Unrealistic house prices damaging housing market | Moneywise
Homeowners reluctance to reduce the asking prices on their homes is contributing towards a stagnant market, says property website Rightmove.co.uk.
The average asking price in February is £230,030, up by 3.1% from January's average of £223,121. In contrast, the average selling price is £165,000 for properties in England and Wales, according to the Land Registry.
In 2010 1.3 million properties were on the market against only 530,000 available mortgages. Lenders predict that 2011 will mirror last year's lack of movement.
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