A building society that owns two estate agency companies has hit out at what it calls “a lack of sound estate agency advice” across the industry when it comes to asking prices.
The Nottingham Building Society, which owns the Harrison Murray an Nottingham Estate Agency businesses, says 41 per cent of homeowners have sold a house in the past five years for less than their original target price.
A smaller proportion - around one in 12 - had to settle for “a considerably lower price” than they originally hoped for.
The building society blames estate agents and “the variable quality of advice across the country” and says there should be more realistic valuations and more support for vendors during the sales process.
The problem was least acute in London where only six per cent of vendors had to agree a price reduction while at the other extreme some 56 per cent of sellers had to accept a reduced asking price.
Around one in four of people who tried to sell during the past five years, did not complete the deal at all according to the research, which was of 1,009 owners and was conducted during August.
“The research emphasises the need for independent advice focusing on what is important for sellers at the start of the process and particularly so when so many are taking substantial price cuts” according to the Nottingham’s spokeswoman Su Snaith.