Realistic pricing is key to property sale success

The chief executive of Andrews has spoken about the need to be realistic about property pricing.

Related topics:  Legal
Millie Dyson
31st August 2011
Legal
Michael Robson, who oversees the 80-strong sales and lettings branch network across the South of England, has noted in his latest blog that

“in a financially-sensitive market like the one that we are in currently, it’s critical to get the price right, as the higher you put the property on the market for, the less chance you may have of selling it.”

He goes on to note that:

"Sellers need to be realistic in their prices and look at comparisons in their local market and what properties similar to them exchanged for (as opposed to what they were marketed for), and price within 5% of that amount."

Speaking on the same day that the National Housing Federation has announced that a generation could be locked out of the market due to the current price of properties, coupled with the need for larger deposits and stricter lending criteria from banks, Michael has said that he hopes the Government will find a new initiative to support first time buyers.

Michael says:

“A healthy property market is not a luxury, but an absolute necessity. With prices remaining static and good mortgage deals available, there is the opportunity for buyers in a position to do so to take advantage of current conditions.

"Furthermore, whilst it is difficult for first time buyers to get on to the ladder currently, I would encourage the parents and grandparents of would-be first time buyers who are in a strong financial position to consider freeing up equity from their properties to help this generation to get on to the property ladder.

"Parental assisted mortgage schemes, in which the lender takes a charge on the parent’s home, are available, and we would encourage those in that situation to speak to your local mortgage advisor and see what is currently on offer.”

Michael, who has been the chief executive of Andrews for over 20 years, has seen the highs – and the lows – of the property market, and has a firm grasp of market conditions and trends.
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