PRICES REMAIN HIGH DUE TO BASIC GREED OF VENDORS

[First Rung, Mar 2006]: Unrealistic house prices asked by profit hungry owners are strangling the Welsh property market experts have warned.

They say some of the blame for the unrealistic house prices lies with estate agents who "gild the lily" to ensure they get the property on their books.

But one estate agent said some vendors - particularly in the upper end of the market - insisted on high asking-prices out of vanity.

A survey of chartered surveyors by National Homebuyers has found the housing market in Wales is static or slow and blames unrealistic pricing for the problem.

Julian King, managing director of National Homebuyers, said, "Too many vendors are given an inflated asking-price, meaning their houses take longer to sell or stay on the market indefinitely."

Nearly a third of independent surveyors in Wales felt the market was static or slow. And 35% describe the property situation as a "buyer's market".

Simon Simcox, principal of Bob Parry, one of the biggest independent estate agencies in North Wales, said family homes were still selling normally, unlike executive-style homes.

"It's keeping up with the Joneses," he said. "People think, 'My friend got £400,000 for his detached house with views of the sea, so I want £420,000'."