The boss of one of Britain’s biggest estate agent chains
appears to have called the top of the property market, saying there has been a
big slump in demand from buyers after the nation has “reached the limit” on
house prices. Paul Smith, whose company operates Haart, Felicity J Lord, Spicer
McColl and Darlows chains across the UK, said there was “trouble in paradise”
and sellers would have to cut prices to find buyers. Smith warned that prices may be peaking after
a 12% year-on-year rise to a record high of just over £234,000 for an average
home, nearly nine times the average UK income. Read more on the Guardian
website.
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