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Home sellers no longer realistic over price, NAEA says

People selling their property in the current market are generally overestimating its value, an industry expert has claimed.The president of the National Association of Estate Agents (NAEA) suggested that the situation was a "problem", as buyers were "no longer looking" at homes' asking prices.Since the onset of the credit crunch last year, house prices have dropped by over 12 per cent, figures from lenders Halifax and Nationwide have shown.Analysts have also said that the values have further to fall - with the International Monetary Fund even claiming that the UK property market was overvalued by 30 per cent at its peak.Chris Brown, NAEA president, commented: "A simple truth of the matter is that it's worth what somebody would pay today, not what somebody would have paid yesterday. "Estate agents and professionals are spending a lot more time at the valuation stage to say 'look here, that was then and this is now'." He added: "We have a problem here as you are not going to get what you thought you were going to get because people are no longer looking at asking prices."

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