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TODAY'S OTHER NEWS

Agents 'unprepared for necessary conversations' on unsold listings

Agents are being urged to discuss pricing with vendors after research shows 52% of listings have been on the market for 10 weeks or more with no reductions.

The analysis, by property data and estate agent prospecting platform, Homesearch, suggests that sellers could be holding their nerve on price or agents are not yet prepared to have the “necessary conversations” despite a 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 more than 10 weeks not subject to a price reduction. 

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This contrasts with more anxious sellers in the East of England, where 52% have dropped their price at least once already. 

Sam Hunter, chief operating officer for Homesearch, said: “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.”

Region

Total listings

Percentage of properties not to reduce in price, despite being on the market for 10+ weeks

Scotland

3,309

64% (2,103 properties) 

North West 

13,422

60% (7,988 properties)

West Midlands 

8,170

53% (4,329 properties)

Greater London 

36,293

53% (19,091 properties)

North East 

3,580

53% (1,882 properties)

Wales

4,807

51% (2,446 properties)

South West

8,625

50% (4,285 properties)

Yorkshire & the Humber

8,075

50% (4,029 properties)

East Midlands

4,669

49% (2,277 properties)

East of England

10,985

48% (5,225 properties)

South East 

14,900

46% (6,828 properties)

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