Rightmove claims that properties are more likely to find a buyer if the initial asking price hasn’t been altered. This claim was based on an analysis of more than 300,000 homes put on the market between May 13th and July 31st.
63% of properties put up for sale and not reduced have been marked as under offer or sold subject to contract. This figure is much lower, just 32%, for properties that have reduced their asking price.
They also found that the average number of days taken for a property to go from being listed to finding a buyer is higher for those with reductions. Whilst properties which haven’t been reduced take on average 21 days, those with reductions take an average of 47 days.
However, Rightmove have also said that reductions are less common than they have been in the past. 16% of properties on the platform have been reduced since May, whilst for the same period last year, this figure was 18%. The average size of price reductions is also lower compared to last year, at 5% compared to 5.2%.
According to director of property data at Rightmove, this data shows how vital it is that sellers listen to agent’s price recommendations. If you’re serious about selling, then starting with a price that’s too high can cause delays and make finding a buyer less likely. He states that a realistic asking price could be key for those wanting to find a buyer and complete before the end of the temporary Stamp Duty holiday.
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