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How to Live Forever
Rolling coverage of the latest economic and financial news
- UK house prices rise by 1.5% in biggest increase for 10 months
- Criminal fraud trial of UK tech tycoon Mike Lynch to begin today
Those who overprice their homes risk being dragged into a long selling period, and could be forced to cut prices to find a buyer, warns Emma Fildes, founder of the buying agency Brick Weaver.
She says today’s Rightmove data shows owners of larger properties are particularly optimistic about getting a high price – but this can backfire.
Sellers misinterpret a 13% increase in sales and renewed buyer interest, up 8% on last year, by applying an average 1.5% increase on newly marketed asking prices in March 2024.
Optimism is highest amongst those with bigger properties, who hope to regain some of the value promised in 2022 after 2023 rates chipped away at their price. Sellers in this bracket increased their initial asking price by 2.9% on February listings. This misplaced confidence could lead to a drawn out marketing period, with numerous price reductions, before securing a buyer. This is demonstrated in the average time to agree a sale, currently sitting at 73 days in London and 71 out of the Capital.
