Price rise predictions 'misleading'

A leading Norwich estate agent has criticised what he describes as misleading predictions about possible house price rises in East Anglia, claiming they cause alarm and panic among the public.

A leading Norwich estate agent has criticised what he describes as misleading predictions about possible house price rises in East Anglia, claiming they cause alarm and panic among the public.

Chartered surveyor Antony Bromley-Martin, a partner with country house agency Strutt & Parker, Upper King Street, hit out at a claim by the Nationwide Building Society that prices in this region would surge ahead for the rest of this year.

It had revised upwards an earlier modest forecast to suggest a six per cent rise for 2006, faster than many other areas.

“There is nothing to suggest the huge price rises that Nationwide is predicting, which are merely speculation,” he declared.


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“The housing market in the region is steady, stable and strong, and rising in line with inflation.

“This type of sensationalist story creates panic, particularly among first-time buyers who are already struggling to get on the property ladder.

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“It leads to a distortion of the market, with vendors expecting an inflated price for their house when they come to sell. This only leads to disappointment when the price needs to be dropped later to a more realistic level.”

Mr Bromley-Martin concluded: “The good news is that we do have a buoyant housing market in this area, and there does not appear to be anything on the horizon to jeopardise the current situation.”

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