Insurance News Archive

Competitive prices facilitate quick sales, expert suggests

Homeowners may be interested to hear it is "perfectly possible" to achieve a quick sale on their abode if it is competitively priced, according to one firm.

Mouseprice, which claims to be the leading online source for UK property market information, has said the amount of time a property takes to sell is dependent on how far the vendor is prepared to go on their price.

Selwyn Lim, director of the company, said emotional attachments can dictate if a person is willing to sell at a lower level, especially in the equity market.

"The length of time on the market is really dictated by how aggressively the person prices the property," he explained.

On the subject of whether lower prices will tempt buyers back in, he said while the sector does not follow "the classic economic theory", drops in price may attract those who are looking to "snap up bargains".

The Rightmove House Price Index from October 2008 found the average asking-price for a property was £229,691, down 4.9 per cent from the same month the previous year.

30 Oct 2008