Imagine that after a fierce bidding war you accept an offer from a potential buyer of £5 million, a decent return on a home you bought for £4.25 million a few years ago. Then last week the buyer’s valuer announces that in his opinion it’s now worth £3.5 million — a full £750,000 less than you paid for it, despite a red-hot property market in which prices are soaring ever higher.
In the same week a seller was told that their house is worth £700,000 not £900,000, even though the estate agent reassured them that similar properties in the neighbourhood were selling for close to £1 million. What’s going on?
The housing market’s rollercoaster ride is continuing with a new twist: prices go down as
