Asking prices have been cut by the highest monthly figure in four years, according to Rightmove, the daddy of property websites.
It’s latest number crunch points out that the average asking price on their site, of over 1.2 million properties, is £242,097. This is down a significant £4,138 on June and indicates that asking prices are simply too high to tempt canny buyers.
As further reinforcement of the reality gap between asking prices and that which the market dictates as achievable is the level of unsold property stock. This, according to Rightmove, is now 75 homes per branch office across the UK.
Sellers outnumber buyers by two to one.
Buyers will not be kidded into buying at a price that is higher than the market allows. They are simply too resourceful to have the wool pulled over their eyes.
And the problem with these over optimistic wannabe prices is that many would be sellers use asking prices on Rightmove when researching the price that they wish to sell at. Therefore the reality gap continues relentlessly with estate agents themselves bluffing would be sellers with over inflated figures in order to ‘win the business’.
One of the biggest culprits at this tactic in our experience is Countrywide, one of the largest chains of estate agents with 900 offices throughout the country branded as Bairstow Eves, John D Wood, Taylors and Mann & Co. Many of their staff may purposely over value your home and will then sign you up into a 16 week sole agency agreement that ties you into using them unhindered. Exasperated, you’ll eventually reduce your price to a more palatable level and may then sell, with the agent that was less than honest with you still bagging his big commission regardless.
Countrywide have issued a plea to Government today to ‘get its house in order’ over the property market.
Pot. Kettle. Black…
Price well and prosper.