More than 41% of vendors have had to cut the asking price on their property, according to research from Nottingham Building Society.
The lender, which has Harrison Murray Estate Agency and Nottingham Estate Agency as part of its business, claims this shows the importance of sound advice from an agent, although there is no clarity in the research as to whether prices are cut because the property was over-valued or that the agent was just struggling to sell.
A poll of 1,009 adults found 56% of sellers in Yorkshire & Humber have had to make cuts, while just 6% have made reductions in London.
However, 27% of vendors achieved a higher price than expected, although this could also suggest that estate agents are under-valuing.
Just over half (56%) of sellers in London got a higher price than expected, while just 14% got more than they thought they would in Yorkshire & Humber.
Su Snaith, head of estate agency at the Nottingham, said: “Price is not all that matters when you are selling your house but it can be absolutely vital if you are relying on a certain price for your next purchase, which means realistic valuations are essential.
“The research emphasises the need for independent advice focusing on what is important for sellers at the start of the process and particularly so when so many are taking substantial price cuts.”
How does your region fare?
| REGION | HAD TO TAKE A PRICE CUT | ACHIEVED A HIGHER PRICE THAN EXPECTED |
| LONDON | 6% | 56% |
| WALES | 17% | 42% |
| SCOTLAND | 27% | 43% |
| EAST ANGLIA | 39% | 39% |
| NORTHERN IRELAND | 40% | 20% |
| WEST MIDLANDS | 41% | 20% |
| EAST MIDLANDS | 42% | 25% |
| SOUTH EAST | 44% | 19% |
| NORTH EAST | 50% | 6% |
| NORTH WEST | 55% | 10% |
| SOUTH WEST | 55% | 17% |
| YORKSHIRE & HUMBERSIDE | 57% | 14% |
| UK | 41% | 27% |
“no clarity in the research as to whether prices are cut because the property was over-valued or that the agent was just struggling to sell”
Same thing isn’t it? (maybe over priced would be a better word than over valued, they are two different things where I come from)
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If the price was right it should have sold! There is more demand than supply, it is often affordability that makes any property stick.
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“However, 27% of vendors achieved a higher price than expected, although this could also suggest that estate agents are under-valuing.”
It could also mean that due to the lack of stock in most areas buyers are willing to pay a premium to get the home they want……….
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