Over-pricing increases time-to-sell by 26 days, says Rightmove
Rightmove claims the current feverish property market means first offers are likely to be the best, assuming they are correctly priced.
Sellers are twice as likely to find a buyer if they have an offer accepted on the first listed asking price, according to new property market research by Rightmove.
Its study of 300,000 newly-listed homes found that if a property is correctly priced, the average time to find a buyer is 21 days – but a lengthier 47 days if the price has to come down.
The study tracked properties that were first put up for sale between 13th May and 31st July, with a cut-off date of 10th September for any reductions or sales activity. Of the properties that weren’t reduced, 63% of them had been marked under offer or sold subject to contract, while of those that had at least one reduction, only 32% were marked under offer or sold.
Property market
It reports that one in six properties (16%) have been reduced since May, slightly down from 18% for the same period last year, while the average price drop is 5% – down from 5.2% in 2019 – equating to almost £16,000 based on the national average asking price of £319,497.
Rightmove’s director of property data, Tim Bannister (left), says it proves just how vital it is for sellers to listen to agents when it comes to asking prices.
He adds: “If sellers are serious about selling, then starting with too high an asking price can cause unnecessary delays, and also make it a lot less likely they will actually find a buyer in the end.
“The temporary stamp duty holiday means more sellers are in a hurry to get a sale through conveyancing, and with this also taking longer at the minute, a realistic asking price could soon end up being the difference between completing in time or losing out on the savings.”
Read more about the boom market.
