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Big Three Portals accused over inflated asking prices

A small property portal has accused Rightmove, Zoopla and OnTheMarket of listing properties with asking prices far in excess of market norms in different regions.

MoveStreets - which markets itself as “the property portal designed for the mobile generation” - claims properties on major portals are generally listed 13 per cent above market averages across Britain and as much as 41 per cent above in London.

However the research appears not to have compared actual listings with their sale prices.

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Instead the figures show that across Britain, the average asking price across the major portals currently sits at £296,950, while homes are actually selling for £258,464 - what MoveStreets calls “a reality gap” of 13 per cent.

In London the average asking price in major portals is £833,994 while it's suggested homes across the capital are actually selling for an average of £494,673 - a 41 per cent "reality gap".

Adam Kamani, founder of the fledgling portal, says: “We’ve seen an incredibly hot market of late and despite the end of the stamp duty holiday, high levels of buyer demand and low levels of available stock continue to see properties fly off the shelf at pace and for a very good price.

“However, it’s clear that even in current conditions, many sellers are listing their homes at an over-optimistic price point, no doubt in an attempt to take advantage of the market boom. 

“This can be detrimental to your sale regardless of how the market is performing and can result in months of little to no interest in your home. It’s the responsibility of the listing agent to guide sellers and set these expectations. 

“While some will value a home at a higher price point to win business, a difference of ten to hundreds of thousand pounds above market value is perhaps a little too far.”

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    Breaking News: The three big portals do not set asking prices.

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    What an absolute T** from someone who obviously has no clue... Please help us...

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    • N W
    • 20 October 2021 10:36 AM

    this person really doesn't understand property, prices, portals and averages.....

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