Following recent data releases, economists are forecasting that house prices will fall by up to 20 per cent in the next two years. However, some are not taking this warning seriously. Indeed, here is the reaction from estate agents in Wales , one of whom says that the house prices are going UP! Get real guys. As someone who has been avidly researching the house market in Cardiff for the last six months, I can tell you that the reality of falling house prices has yet to filter through into actual sales prices, many of which are the same as they were in late 2007. Given that IMF indicated , only last year, that house prices were overvalued in the UK, what has been the role of estate agents in fuelling this increase, especially as the 'finger in the air' pricing approach that seems to be going on is completely different to the reality in the market?
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