Nov
13

Rightmove says sellers over-priced

Rightmove LogoSellers have launched “their own sale” in response to the stagnating market by slashing asking prices according to Rightmove – but some sellers have not cut enough.

The portal says sellers of homes that are new to the market have trimmed asking prices over the past month by a modest 0.8 per cent; more dramatically, 37 per cent of properties already on the market have reduced their asking prices since first being listed.

The 37 per cent figure represents the highest proportion at this time of year for five years, the portal says in its latest monthly market snapshot.

“In the run-up to the festive season many sellers are trying to tempt distracted buyers to look at their property by dangling the bauble of more attractive pricing given the quieter time of year and more challenging market” says Miles Shipside, Rightmove director and housing market analyst.

“Many sellers who have been on the market for a while are curbing their initial pricing optimism and are hoping that reducing their property price will result in buyers selecting it as this year’s must-have Christmas gift. The effect is an impromptu Autumn Sale with the largest proportion of sellers on the market having reduced their initial asking prices at this time of year since 2012” he adds.

A drop in new seller asking prices is the norm at this time of year in the run-up to Christmas, and the 0.8 per cent fall (the equivalent of £2,392) is the smallest that Rightmove has recorded in November since 2007, in the early period of the credit crunch.

However, with the largest proportion since 2012 of existing sellers at this time of year who have reduced their initial asking prices, the portal says it seems that many of this month’s new sellers are being too optimistic by not discounting by a greater factor than 0.8 per cent.

For those who have had to reduce their asking price at least once, the average size of reduction between first marketing price and current asking price is 6.3 per cent.

Story by estate agent today

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