A property is worth only what someone is willing to pay for it, says Hamptons International, arguing for Vendors to set their prices realistically.
Vendors must set their prices in relation to similar properties in their area, not basing it upon headline property inflation statistics, the firm said in its December 2004 residential sales headlines.
More signs of improving confidence
Last month Hamptons reported that underlying demand appeared healthier than reports were suggesting. This view looks to be increasingly sound, as increasing buyer confidence is again reported across their network.
Offers, viewings and sales may be lower than last November, but the number of new buyers registering was 18% higher.
Sales were only 13% lower (9% lower in London) and Hamptons crystal balls look functional with their forecast of a ‘soft landing’ and more stable pricing appearing to be on course.
Shortage of quality stock supports prices
The general shortage of new stock continued - 27% down on October – but the firm expects more vendors in the New Year. Although demand is lower, the lack of good quality property for sale is helping to support prices.
No time like the present
Hamptons recommend that vendors instruct their agents soon, to prepare for an early New Year campaign when activity could be concentrated in the early months, due to the Election.
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