A leading housing expert has predicted that the housing market will start to pick up now that the election is over and sellers start to drop their asking prices.
John Wrigglesworth, housing economist at HomeTrack, told the Today programme on BBC Radio Four yesterday morning that he recent figures from the Land Registry showing a drop in property sales did not come as a surprise.
The figures, released on Tuesday, revealed that property sales in England and Wales dropped by almost 35 per cent during the first three months of this year - but Mr Wrigglesworth claimed there would soon be a turnaround.
"Most indicators of the housing market, including HomeTrack, saw the slowdown coming in June/July following the interest rate rises," Mr Wrigglesworth said.
"I think we will see a slowing of house prices, not a crash. I think transactions will start picking up now and we will see a post election bounce as confidence comes back."
The housing expert also said that sellers had started to realise that they were asking too much and should lower their expectations to help the market get back on its feet.
Property website Rightmove said in April that sellers continued to "defy logic" by asking too much for their homes.Click here for the best mortgage advice.
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