Rightmove has confirmed that asking prices are dropping and others show a slowing in the rate of growth. It’s frustrating to see that people tend to believe everything they read. While this slowing has been going on, some media outlets, politicians and central bankers have been happily predicting house price chaos. Reliable data is always historic, but estate agents are the vanguard and good ones are willing to say things as they are.
If those denouncing our industry did some research, they’d see that the majority of agents actually know what’s going on around them and want to share their knowledge. The end of the recent surge in prices will also signal the end of some of the cheap entrants who rely on a flying market to prosper. A slowdown is a natural market reaction, but those looking for a crash need to remember that demographics still dictate that there are more people wanting to live in London than there are houses to accommodate them.