A significant price gap is opening up between what sellers feel they can get for a property and what buyers are happy to pay.
The survey of nearly 40,000 househunters by Rightmove suggest that around half (49%) of people planning to buy in the next year believe house prices in their area are above what they consider ‘fair and reasonable’. However, just over a third of those planning to sell agrees with them.
“Unless both parties are able to bridge the price gap, then a stand-off situation ensues leading to lower numbers of successful sales," said Miles Shipside, director of Rightmove. "Naturally, sellers have an interest in standing their ground in order to achieve the best price but in the current housing market, where sellers outnumber successful buyers by around two to one, sellers need to lower the price or increase the perception of value to avoid being outflanked by their competition. First impressions are vital, and if a prospective buyer’s first impression is that a property is over-priced, they may not take their interest any further.”
“Unless both parties are able to bridge the price gap, then a stand-off situation ensues leading to lower numbers of successful sales," said Miles Shipside, director of Rightmove. "Naturally, sellers have an interest in standing their ground in order to achieve the best price but in the current housing market, where sellers outnumber successful buyers by around two to one, sellers need to lower the price or increase the perception of value to avoid being outflanked by their competition. First impressions are vital, and if a prospective buyer’s first impression is that a property is over-priced, they may not take their interest any further.”
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