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.
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.”