Fairy tales are for children, but they’re also told by estate agents. Like Hollywood, the property market has always been built on dreams.
How many times have you seen a dreary hovel in Cricklewood, where even the mice have hunchbacks, described as ‘characterful’ and ‘with potential’?
TV shows like ‘Escape to the Country’ and ‘Location, Location, Location’ rake in the viewers, exploiting our peculiar obsession with property and the fantasy of ever-spiraling equity.
Back in reality though, it’s the agent’s job to separate fact from fiction and bring everyone down to earth with a viable price. Only then can buyer and seller waltz off into the sunset, violins playing, as they enjoy the fruits of their deal.
Located in the bosky environs of Hampstead Garden Suburb
The following melodrama shows how a house sale can go awry when the agent deviates from the script.
In August 2025, we were asked to value the home of Mr Mervyn Mandell. Located in the bosky environs of Hampstead Garden Suburb, it was a delightful five-bedroom/four-bathroom detached home, in good condition, with the kind of cosy ambience that’s beyond price.
Booker Prize for Fiction
Mr Mandell called some local agents, all of whom could have won the Booker Prize for Fiction.
They gave him the usual hyperbole that he should put the house on the market for £3.5million, a strategy designed to stoke the vendor’s greed while they out-compete each other to secure the mandate for sale.
This nefarious ploy gives them time to wear him down by convincing him to take a lower bid when it looks like there’s nothing on the horizon.
Combination of ignorance underpinned by ballast of self-interest
Glentree took a different approach, by telling Mr Mandell the truth and nothing but the truth.
While the mass media likes to portray the housing market as a horror story, it is surprisingly healthy.
‘This Is Money.com’ reports that the market was UP 6.3% last year to a robust £279 billion.
As long as Mr Mandell keeps within the bounds of credibility in the asking price, he could be pleasantly surprised by the outcome.
Granted, the market is extremely price sensitive, so we advised him not to quote more than £3.295million and simply ignore the other agent’s advice, which was a combination of ignorance underpinned by the ballast of self-interest.
Despite it being at the peak of the volatile summer season, we took our hottest buyer, and a deal was agreed at £3.2million within 48 hours. Exchange of contracts took place a mere nine days later.
Don’t quote ridiculous asking prices which frightens buyers
Contrary to popular belief, the market is thriving, if you understand its quirks and don’t quote ridiculous asking prices, which frightens buyers and makes them leery of commitment.
The latest RICS economy and property update from August states that: “Over recent months, there has been much discussion as to the impact of the ending of the stamp duty break on the housing market.
“Predictably, most indicators suggest the change in the tax regime only led to a temporary dip in activity and that this has now reversed.”
We need reminding that the asking price is both the impetus and inhibitor of a residential sale. If you can pique the interest of a potential buyer and they can see value, there’s an opportunity for a deal.
If Mr Mandell had taken the other agent’s advice and quoted £3.5million, he would probably have had to wait one to two years to achieve the same figure.
Sword of Damocles
An agent must be brave enough to tell the truth to the seller in a marketplace where the Budget hangs over us like the ‘Sword of Damocles’.
We had a similar experience with a house around the corner in Church Mount. It came onto our books at a sensible price, and after 10 viewings within seven days, we received three bids. The cash offer was accepted, and the sale is progressing.
‘Forked tongue’ rhetoric of competing agents
I have over 50 years’ hard-won experience in the property market and have seen everything. Beware of the ‘forked tongue’ rhetoric of competing agents, who want you to believe their tall stories.
Buyers are canny and quality at a decent price will always sell, no matter what myths the media likes to propagate.
Where you see precipitous headline prices dropping, this is nothing to do with changes to underlying value, but more a reflection of empty marketing nonsense spewed by agents.
Asking too much for your home is a loss on two fronts. Not only does your property gather dust while you wait… and wait… but homes which are more sensibly priced are beating yours to the finish line.
We need more of our clients and agent brethren to give the facts, not their opinions.
Only then can we hear about more scenarios where everyone, buyer, seller, and agent, wins.
