Director’s market comment

July 05, 2023

Given the numerous articles about the state of the UK property market, I thought it might be useful to provide some guidance based on a company that’s in the business of selling property rather than talking about it.

Clearly, the heat has gone out of the industry, but this does not mean that there is not a robust market in which to sell your home. For me, the key is the ongoing lack of supply of property which continues to be a challenge. Values have stabilised but properties that aren’t selling are more about over-ambitious asking pricing than any lack of potential buyers.

With interest rates rising (but let’s not forget from an incredibly low base) there are still buyers who have and want to move.

My advice to anyone considering a sale is to be brave about being realistic. There’s no point in pitching your asking price at 20% above real value. Unless you have an exceptionally individual home that’s very difficult to value there’s no point.

Price at no more than 1-2% above the real value and you will secure a sale. People often worry that they will be knocked back below the value but the market always finds its true level. We’ve very often found that asking an accurate price attracts more and better-quality buyers resulting in competitive bidding and often a higher price.

Remember in a tougher and more price-sensitive market, accuracy is required on asking prices, as there is no immediate house price inflation to correct an over-ambitious price.

Ed Mackenzie Smith, Director

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