Property Prices: ‘You’ve got to be realistic’

Banbury Cake: Claire Thompson outside her one-bedroom cottage in Bloxham Claire Thompson outside her one-bedroom cottage in Bloxham

HOUSE seller Claire Thompson believes the Land Registry figures don’t tell the whole story.

“I know that house prices in my area are not going up and they haven’t for some time,” she said.

Ms Thompson bought her new home in Banbury for £265,000 – more than 10 per cent below the asking price – before putting her existing house, an 18th-century one-bedroom cottage in Bloxham, near Banbury, on the market.

After consulting with her estate agent, she set a guide price of £175,000 and has received strong interest.

Ms Thompson, director of Cassington public relations firm Syncro PR, has bought her new home jointly with fiance Simon Verbeeten.

The couple are expecting their first child in December, which prompted the move to a larger home.

She said: “Equivalent houses are on the market for a lot more, but they have been sticking. I want to sell – that’s why I wanted to set a realistic price.

“It has only just gone on the market so I don’t know what’s going to happen. But if you are not realistic in your pricing you stand a chance of not getting people through the door.”

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Comments (1)

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12:15pm Mon 16 Jul 12

snert says...

We all know the house prices are fixed by estate agents. They're the only job in the world where the same person acts for two different parties that have opposing interests. How can that possibly work properly and not be abused?

An estate agent tells the seller they'll get the best price for their house which is in the agents interests as a higher price means higher commission. Then they talk to the buyer and promise them they'll get the lowest price for them which is not in the interests of the agent.

They inflate the asking prices across the board of the housing market which puts the country in the situation of house prices being grossly out of proportion with anything else.

What we should have is an estate agent whose job is to put a house on the market. Then we should have brokers that manage the buy/selling of the property. As a selling broker your job would be to negotiate the best price with the buying broker of the other party. Brokers would have a set fee and then estate agent would get a set fee for marketing the house. It's a huge con that estate agents take a percentage of the sale. If I have a house that is valued at £200k and there is another valued at £900k there is little more work to be done in terms of taking photographs. These are digital now and writeup doesn't take much effort. They're all largely the same.

Setting up sales takes little effort as estate agents either call people already on their books that are looking for houses that match a given criteria or wait for "walk in the door" trade.
We all know the house prices are fixed by estate agents. They're the only job in the world where the same person acts for two different parties that have opposing interests. How can that possibly work properly and not be abused? An estate agent tells the seller they'll get the best price for their house which is in the agents interests as a higher price means higher commission. Then they talk to the buyer and promise them they'll get the lowest price for them which is not in the interests of the agent. They inflate the asking prices across the board of the housing market which puts the country in the situation of house prices being grossly out of proportion with anything else. What we should have is an estate agent whose job is to put a house on the market. Then we should have brokers that manage the buy/selling of the property. As a selling broker your job would be to negotiate the best price with the buying broker of the other party. Brokers would have a set fee and then estate agent would get a set fee for marketing the house. It's a huge con that estate agents take a percentage of the sale. If I have a house that is valued at £200k and there is another valued at £900k there is little more work to be done in terms of taking photographs. These are digital now and writeup doesn't take much effort. They're all largely the same. Setting up sales takes little effort as estate agents either call people already on their books that are looking for houses that match a given criteria or wait for "walk in the door" trade. snert

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