56% of properties for sale are overpriced, say Move with Us

July 11, 2011 - PRLog -- Over half the properties on the UK property market are struggling to sell because of inflated prices, according to leading property specialists Move with Us.

Recent figures have highlighted that, on average, it takes approximately 78 days to achieve a sale. However, hundreds of thousands of on-market properties are stuck with minimal interest or activity past this three month average. Move with Us believe that vendors need to be more innovative in the way in which they incentivise estate agents and advertise their property.

There are options available to home sellers to help motivate their agent correctly. Traditionally, multi-agency agreements have been favoured, as they mean exposure to a wider group of buyers. Sellers could also look to introduce incentives to buyers, such as paying for the stamp duty or other associated fees, which has proved successful in corporate property sales. There is also the opportunity to incentivise the estate agent, so that the fee they receive is based on the percentage of the asking price achieved.

Robin King, Move with Us Director, said: “Inaccurately valued property is one of the most problematic issues in the current market. These exaggerated prices lead to stagnation and price reductions become the most common outcome to try and stir up some interest. More often than not, agents value the property at an inflated price to win the business and then have to backtrack on price further down the line, creating frustration and disappointment for sellers. Our experience in selling property has shown that using the best agents in the area on a multi-agency basis to value the property accurately, from the start, means that the property is sold in realistic timeframes and sellers’ expectations are upheld.  

Notes to Editors:

Statistics

Current Rightmove days to sell – 78
(taken from the Rightmove House Price Index)

Home.co.uk currently have 834,332 unsold properties in their database of which 463,645 (56%) were first indexed on or before 24 February 2011 meaning they have now exceeded the national average days to sell.

For further information, please contact:
               
Sarah Evans Toyne / Melanie Bradley / Lianne Robinson
Broadgate Mainland   Tel. 020 7726 6111


About Move with Us:


•   We are one of the UK’s leading residential property experts, providing a broad range of simple and effective services to help consumers buy, sell and value their homes. Our aim is to do property, properly.

•   We provide free, impartial advice and tools to home buyers and sellers in the UK through our website and consumer helpline.

•   Founded in 1997, we operate one of the largest estate agency networks in the UK with more than 1,100 offices ensuring that we have access to the best local knowledge in each area.

•   We work with the best independent, accredited estate agents across the country, providing property instructions and a host of moving services to help provide our customers with a smooth and efficient move.

•   Through our partner network, we manage more than 5,000 moves a year.

•   Based in Cambridgeshire, we have approximately 300 staff.

•   Our business growth has been recognised with a number of awards, including The Sunday Times Fast Track 100 award in 2005, 2006 and The Sunday Times Profit Track 100 award in 2008 and 2009.

•   For further information, please visit: http://www.movewithus.co.uk

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Founded in 1994, Broadgate Mainland is an award-winning company that specialises in financial services public relations.