Over-valuations and too much reliance on national asking price data is skewing seller expectations, agents claim.
The latest Agents MVMT podcast tackles the thorny issue of the Rightmove House Price Index and whether its asking price data actually helps.
Speaking on the podcast, Mohamed Mohamedali of Armford Estates, said: “Every market is localised. To say the market is up or down, how can you say that on a national level? Every area has a local market.
“Agents are like a live feed but Rightmove is behind.”
He said agents who offer low fees and high listing prices are an issue, adding that professionals must come with comparables and data to back up their appraisal.
Alexandra Hearn of the Agency UK, added that agents are still overvaluing as they think it’s the only way to get property on the market. She blamed this on a lack of training.
Watch the full podcast episode below:
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