Selling a house quickly has never been so important. With buyers trying to sell up fast to take advantage of the stamp duty holiday and looming local lockdowns. However, the best selling tactic could be in getting your home priced right.
Research by property website Rightmove (opens in new tab) has found that sellers are twice as likely to find a buyer for their home if an offer is accepted on the first listed asking price.
The study tracked over 300,000 homes that went on sale between 13th May and 31st July. Revealing that 63 per cent of the homes that did not reduce their price were under offer or sold subject to contract. However, only 32 per cent of homes that had at least one reduction were marked as under offer or sold.
Expert's house selling tactic
Homes priced well the first time around, on average received an offer 26 days quicker than those that had at least one reduction before getting an offer accepted. The average number of days it took for a property that hadn't been reduced in price was 21 days.
On Rightmove at the moment, one in six properties have had at least one reduction since May. However, this is an improvement, it is 18 per cent less than this time last year. London is the only region with more reductions in house prices than last year. With the number rising from 19 per cent to 20 per cent.
'This analysis shows just how vital it is that sellers listen to their agent when they recommend the asking price,' explains Tim Bannister, Rightmove's Director of Property Data.
'If sellers are serious about selling, then starting with too high an asking price can cause unnecessary delays. And also make it a lot less likely they will actually find a buyer.'
'The temporary stamp duty holiday means more sellers are in a hurry to get a sale through conveyancing. And with this also taking longer at the minute, a realistic asking price could soon end up being the difference between completing in time or losing out on the savings.'
If you're putting your house on the market, make sure the price is right to sell up fast.
Rebecca Knight has been the Deputy Editor on the Ideal Home Website since 2022. She graduated with a Masters degree in magazine journalism from City, University of London in 2018, before starting her journalism career as a staff writer on women's weekly magazines. She fell into the world of homes and interiors after joining the Ideal Home website team in 2019 as a Digital Writer. In 2020 she moved into position of Homes News Editor working across Homes & Gardens, LivingEtc, Real Homes, Gardeningetc and Ideal Home covering everything from the latest viral cleaning hack to the next big interior trend.
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