October 28, 2016

Asking prices are up but are sellers being too optimistic?

sellers valuing their property too highly

Asking prices for residential property in the UK increased 0.7 per cent in September – but the latest report also suggested that sellers could be valuing their property too highly.

The increase was led by the East of England (1.1 per cent), the South East and the East Midlands (both one per cent). The East Midlands specifically grew annually by 5.5 per cent to an average of £211,328.

The data by home.co.uk shows that supply in the UK is also up by 11 per cent year on year. With a number of efforts to increase the amount of new housing available across the UK, the East of England, including the East Midlands, has seen a growth in available property.

It’s reassuring and positive for the market that property prices are continuing to rise following Brexit whilst there are also plans to increase the amount of suitable housing for new buyers. However, a growing number of these sellers are having to cut their asking price in an attempt to attract buyers.

“Buyers are very aware of the market and the properties available,” comments Mark Sandall, Joint Managing Director at Andrew Granger & Co. “So, seeing vendors continuously reducing their asking price will raise suspicions and can mean that a property becomes stale and ignored by buyers. It’s important to set a reasonable asking price.”

Leicestershire property valuation

There is still strong demand from buyers in the property market. But now more than ever, buyers are looking for reassurance that they are getting the best property possible for their money, so over pricing can be extremely counter-productive.

realistically priced property will attract plenty of potential buyers. To book a valuation of your residential property or for more information about the properties available in the Leicestershire area, call Andrew Granger today on 0116 242 9922.