'Sellers are asking too much for their homes'

PROPERTY asking-prices could drop this year to a more realistic level, a leading estate agent has said.

Keith Enevoldsen, from Martel Maides, said many people looking to sell their home at the moment are asking for too much money and that is creating a lull in the market.

'At the moment, vendors are not prepared to lower prices and the majority of purchasers believe that if there is going to be movement it's going to be down, so therefore are happy to wait and see,' he said.

'That's why we are seeing a lull in the market. There's a bit of a stand-off between vendors and purchasers.'

The number of properties sold in Guernsey last year dropped considerably, according to figures released by Treasury and Resources, yet prices still rose by 11%.

Mr Enevoldsen said he expected the market to remain slow for the first quarter of 2009.