Thousands of homeowners across the UK are pricing themselves out of the market by setting asking prices that no longer reflect what buyers are willing to pay, an agent has warned.
The warning follows analysis by Zoopla found that 44% of all homes listed for sale in past three years failed to find a buyer.
Josh Endacott, an estate agent from London firm 1st Avenue, says: “The data paints a really troubling picture for sellers who are going to market with inflated expectations.
“We are seeing a market where buyers have more choice than at any point in over a decade, and yet too many sellers are still pricing as if it were 2022 or 2021, when demand was at its absolute peak, and buyers were competing fiercely for every available property.”
BUYER’S MARKET
It comes as data from Rightmove shows the number of homes available for sale across the UK has reached its highest level since 2014, giving buyers more negotiating power and leaving overpriced homes easier to ignore.
Endacott warns sellers risk creating a stigma around their property if it remains unsold for too long.
He adds: “What makes this particularly damaging is the stigma that builds around a property that has been sitting on the market for months. Buyers start to wonder what is wrong with it, why nobody else has made an offer.”
He suggests many homeowners are making the mistake of basing their asking price on what they need for their next purchase, or what similar properties sold for during the peak of the market, rather than what current buyer demand can support.
REPEATED MISTAKES
Endacott adds: “We see sellers making the same mistake repeatedly. People base their asking price on what they need for their next move, or on what a neighbour got three years ago, rather than what the current market will actually support.
“That kind of thinking costs them time, money, and enormous amounts of stress.
“Our advice is always to go to market at the right price from day one. A well-priced home will generate more viewings, more offers, and ultimately a better result than a home that is gradually reduced over weeks and months.”
