Agents may not be having necessary conversations with vendors of unsold properties

Agents may not be having necessary conversations with vendors of unsold properties

Despite the ongoing cost-of-living crisis and fears of an economic slowdown, market data reveals that over half of homeowners are refusing to drop the price of their property for sale.

The new findings by the property data and estate agent prospecting platform Homesearch reveals that 52% of homes currently for sale – for 10 weeks or longer – have not reduced in price.

This is an indication that sellers are holding their nerve on price, or that agents are not yet prepared to have the necessary conversations earlier in the process, despite the property remaining unsold for a relatively long period of time.

Homeowners in Scotland are the most resolute, with 64% (2,103) of properties on the market for over 10 weeks not subject to a price reduction.  

Sam Hunter, chief operating officer for Homesearch, says: “Despite recent speculation that the housing sector would slow as a result of rising inflation and the cost-of-living crisis, our data shows that the market remains buoyant and sellers are confident of securing the highest possible price.

“The agents we speak to are reporting that many homes are still being agreed at, or above, asking price, well within the first few weeks of going on sale.

“This is largely due to the ongoing lack of supply which is keeping prices strong, though the desperate need to move appears to have left the market.

“Prices are more sensitive now than they have been over the last two years.

“A more balanced market is great news for the high performing agents out there. If, as an agent, you’ve had a property for sale for over 10 weeks and not had a conversation about price then you are at a risk of losing these instructions to competitor agents who do broach the subject.”