Lack of sound estate agency advice could cost sellers thousands of pounds

Lack of sound estate agency advice could cost sellers thousands of pounds

New research from Nottingham Building Society has suggested that a lack of sound estate agency advice could potentially cost homeowners thousands of pounds.

The nationwide study found 41% of homeowners, who have sold a house in the past five years, said the price they finally sold for was lower than their original target. It also showed that around one in 12 had to settle for a considerably lower price than they had originally hoped for.

The Nottingham’s research found sellers in London easily beat the national trend – just 6% of them had to accept a price reduction while in Yorkshire & Humberside around 56% ended up with less than they had expected.


Around one in four (25%) of people who tried to sell during the past five years, did not complete the deal, the study shows.

Su Snaith, Head of Estate Agency at The Nottingham, said: “Price is not all that matters when you are selling your house but it can be absolutely vital if you are relying on a certain price for your next purchase, which means realistic valuations are essential. The research emphasises the need for independent advice focusing on what is important for sellers at the start of the process and particularly so when so many are taking substantial price cuts.

At The Nottingham (which has Harrison Murray Estate Agency and Nottingham Estate Agency as part of its business), we discuss at the start what is most important to a client. That can include achieving the best price or making a quick sale. We also have specialist sales progressors to ensure the sale runs smoothly.”

The picture around the country on how many had to take price cuts and how many achieved higher prices than expected is shown below.

REGION

HAD TO TAKE A PRICE CUT

ACHIEVED A HIGHER PRICE THAN EXPECTED

LONDON

6%

56%

WALES

17%

42%

SCOTLAND

27%

43%

EAST ANGLIA

39%

39%

NORTHERN IRELAND

40%

20%

WEST MIDLANDS

41%

20%

EAST MIDLANDS

42%

25%

SOUTH EAST

44%

19%

NORTH EAST

50%

6%

NORTH WEST

55%

10%

SOUTH WEST

55%

17%

YORKSHIRE & HUMBERSIDE

57%

14%

UK

41%

27%

Join our mailing list:


Comments

  1. Tony GimpleTony Gimple27 November 2016 10:33:38

    It's not just the lack of estate agency advice that's costing landlords money; most are getting seriously bad advice from their accountants resulting in tax bills far higher than they need to be. Likewise, the mad rush to incorporation has serious tax consequences that landlords are not being told about.

    Reply to this comment

Leave a comment



Our Next Event

Buy-to-Let Roadshow July 2017

Buy-to-Let Roadshow July 2017

Newcastle - 18/07/2017

Bolton - 19/07/2017

Derby - 20/07/2017

Reading - 21/07/2017

Register now

Latest Comments

SecomTech
SecomTech 22 Jun 2017

AT Last...This was discussed years ago and there was a move towards landlords registering their bad tenants on a database..(can't remember where) It seems a logical step though our leaders will probably...

view article
Bertrand
Bertrand 02 Jun 2017

How about the Welsh Govt introducing a scheme to protect landlords against "rogue" tenants who are then taken to court for criminal damage to the properties they trash. Pretty unlikely I suspect and politically...

view article
AmberMorris
AmberMorris 25 May 2017

"Please don't pick a novelty tune-playing doorbell. They're not 'fun'. They're stupid." Laughed a lot to this. It's actually true, though.

view article
Oliver Conway
Oliver Conway 18 May 2017

Making a neat inventory is a good idea, but if the seller is not willing to provide it, can the buyer demand it?

view article
Bertrand
Bertrand 17 May 2017

First step to nationalisation of the private rented sector IMHO. Nanny state poking their noses into things yet again. I object, as a decent landlord, sometimes having to deal with some pretty awful tenants,...

view article
Izzy
Izzy 16 May 2017

This is such a great a post. I love the detail you've gone into. It's a very useful article for helping those who are looking at deciding which sector they would like to go into! When I first started investing...

view article
paul burnham
paul burnham 30 Apr 2017

Jeremy Corbyn's pledge that a Labour government would build 500,000 new council houses must electrify the general election campaign. Reliance on markets and the profit motive has brought huge housing-related...

view article
CommercialTrust
CommercialTrust 28 Apr 2017

Sadiq Khan?s announcement of an online database of landlords and letting agents who have been convicted of housing offences, appears on face value to be a variation of the already implemented Database

view article
warren
warren 26 Apr 2017

You're very welcome Mary! Glad you enjoyed them :)

view article
Mary Ward
Mary Ward 26 Apr 2017

Thank you for the wonderful ideas. First impressions can make or break a deal. It's sadly that many homeowners drop the kerb to create an off-street parking space.

view article
Tony Gimple
Tony Gimple 14 Apr 2017

I'm not at all surprised that so many landlords are still confused about what the tax changes really mean and how it will affect them. In particular, the blind rush to incorporation is leaving landlords...

view article
MH
MH 13 Apr 2017

You are right that the bank holidays are going to be spoiled in looking for the properties. But people who want to sell their property and looking for the better relocation, they can get benefits of this...

view article

Related stories

More articles from Property

Buy-to-Let Roadshow
July 2017

18th-21st July

4 days
7 specialists
4 locations
Free to attend

Click here to register now