Date Published 02 October 2020
* It is no surprise that homes that are priced ‘right' sell more quickly. Such homes currently sell 26 days quicker than homes that have experienced a price reduction, according to new research by Rightmove.
* Correctly priced properties are nearly twice as likely to be Sold Subject to Contract within four months of listing than those that have had their asking price reduced, 63% and 32% respectively.
* It is estimated that around 16% of properties currently on the market have experienced a price reduction, properties reduced on average by 5% from their initial asking price.
* Although sales volumes have risen since the market reopened, transactions in August up over 15% on July (HMRC), volumes remain lower than a year ago. Sellers who are serious in their intentions to sell are well advised to listen to their agent's advice on local market pricing.
Source: Dataloft, Rightmove, based on 300,000 newly listed properties.
