Rightmove tells agents: Get the price right to sell homes quickly

Following last week’s report from Which? on overpricing homes, Rightmove says that agents must get the price right to avoid deterring price-sensitive buyers.  Rightmove reports that the price of property has increased by just 2.0 per ent (+£5,986), the smallest price rise at this time of year since February 2009; well below the average +5.0 per cent February uplift over the previous seven years. This contributes to a further slowing in the pace of price rises, with the annual rate of +2.3 per cent being the lowest since April 2013. Miles Shipside, Rightmove director  said, “While the prices of goods in shops are rising at a faster rate, the pace of price rises in property coming to the market is slowing. They’re still 2.3 per cent higher than a year ago, but perhaps we’re approaching the territory where many buyers are unable or unwilling to pay what sellers are asking, given the negative combination of rises in the cost of living, tighter lending criteria, and a dose of Brexit uncertainty. The housing market has had a long sprint since April 2013 when the annual rate was last below this level, so it’s not surprising that upwards price pressure is running on tired legs…