Property at the "Right" Price Selling Quickly - Vendors Being Over Promised and Agents Under Delivering

There is much talk about a five or even ten percent fall in house prices throughout the United Kingdom. Whilst London is certainly the most resilient property market in the country due to high demand not dependant entirely on domestic fortunes, a lot of my applicants are telling me that they receive property alerts from the portals telling of price reductions on a weekly basis.

The press has cited a number of reasons; economic slowdown; increased interest rates and more challenging lending criteria to name a few. Whilst these points are certainly valid outside of London, the majority of our buyers have well in excess of 25% deposits and are simply not affected by these factors.

There is another reason why prices are perceived to be coming down: some London estate agents are valuing properties at inflated prices simply to gain instructions. I have been genuinely shocked at the valuations of some estate agents in South Kensington who are desperate for instructions. It is not acting in the vendor's best interest to over-value properties: it will simply languish on the market and over time the price will come down, sadly, often below its true value as it becomes over-exposed in the market.

If you are considering putting your property on the market my advice is to get a number of valuations, but do not be drawn in by seductive figures. Do your research of what has sold around you and listen to the not necessarily the agent that promises the most.

Alexander Riches
Property Broker
South Kensington and Chelsea Office
Chard Sales
T: 020 7373 8883
D: 020 7370 9106
M: 07817532414