UK property pricing 'must be realistic'
2nd Aug 2012
People aiming to sell their UK property in the months ahead have been advised to be as realistic as possible when pricing it.
That is the recommendation of Gary Styles, strategy, risk and economics director at the housing intelligence group Hometrack, who said that realistic pricing often comes down to how quickly people want to sell in the market.
If sellers can afford to take time over it, then lowering the price may not be the best option, but it does largely come down to how quickly they want to transact, he explained.
"It is about realistic pricing. The market has gone through some dramatic changes in the last two or three years as we all know. Quite often it takes time, particularly for sellers, to adjust to those new changes," Mr Grandin said.
The expert added that house prices in the UK have generally been quite "sticky" on the downside in terms of being reluctant to come down.
"A lot of that comes from reluctant sellers not wanting to adjust their prices," he observed.
His comments came after new figures from Nationwide revealed that UK house prices declined for the fourth time in five months in July, with prices falling by 0.7 per cent.
Posted by Staff Writer: Ewan Robertson
© Zoopla Property Group Limited