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Estate Agent claims homes in Epping Forest are being inflated to attract business
House prices in Epping Forest are continuing to rise due to the lack of new properties and estate agents inflating prices to attract business, it is claimed.
Matt Warren, branch manager at Millers Estate Agents in High Street, Epping, said he would not put a property on the market for £10,000 more than his valuation.
But he said some agents are happy to mislead vendors about achieveable asking prices.
He said: “We have seen sellers coming back to us telling us they have better offers from other agents.
“I would rather let another agent have them on their books for a long time and gradually reduce the price than match an inflated valuation.
“I would be happy to raise an asking price by about 10,000 but no more than that.”
Colin McDaniels, branch manager at Abbotts Countrywide in High Street, Epping, believes people are paying more for properties than they are worth due to supply remaining stagnant.
He said: “We have seen a rise of about three or four per cent in the last year.
“I think houses are being over priced because of lack of stock.
“Some agents will put up prices to make up for the lack of stock.”
The rental market in the area is said to have cooled but there is still high demand, according to Mr Warren, with an average of five people for every property.
“People may be staying with parents and saving or staying where they are and saving on moving fees or enrolling in mortgage schemes such as the help to buy scheme,” he said.
Nationwide building society today said in October there had been a one per cent increase in house prices nationally.
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