Homeowners 'have unrealistic value expectations'
The recession has caused homeowners to have unrealistic expectations of what their property is worth and has lead them to feel happier staying in their current home, it has been claimed.
Selwyn Lim, director at Mouseprice, said that having to sell a property for less than the owner originally paid for it is "psychologically very difficult" for them.
This means that people are much less likely to sell their homes than when prices are on the up, he added.
"Because they are attached to those expectations of value, they are putting it on the market for much higher than the buyers are willing to pay and as a result you get very few transactions going on in the market," Mr Lim explained.
In light of this, Britons may find that property to rent in Wandsworth or another part of London offers them more value for money than houses for sale in the same area.
Recent research by Aviva revealed that 68 per cent of homeowners see their property as an emotional investment, rather than a financial one.
Written by Ben Carter
Published 6th November, 2009
© 2009 Estates IT Limited
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