Property price growth is slowing in many parts of the UK, but vendors continue to set their sights on unrealistic values, according to data from the Halifax, the Telegraph reports.
The average UK house price is now £188,858, having increased by 0.9 per cent in December.
But overall growth has been slowing over the last six months.
The final quarter of 2014 showed a 0.3 per cent increase compared to the previous quarter.
According to Martin Ellis, housing economist at the Halifax, an affordability ceiling has been reached, born of low wage increases.
In the article Ellis said: “The deterioration in housing affordability as a result of rising house prices, earnings growth that has been consistently below consumer price inflation until very recently and speculation of an interest rate rise, have combined to temper housing demand since the summer.”
House sales in November fell below 100,000, to 98,490 – although a drop-off in property sales during the pre-Christmas period is anticipated each year.
The forthcoming general election is also expected to dent house sales, as would-be buyers await the result – and find out how the next government will affect their financial positions as home owners.
Slowing Growth: Implications for Vendors
A delay in finding a buyer can have implications for some vendors. New work or family commitments, for instance, can see sellers move to new properties before their home has been sold. A house left empty for long periods may not be protected by a current insurance policy. Specialist unoccupied property insurance from Click4Quote.com, however, can provide an effective alternative in such circumstances, and also protects properties undergoing renovation, awaiting probate, or that are have been temporarily left empty when an owner has gone away.
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