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Zoopla - Search Results Most Reduced

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Although dependant on area. I'm seeing a number of zoopla searches showing property in and around London reduced in price by 10-20%. This conflicts stories I still hear from friends about open days/sealed bids when purchasing properties. Could this be a marketing ploy of over zealous estate agents/developers or genuine discounts of worried sellers?

Interestingly the same pattern is seen for rental property's. Maybe BTL showing their hands on how bad an empty property is to their portfolios?

As a reference point I searched 3 miles around the Lewisham area.

I'm very negative on UK property but prices need to reflect that to show and kind up reversal.

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That'll be the greedy who flew a kite but failed to get interest at top price. Agent says "try £x", where x is maybe 25% (or 250%[1]) above a realistic price.

  • Punter thinks "this agent will get me the best price". All part of the feelgood of a salesman (and a salesman is, after all, what you're paying for when you instruct an agent).
  • Overpriced properties on the books makes the realistically-priced ones look great value by comparison. Helps the agent get those snapped up near full asking price.
  • When there's no interest, drop the price "well, we tried".

[1] Yeah really, in at least one case. House hasn't actually been marketed, but agent convinced 90-year-old owner it's worth £550k, compared to last actual sale by a neighbour of an identical house being under £200k.

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That'll be the greedy who flew a kite but failed to get interest at top price.

True, but to add to that what we're seeing now is the whole psychology of the London market turning from your asking price starting much higher than what sold before to your asking price starting off on a par with what sold before. Rightmove index for Jan showed London asking prices falling for first time and hopefully that will be the case in February.

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