Editor's note: This brief was summarised by The Property AI Newsroom from a report by PropertyWire. Read the original article for full details.
Correct Pricing Linked to Faster Home Sales, LRG Research Shows
Homes listed at the correct price from the outset sell in 36 days on average, compared to 127 days for properties that start with inflated asking prices and later reduce, according to research published by LRG and reported by PropertyWire.
The research indicates that pricing strategy has a greater impact on how quickly a property sells than recent interest rate changes, even as the Bank of England holds rates steady. For UK letting agents and inventory clerks, these findings highlight the importance of accurate valuations and market-aligned pricing when advising clients and preparing properties for sale.
Buyer and Seller Attitudes to Pricing
The data shows that 56% of buyers surveyed identified overpricing as the main reason for not making an offer, ahead of concerns about properties needing major work (42%) or having damp or structural issues (35%).
On the seller side, 35% said that getting the price right from day one was more important than they had expected. Despite this, 77% of sellers based their asking price on an agent’s valuation. LRG cited Zoopla data showing that 44% of homes listed in the past three years failed to sell, with a third of those sellers acknowledging they had priced too ambitiously.
Market Trends and Implications
The research suggests that transparency in pricing builds buyer confidence, as more buyers use accessible property data to inform their decisions. Pricing accuracy is now a key factor for buyers, alongside property condition and running costs.
For agents and clerks, the findings underline the value of setting realistic expectations with sellers and ensuring that properties are marketed at prices aligned with current market data. The report also notes that properties launching at market-aligned prices this summer are likely to benefit from current buyer activity, while those testing higher price points may face longer marketing periods.
Source: PropertyWire