Many estate agents are not taking into account the impacts that Brexit is having on the property market, making asking prices too high, it is claimed.
An analysis of 65,384 property sales between August 2018 and August 2019 by house selling firm Property Solvers shows that the average differences between asking prices on Rightmove and their actual sold prices lodged at the HM Land Registry.
It found that out of 575 properties in South West London, sellers were dropping their asking prices by an average of £71,178 to secure a sale. A similar story was seen in North West London, where 206 vendors reduced their initial prices by £68,840 on average.
The figures also show that in the West London the average difference between asking and sold prices was £53,998, in North London it was £37,587, in Kingston upon Thames it was £28,147 and in Harrow it was £27,818.
Meanwhile, in Slough the difference was £27,584, in Watford it was £25,705, in Guildford it was £25,435 and in West Central London it was £25,268.
‘Even some of the most experienced estate agents are failing to understand the current realities. Arguably due to the uncertainty surrounding Brexit, we’re operating in a buyer’s market at the moment and the fact that agents knowingly state exaggerated valuations at the initial stages is a dis-service,’ said Property Solvers co-founder Ruban Selvanayagam.