A substantial majority of agents say sellers are being unrealistic about the asking prices of their homes
This includes landlord sellers quitting the sector because of increased bureaucracy and costs.
Propertymark says 71 per cent of its estate agent members believe sellers have an over-inflated perception of the value and status of their home.
Liana Loporto-Browne, a recent president of Propertymark, says a four-bed terraced house in Greater London was with several other agencies before she was instructed to sell it.
The original asking price of the property was £1.15m and had been on the market for several months before Loporto-Browne reduced it to £950,000 and then quickly sold it for £925,000.
Nathan Emerson, Chief Executive of Propertymark, says in a message to landlord sellers and other vendors: “The largest shift we have seen in the sales market is prices agreed, compared to normal asking prices. 2022, started as a seller’s market, and ended the year back to normality as a buyer’s market.
“The best price is usually achieved in the first four to six weeks of marketing, so we urge sellers not to compare their property to other homes on the market which may not have sold yet, and ensure they receive valuations from a qualified and accredited estate agent.”
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Yes don’t ask too much when you are being forced out, sell it for a knock down price and pay a load of cost at Capital gains on inflation, good idea don’t keep the Estate Agent waiting for his significant Cut & VAT for Gov, you can lick your wounds afterwards at your leisure.
That's my situation and my view. And an agent who doesn't want to work to hard. The market isn't very strong. They aren't earning enough fees so hey drop your price so we can sell more.
This article rings true to me, I am looking at the moment with my adult children for their first house, most sellers are still in “ pre Liz” mode, they think it’s the summer of 2021 again 😂. As an example, we viewed 2 identical houses last week, and by identical I do mean that, one was priced realistically but the other was £40k higher, now I am in Manchester so that amount is a significant percentage of the total worth, even the cheaper one has been on for 5 months 🤔 the other one will never sell, as an agent i wouldn’t even waste my paper printing the sales flyer for it. They are in La La land 😬. The game has changed and some players are either not aware or in denial.
I'm aware. I have had no interest in 6 months. But it's for sale as I'm evicting. I can't sell it properly now anway. I need to do some work on it. I'll drop the price when I have a realistic chance of selling it.
I agree Simon, currently prices are down from what they were from the Summer last year and beyond.
I accepted a price for a property in September and now have a completion date of 31st January. I am probably one of the last few that just made the sale on the stronger values, though I did drop the price £5000 to a value one of the estate agents gave.
If you want to buy, now is the time. I do believe house prices will go back to being in favour of the seller, but only when inflation is below 5% and still falling and the muppets at the BofE stop putting up rates and give the lenders some confidence in giving competitive rates.
Consequently I am re-letting a property in Bedford and await getting a house back from non paying tenants in Norwich.
Norwich still appears to be a strong market and would really like to sell that house later this year.
Fingers crossed.
Simon & Nick you have Mr Michael Gove to thank for lack of interest, if the Buyer is going to end up with a Sitting Tenant like the 1960’s, there’s no one fool enough for that, probably one of the reasons why you want out, he’ll crash the whole economy and oblivious to that with the silver spoon in the mouth.
That's why I am getting rid now. I won't have him come in and change by fixed term contract. His White Paper (or brown paper as I look at it) scare the hell out of me.
I do genuinely fear I will never get my property back if I don't get out now. I don't care what they say about saying LL's will need a genuine reason.
Well that may be true, but don't forget agents are still competing for instructions and so they will give sellers an over inflated figure. I have a friend selling locally and she has had 3 agents round, quoting what seem like high figures, in my view she is being persuaded to put it on the market for more than its worth.
That's common practice in my area, over value a property to get it on their books, give it a couple of months then advise a lower valuation
An electrical contractor in South Wales told me yesterday that he is doing lots of certificates for landlords sellung up.
Load of rubbish on TV last night, so I scanned NR3 on right move, unbelievable asking prices for terraced houses and ex council houses on rough old council estates, yes there were a lot sold, but then sold in estate agents langrage is sold subject to contract, how many fall out of bed before exchange of contracts ?
I have a property for sale with a tenant. I am not desperate to sell as I have a great tenant, if I don't get what I want I will try again when the tenant leaves or in a couple of years. It's been on for a couple of months and I have only had one offer, well below asking price. I guess I won't be selling this one yet.
It will be lower with a sitting tenant.
When I first started 30+ yrs ago I bought some properties with tenants in them, would be very careful doing so now, the price would have to be low
I sold one last year as tenanted, for various reasons, I won't be doing that again.
You only need one person to buy your house. If you have a good tenant, then it could be a plus. But your rent needs to be good value for the buyer.
I broadly agree though it is better to sell the property empty as it increases whom will be interested. A lot of people will be put off that the tenant may not leave!
I think the market will be stronger towards the end of this year, but no more big spikes in house prices for the foreseeable future.
Definitely lower with a Tenant in place what ever chance you have if you put the Tenant in yourself, you don’t want extra historical issues cropping up.
Estate agents remind me of politicians, short sighted and greedy
Michael Gove has done so much damage to both Tenants and Private landlords. It’s my understanding that before he got this job he was involved in writing the White Paper.
He has driven Rents through the roof making them unaffordable causing Homelessness, also driven Hundreds of thousands of landlords out of Business creating a bigger shortage and more homelessness.
Its certainly not creating a fairer Renting System or level anything up, just destroying the Sector that was there causing misery to millions and damaging the economy. Why is he still employed by the Department and getting pay a Salary.
I totally agree. He’s a cretin. He messed up education too. Was one of the more influential people who pushed for the lockdowns and has caused the inflation and debt we have now partly.
I just want him, a sealed room, a pair of plyers and a blow torch and NO interruptions.
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