Sellers in House Price Denial
Amidst economic disorder and uncertainty, many people have been shocked that asking prices have registered such a slow decline. Research conducted by Rightmove goes some way to explaining why: despite troubles within the economy, asking prices are actually up by 1.2% on last year and are around £70,000 ahead of ‘actual’ prices reported by the Land Registry. It would be tough enough to sell a property if priced accurately on the market, let alone if priced too high.Rightmove director Miles Shipside attributes the unrealistic asking prices and lack of necessary reductions to “the public’s belief [that] the value of bricks and mortar… def[ies] the deteriorating economic situation.” Indeed, Rightmove’s survey shows that more than one in five homeowners confidently expects prices to rise. Of the 26,300 consumers surveyed, 63% do not believe that house prices will be lower in a year’s time than they are now. 22% even believe that prices will be higher!
Miles Shipside added: “It should be remembered that in spite of the overall confidence expressed in this survey for property prices, transactions volumes are still well down on historic norms. Economic stability in the UK and Eurozone will be needed before many are willing or able to re-engage with the property market.” Unrealistic asking prices will create even more delays and instability within the already turbulent housing market. Finding a buyer is proving to be increasingly more difficult so inaccurate pricing can only lead to extended periods of time trying to sell and, ultimately, disappointment.
In order to avoid the confusion of the open market, homeowners can explore the efficient, hassle-free service of Quick Move Now at no charge and with no obligation. Control over timescales is given back to the homeowner as Quick Move purchases using their own cash funds and work with a dedicated legal team who ensure that completion dates are met. There is nothing to lose in obtaining an offer; a guaranteed sale will put you in a unique, strong position within a weak and falling market.
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