Despite growing confidence in housing market, sellers should not over-price their homes, expert warns
Despite growing confidence in the housing market, sellers should not over-price their homes, an expert has warned.
The average asking price jumped 1.8 per cent this month, climbing £6,647 to £372,894 – the biggest monthly jump this year.
It is significantly higher than is expected in May, which is normally around 1 per cent growth, according to the Rightmove house price index.
Advice: Owners have been warned against pushing prices up too fast – especially for high-end homes with four or five bedrooms
Tim Bannister, director of property science at the home sales website, reckons this is a sign of increasing optimism from sellers after a rocky 2022.
But they have been warned against pushing prices up too fast – especially for high-end homes with four or five bedrooms.
Demand for top-end homes is 1 per cent down on 2019, while the first-time buyer market is 6 per cent above pre-pandemic levels.
‘It is important that new sellers do not damage their prospects by overpricing initially and reducing later,’ Bannister said.
