Must-sell houses going cheap – but not that cheap

An online estate agency which specialises in selling distressed properties quickly says it is beginning to sell houses at above their reduced asking price.

ExpressEstateAgency is now advising people to come on to the market with only a 5% discount on the selling price. It had previously insisted on a minimum 10% reduction.

The family-owned company says it is selling properties fast and is now ‘often’ obtaining a figure above the sales price. It says it sold a property in Dundee for £8,500 more than was being asked, one in Bicester, Oxfordshire, for £2,500 more, and one in Doncaster for £7,000 more.

The agent says it is also noting more block viewings taking place with properties going quickly. One in Manchester went under offer in eight hours.

Mark Brogan, founder and managing director, said: “Our sales record supports the findings of the latest RICS housing market survey as we are definitely seeing that inquiries are feeding through into increased transactions. It is now possible to tempt buyers with just a 5% discount, whereas before we were advising that people came to market with at least a 10% reduction on the survey price.”

Although operating online, the business does meet people in their own homes. It works by matching motivated buyers with motivated sellers – ie, those looking for a bargain, with those desperate to sell.