9:44 AM, 17th September 2020, About A year ago
The latest market research from Rightmove may suggest that if you want to sell a property quickly you should set a realistic asking price and stick to it.
Rightmove reported on over 300,000 properties listed for sale between 13th May and 31st July looking to see if the price was reduced or if they were under contract to sell at the asking price before the 1oth September.
The Stats show 63% of properties were marked under offer or Sold Subject to Contract at the original skin price.
Only 32% of all properties that had at least one price decrease had been sold during the same period.
Properties that did not have a price decrease also sold on average 26 days quicker than properties that had.
However, these figures are skewed as only 16% of properties have been reduced in price since May and there could be other factors involved to explain the reluctance of purchasers.
Rightmove’s Director of Property Data, Tim Bannister, said:
“This analysis shows just how vital it is that sellers listen to their agent when they recommend the asking price that the property should be listed at. If sellers are serious about selling, then starting with too high an asking price can cause unnecessary delays, and also make it a lot less likely they will actually find a buyer in the end.
“The temporary stamp duty holiday means more sellers are in a hurry to get a sale through conveyancing, and with this also taking longer at the minute a realistic asking price could soon end up being the difference between completing in time or losing out on the savings.
“A number of properties are reduced every year, and it’s important to say that not all cases are down to over-pricing. If there’s an area of lower demand than supply then a reduction may be needed if the seller needs to move.
“Also if prices have gone down in an area it’s understandable that a seller will be hesitant or may not be able to afford to put their home on for a lower price than they bought it for, but in the busy market we have right now there will also be some sellers who may think it’s worth a punt to ask for their home to be put up for sale for the same price as their neighbour across the road, when their neighbour may have extra room or their home may be in a better condition.”
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