From This is Money:
Homeowners willing to price their property at least 25% below its peak value are swamped with offers, agency Savills said.
The company’s Putney branch said that this month it had seen several ‘realistically’ priced homes go to sealed bids after each spent only a week on the market.
Now the properties are expected to fetch more than the sellers asked.
Savills director Caroline Bell said: ‘The reaction is extraordinary when you get the price right. We’re getting more than 10 viewings within a week of the price change in many cases, and then several offers. It’s a situation people had stopped expecting.
‘Properties sell when they are priced at their true value, which the market believes they’re worth. That appears to be 25% below a property’s top price in the summer of 2007. There’s a clear tipping point and people are increasingly putting their home up for sale at that price.’
She said vendors were more willing to drop their prices after a year of stagnation in the property ma…
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