High prices are stifling housing market
OVER half the properties on the UK property market are struggling to sell because of inflated prices, according to leading property specialists Move with Us.
Yates Walker, of George Street Corby, is a member agent of Move with Us. Its recent study concludes that: Vendors need to be more innovative Estate agents can be incentivised on performance
It is important to regularly review the sales strategy.
Recent figures have highlighted that, on average, it takes approximately 78 days to achieve a sale.
However, hundreds of thousands of on-market properties are stuck with minimal interest or activity past this three-month average.
Move with Us believes that vendors need to be more innovative in the way in which they incentivise estate agents and advertise their properties.
There are options available to home sellers to help motivate their agent correctly.
Traditionally, multi-agency agreements have been favoured, as they mean exposure to a wider group of buyers.
Sellers could also look to introduce incentives to buyers, such as paying for the stamp duty or other associated fees, which has proved successful in corporate property sales.
There is also the opportunity to incentivise the estate agent, so that the fee they receive is based on the percentage of the asking price achieved.
Robin King, a Move with Us director, said: “Inaccurately-valued property is one of the most problematic issues in the current market.
“These exaggerated prices lead to stagnation and price reductions become the most common outcome to try and stir up some interest.
“More often than not, agents value the property at an inflated price to win the business and then have to backtrack on price further down the line, creating frustration and disappointment for sellers.
“Our experience in selling property has shown that using the best agents in the area on a multi-agency basis to value the property accurately, from the start, means that the property is sold in realistic time frames and sellers’ expectations are upheld.”
Move with Us is one of the UK’s leading residential property experts, providing a broad range of simple and effective services to help consumers buy, sell and value their homes. Its aim is to do property, properly. It provides free, impartial advice and tools to home-buyers and sellers in the UK through its website and consumer helpline.