Over 200 estate agents were polled by MeetMyAgent.co.uk, the independent estate agent review website which helps consumers find the best local agents in their area.
Results of the poll showed that:
- Sellers are still remain unrealistic about prices, with 93% of agents saying that at least a tenth of the properties on their books would benefit from a price reduction (if the seller was willing to reduce)
- Almost four in ten (38%) agents believe that more than 30% of their stock is overpriced
- Almost three quarters (72%) of agents said that the main reason for sellers not lowering their prices is that they're happy to wait in order to get the offer they want
- Stock levels remain at an all-time low, with a massive 85% of agents admitting they are low on stock
- More than a third of agents (35%) admitted that stock levels are 30% down on normal levels for this time of the year
- Three quarters of estate agents are seeing more viewings than this time last year, but the higher number of would-be buyers are still not translating into sales
- Four in ten (41%) agents said they are showing at least 10 prospective buyers around a property before an offer (that is accepted) is made
- 43% of agents say the main problem that sales aren't being secured is the gulf between what buyers are willing to pay and what sellers are willing to accept
Ashley Alexander, Director at MeetMyAgent.co.uk, comments:
"House price indices are based on such a small number of sales at the moment that it's difficult to say with any degree of confidence that they provide a realistic measure of market conditions. The likelihood is they don't.
"Although, encouragingly, there are no end of buyers viewing properties, very few are actually committing to a purchase. The economic climate is doubtless playing a role in this but so, too, is the fact that buyers still feel sellers are asking too much for their properties.
“Because servicing their mortgages remains cheap, sellers can play a long game. With interest rates expected to remain at their current level for 2012 and on into 2013, this Mexican standoff could continue for some time yet."
