Estate agency comparison platform warns industry over pricing
Across England 34% of for-sale stock, excluding homes already marked as sold subject to contract, had seen an asking price reduction since being listed.
Just over a third of all homes that have had their prices reduced have been listed as sold subject to contract (SSTC) reinforcing the importance of pricing correctly, analysis from GetAgent.co.uk reveals.
The agency comparison site analysed market stock levels on Zoopla looking at both the total proportion of homes for sale that have seen a price reduction in the current market, as well as the proportion of those price reduced homes that have actually attracted a buyer.
PRICE REDUCTION
Across England, an estimated 34% of total for sale stock, excluding homes already marked as sold subject to contract, had seen an asking price reduction since being listed for sale.
This level of asking price reduced for sale stock remains fairly consistent across the market, with the East Midlands home to the highest level at 37% while the North West is home to the lowest level at 31%.

Of all the homes listed for sale to have seen an asking price reduction across the market in England, just 36% had also found a buyer and been marked as sold subject to contract.
Colby Short, Co-founder and Chief Executive of GetAgent.co.uk, says: “It has always been clear from data that pricing a property inappropriately makes a successful sale far, far less likely.
LESS APPEALING
“For a buyer, seeing a price come down makes the property seem less appealing and often leads to a lower selling price than if the property had been priced appropriately from the start.”
He adds: “For a seller, these unrealistic expectations often mean disappointment with a result that may still represent a job very well done by the estate agent.”
“Unfortunately for agents and for the vendors, vendors mainly select agents based on the valuation provided or the fee charged which often leads to overvaluing of properties and ends up helping nobody.
“Using performance data to prove an agent’s superior quality allows the agent to build trust from the outset, price the property accordingly and charge a fair fee for the job done.”