I think that's correct for over here, or that's what's happening, resulting in houses being put back on the market, mind you the estate agents put the initial valuation on the house and the people bidding increase the price but the valuation is not based on what the house is actually worth but more what they think they can get for it due to demand in the current market, I think they'll be big changes next year but maybe not until the second quarter.
The thing I don't understand is the bidding up £5K and £10K at a time, who do these people think they are? Who are they trying to impress? Or do they just want to give money away? I'm sure the vendors and agents are loving it but it seems foolish to me, for the record we've recently had a sale agreed on a property Tracy really wanted, every time the agent rang me to say someone else had bid it up another £5K I just said stick another £500 on it, had I of been as big a mug as the other bidders I'd of been out an extra £4.5k, that'd buy me a nice tonearm and cartridge or something else I'd like.