RESEARCH suggesting that Harlow will suffer a house price slump this year has been greeted with scepticism by local estate agents.

The Nationwide Building Society claims Harlow is one of 20 local authority areas most likely to see a dramatic decrease in house prices.

But those with their finger on Harlow's housing pulse say a slump is all but out of the question.

Paul Wood, a partner at estate agents Centurion, said a serious fall in prices was "very unlikely."

He added: "I think Harlow is still relatively competitively priced compared with a lot of other parts of Essex and Hertfordshire. I feel prices won't actually slump but people might find it takes longer to sell property and that they can't inflate the price in the hope of taking an offer."

Howick and Brooker partner Alan Howick said: "It's a bit of scaremongering by the sound of it."

He did however say there might be a "softening" of the market because first-time buyers were being priced out of the market and investors who bought to let were being forced to sell because they cannot find tenants.

Tony Demetriou, a negotiator with Kings and partners, said the market was still strong and while price increases might slow down he did not expect them to fall.

He said: "You've got houses that were selling for £70,000 last January now going for £120,000 or £130,000. You're talking big bucks.

"That type of increase is not going to continue but the demand's still great. And if the demand's great and people want to sell houses prices can't go down. Harlow has the most affordable homes in the areas outside London."

January 29, 2003 09:00