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Asking Price And Sale Price Gap Shrinking In UK

 
 
 
 
  03 May 2018

The property market and property prices are important in people’s lives. Homeowners want to know what value their property holds but if you are actively trying to buy or sell property, asking prices and sales prices are crucial to what you want to achieve. At Jezzards, we understand the importance of these features and we know people are looking for guidance or information on what to expect when they venture into the property market.

There is no denying that asking prices in the UK, in recent times, have been higher, certainly higher than the eventual selling price. In their year-end review, NAEA Propertymark reported that 77% of properties sold at a price that was lower than the initial asking price. With respect to property that sold at a greater price than the asking price, only 4% of property met this criterion.

Are irresponsible agents to blame?

There are reasons why asking prices are high and some industry experts have pointed the finger at irresponsible agents. There is no denying that estate agents operate in a highly competitive marketplace and many agents have targets to meet. This means that a lot of professionals feel compelled to make promises to clients to win instructions, and this is a crucial factor in why asking prices are often so high.

However, with so many properties selling at a price lower than the asking price, it could be that many property owners decide that it is no longer worth their while selling their home. If this pans out, the actions of irresponsible agents could drive sellers out of the market for a while. If this occurred, you could argue that the fall in supply would lead to an increase in price which could correct the issue of inflated asking prices, but there is no denying that a gap between asking prices and selling prices is concerning for many people operating in the market.

This means the announcement from Rightmove that the volume of homes that have sold at their asking price, for the early part of 2018, stands at the highest level since June of 2016 is positive news.

Optimism and positivity is always welcome in the UK property market

By itself, this is no reason to become too excited or believe that a change is coming in the marketplace, but it is a starting point. There will always be agents who act in the short-term but a problem with acting in the short-term is that it usually leads to difficulties in the long-term. If an agent develops a reputation for promising a lot with respect to the asking price but is unable to deliver, testimonials and reviews will start to point this out.

Therefore, it is hoped that responsible agents still have a significant role to play when it comes to the property market. At Jezzards, we aim to provide the highest standard of service at all times and when it comes to asking prices, we look to be as honest and as realistic as possible. No matter what you are keen to achieve in the property market, contact Jezzards on 03330 433 633 and we will support you in the right manner.


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