When Less is More

After a subdued 3 months post the referendum we crossed our fingers that we would see a pick-up of activity heading towards the Christmas period. Our expectations, or rather our hopes, have been realised this week as we have received more offers on our properties than we’ve seen in the last quarter.

We are finding that offers coming in on properties which have already had a price reduction are within 5-10% of the new asking prices.  However, those properties which have seen no price reductions throughout their marketing period are failing to receive offers or are receiving offers 20%-30% below their asking prices. This seems to dovetail in quite nicely with recent data released by LonRes for Autumn 2016 which shows that ‘Almost half of homes sold in the three months following the referendum had reduced their asking prices before finding a buyer’.

Our advice to vendors who’ve been on the sales market all year and who wish to close before the year end is to reduce their asking prices now, or be prepared to wait until 2017 .

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