Mon 25 Jun 2018 View all news articles
Some reports have recently suggested that the average number of viewings required to achieve a property sale in the UK has increased from 11 to 19 over the past three years. That’s handy to know, but what does the picture look like for the Wirral?
Using data from our own viewings and sales records, we can confirm that a property takes an average of 11.3 viewings to achieve a sale in 2018 so far. This has been an increase from 10.2 in 2017, but nowhere near the reported increase to the national average of 19.
What happens when property is over-valued?
As a property seller, your objective is to achieve a great offer for your property in as few viewings, and time, as possible. The best place to start is by choosing an agent who will market the property as the best price, not necessarily the highest price.
So far in 2018, 33% of all sold properties required a reduction before finding their buyer. Overpriced properties may still attract a few viewers, but in the long-run will cost the sellers time and money as the need for a reduction becomes evident. Take a look at these figures around reductions in Wirral this year:
Average percentage of asking price achieved (Land Registry, 2018)
Without reduction: 97.4%
With reduction: 90.7%
Average weeks to find buyer (Land Registry, 2018)
Without reduction: 9.3 weeks
With reduction: 24.1 weeks
Price reductions can be used effectively
Price reductions are a useful tool for a selling agent to create more interest if early viewing activity has failed to deliver suitable offers. If this is the case, reducing sooner rather than later can help you connect with eligible buyers by falling into their price bracket on property portal searches.
If you are a motivated seller who wants to sell their property for the best possible price in as few viewings as possible, choosing an agent who have strong market presence in your area can make all the difference. If an agent suggests a much higher value than others you speak to, it may just be too good to be true.
Want a bespoke market report?
Want to know how prices have changed in your post code? We can produce a bespoke market update based on your post code and property type! To receive your free market assessment and property valuation, simply click here to arrange.
Andrew Spink MSc
DDI: 0151 342 0469
As leading Wirral estate agents and lettings agents we have plenty to talk about and like to give our opinions on a few things too! Read about what we have to say, our latest news and industry news.