The Bank of England’s decision to leave interest rates unchanged may be welcome news for buyers and sellers, but new research from LRG suggests the figure that matters most is still the asking price.

LRG’s report shows that homes priced right from the start typically find a buyer in 36 days.

Those that launch too high and later reduce take 127 days, more than three times longer.

When LRG asked buyers what stops them making an offer, 56% cited overpricing, 42% major work needed and 35% damp or structural problems.

Neil Louth (pictured), Group Executive Director of LRG and CEO of The Acorn Group, says buyers check comparable sold prices within minutes.

A home that launches at the right figure attracts viewings in its first fortnight.”

“A home that launches at the right figure attracts viewings in its first fortnight, when interest is at its peak.

“One priced to leave room for negotiation often sits unsold, and the longer it sits, the harder that conversation becomes.”

The report also found that more than a third of sellers – at 35% – said getting the price right from day one mattered more than they had expected, while 77% based their asking price on an agent’s valuation.

Almost half unsold

LRG also highlights Zoopla data that shows 44% of homes listed in the past three years failed to sell, with a third of those sellers admitting they had priced too ambitiously.

Louth adds, however, that the Bank’s decision to leave rates unchanged should help support confidence.

“Buyers are active, lenders are competing hard for business, and there is positive momentum across the market. The homes that succeed this summer will be the ones launched at a figure buyers can justify from day one.”