Speed of house sale can make or cost sellers thousands, research finds

February 14, 2020 12:01:00 AM

House sellers may find that they achieve their maximum selling price if their property is snapped up after two weeks, analysis suggests.

Data from more than 6,500 estate agent branches across Britain shows that those with an average selling time of 14 days achieve the highest asking price – at 99.4% of their stated price – according to the HomeOwners Alliance.

The research used the HomeOwners Alliance’s free-to-use estateagent4me tool, which helps people to find and compare agents in their area.

After four weeks on the market, sellers typically accept just under 98% of their original asking price and after 12 weeks it falls to 90%.

Agents whose average selling time was less than 14 days from the first day of listing achieved 97.5% of their asking price typically – less than if the property had remained on the market for a few days longer.

Perhaps for some home owners looking to move, a quick sale took priority over achieving the maximum price.

The Alliance said that with the average UK home now changing hands for well over £200,000, these few percentage points can equate to thousands, or even tens of thousands, for sellers.

Paula Higgins, chief executive of the HomeOwners Alliance, said: “This illustrates how important it is for sellers to get the price right when listing a property.

“A good estate agent will help you do this – our advice is to choose your estate agent wisely.”

She continued: “Home buyers should also find this research insightful, as it gives even more weight to home buyers negotiating on the asking price for properties that have been on the market for a number of weeks.

“Most property search websites post the date that a property was first listed. It might just be worth scrolling down that list to find a home that can be snapped up for a bargain price.”

Here are the average percentages of asking prices achieved based on the length of time a property remains on the market, according to the HomeOwners Alliance, and the amount below the asking price which a property could be sold for, based on a property price of £235,000:

– 12 days, 96.86%, £7,379

– 13 days, 98.50%, £3,525

– 14 days, 99.39%, £1,434

– 30 days, 97.79%, £5,194

– 60 days, 91.33%, £20,375

– 90 days, 90.38%, £22,607

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