Seven out of 10 estate agents believe sellers are being unrealistic in terms of achievable pricing for their properties, data from Propertymark reveals.

In its annual review and outlook Propertymark found 71% of agents believe sellers are overvaluing their properties, thinking they have the best house on the street or can sell at a price which will enable their next move – not what their property is actually worth.

LANDED

Liana Loporto-Browne, immediate past President NAEA Propertymark, says a four-bed terraced house in Greater London was with several other agents before it landed with her agency.

The original asking price of the property was £1,150,000 and had already been on the market for several months before it was reduced to £950,000 by Liana Loporto Property, selling in the same month for £925,000.

Propertymark’s review also found the UK’s expensive major cities can be less attractive when buyers budgets are constrained. But quieter and more affordable areas such as the North West are holding their value.

FALLEN

Elsewhere Propertymark’s research found viewings per property had fallen 71% per cent from April to December 2022, causing a direct effect on prices achieved.

Nathan Emerson, Chief Executive of Propertymark, says: “The largest shift we have seen in the sales market is prices agreed, compared to normal asking prices. 2022, started as a seller’s market, and ended the year back to normality as a buyer’s market.

“The best price is usually achieved in the first four to six weeks of marketing, so we urge sellers not to compare their property to other homes on the market which may not have sold yet, and ensure they receive valuations from a qualified and accredited estate agent.”