Home sellers ‘mustn’t price too high’
Despite growing confidence in the housing market, sellers should not overvalue their homes, an expert warns
Despite growing confidence in the housing market, sellers should not overvalue their homes, an expert warns.
The average asking price rose 1.8 per cent this month, rising from £6,647 to £372,894 – the biggest monthly increase this year.
This is significantly higher than expected in May, which is normally around 1 percent growth, according to the Rightmove house price index.
Advice: Owners have been warned not to push prices up too quickly – especially for four or five bedroom luxury properties
Tim Bannister, director of real estate science at the home sales website, thinks this is a sign of increasing seller optimism after a rocky 2022.
But they have been warned not to push prices up too quickly – especially for four- and five-bedroom luxury homes.
Demand for luxury homes is 1 percent lower than in 2019, while the starter market is 6 percent above pre-pandemic levels.
“It’s important that new sellers don’t hurt their prospects by pricing too high initially and lowering them later,” Bannister said.