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Bromley home owners willing to slash property prices

PUBLISHED: 07:00 21 June 2019

Houses for sale. Picture: David Mirzoeff

Houses for sale. Picture: David Mirzoeff

Archant

Bromley home owners are ready to drive a bargain when it comes to selling their homes, according to a new report.

They will drop prices just to ensure a Sold board goes up outside.

The report says Bromley homeowners reduced their asking prices by an average of £18,109 in the past year.

Those in BR2 dropped prices by an average of £29,261 just to secure a sale.

Professional house buying firm Property Solvers says it has discovered the areas in Bromley where home sellers have been reducing their prices the most.

It tracked 464 property transactions between June 2018 and June 2019.

It said the monthly updated local house market insights tool shows the average differences between asking prices on Rightmove and their sold prices lodged at the HM Land Registry.

The data therefore monitors the entire house sale process from initial listing, viewings, negotiation, offers, agreement through to the survey process, conveyancing, exchange and finally completion.

The biggest price discounts in Bromley were seen in the BR2 postcode.

Across this region, 70 sellers were knocking off an average of £29,261 from the initial asking price in the 12 months to June 2019.

Over the same period, the lowest hits on price were seen in BR8 - where 44 home sellers reduced their properties by an average of £8,300 to get the sale going.

Property Solvers founder Ruban Selvanayagam said: "Whilst it's logical to expect a bit of 'wiggle room', it's increasingly evident that something is amiss in the marketplace and properties are getting overpriced at the marketing stage.

"Some estate agents provide an over-hyped valuation to win the instruction and, in many cases, this leads to homes lingering on the market much longer than they need to.

"Pricing at the right level saves so much time and headaches."

He went on: "We always suggest looking at widely available online data from HM Land Registry which tracks the prices properties are sold for and not what they are marketed for."

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