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Welsh property market under pressure

In line with the rest of the UK, it is being reported by the Royal Institute of Chartered Surveyors that estate agents in Wales have seen property prices soften. Apparently a flood of properties to the market is placing more pressure on the Welsh property market with 30% more members of the Royal Institute seeing property prices falling rather than increasing.

Welsh property prices are now at their lowest level since May 2009 and could get very much worse if, as expected, more properties arrive on the market in the short term. This coupled with the fact that many buyers are now retreating to the sidelines, in the hope that prices will fall further in the short term, is expected to be replicated across the UK.

We are seeing something of a self-fulfilling prophecy across the UK with regards to property with headlines in the press reiterating the fact that prices are expected to fall in the short term. If you were a buyer would you rush to the market? If you were a seller would you wait for prices to fall further? There is also evidence of more sellers willing to accept offers below the asking price which is a worrying sign.

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