Valuing residential property is no easy task, set it too low and the vendor may well choose another agency. Set it too high, it may not sell. Every agent knows this, but it seems, in this difficult market, that many prices are, currently, set too high.
Greater London, for example, has, according to the latest news from home.co.uk, has a glut of homes for sale, with more on the market now than there was in October 2010 – not great news for sellers. The south of England is also struggling to sell its homes and over the whole country supply is up by 10 per cent year-on-year.
In June, a total of £1.6 billion was slashed from asking prices of properties on the market in England and Wales – while supply of stock rose by 9.7 per cent.
Doug Shepherd (pictured), Director at Home.co.uk, says, “We also expect price cutting to increase. Monthly totals of price-cut properties have already risen by 19 per cent (June 2018 vs. June 2017), nearing levels last seen in 2012.
However, it may be some time before we reach the extent of drastic price slashing last experienced in 2008 when a quarter of the entire stock for sale took a haircut each month.”