Homes marketed with limited photography are being listed at significantly lower prices, according to new research from London estate agent Benham and Reeves.
The analysis of current for-sale listings across England shows that properties advertised with four photos or fewer have an average asking price of £200,000.
In contrast, homes listed with five or more images are priced at an average of £280,000 – an £80,000 gap.
The disparity is most pronounced in the South West. There, homes marketed with limited photography carry an average asking price of £155,495, compared with £300,000 for properties with five or more images – a difference of almost 93%.
MARKETING GAPS
Similar patterns appear across the South East, North East and West Midlands, where asking prices for more comprehensively marketed homes are between 60% and 83% higher.
Even in London, where values are considerably higher, the gap remains marked. Properties listed with five or more images are priced at an average of £525,000, compared with £400,000 for homes using four photos or fewer.
BUYER ATTRACTION
Marc von Grundherr (main picture, inset), director of Benham and Reeves, says: “Marketing has always been of the utmost importance when it comes to attracting a buyer but good marketing has grown all the more important, as the market has shifted to a buyer-led dynamic with an over supply of stock over the last year or so.
“In the digital age of selling a home, the photographs used to market your property are often the very first thing a buyer will see and, in many cases, they can determine whether a listing is even clicked on in the first place.”
RESEARCH MATTERS
But he adds: “However, it seems that not all agents are approaching the importance of marketing with the same dedication and consistency, with a notable gap in asking price between homes marketed with varying levels of photography.
“Of course, you could argue that lower priced homes may be smaller in size and provide fewer photo opportunities, however, at Benham and Reeves, we regularly ensure that even the most modest of studio flats still has ample photos taken in order to showcase it to its fullest potential.
“Price point and property size simply shouldn’t come into it and there’s a strong argument for lower-priced homes actually needing stronger marketing to stand out in a competitive landscape.
“As a seller, it always pays to do your research and ensuring that your potential agent of choice is making the appropriate efforts across the board is key before instructing them.”
