The housing market slump is a result of homeowners over-valuing their properties, according to an estate agent.

Griffiths and Charles estate agent Charles Robinson said the Worcester property market is in difficulty because sellers'' asking prices are too high, reports Halesowen News.

He said the gloomy economic outlook and the onset of negative equity is also impacting on the housing sector.

Mr Robinson, who is also West Midlands spokesman for the Royal Institution of Chartered Surveyors (Rics), told the paper: "Some sellers are in denial about how difficult the current market conditions are and they have to be realistic when setting their asking price."

He added that there were still potential buyers out there, but they were waiting for prices to level off before contacting an estate agent.

The announcement follows a report from Rics which shows estate agents are selling an average of just one house a week.

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