Research by Property Solvers has highlighted that many estate agents are not taking into account the impacts that Brexit is having on the property market. Tracking 65,384 property sales between August 2018 and August 2019 from start to finish, the monthly updated local house market insights tool shows the average differences between asking prices on Rightmove and their actual sold prices lodged at the HM Land Registry.
It was revealed that, out of the 575 assessed properties in South West London, sellers were dropping their asking prices by an average of over £71,000 to secure a sale. A similar story was seen in North West London, where 206 vendors reduced their initial prices by almost £69,000 on average.
Property Solvers co-founder Ruban Selvanayagam commented: “Even some of the most experienced estate agents are failing to understand the current realities. Arguably due to the cloud of uncertainty surrounding Brexit, we’re operating in a buyer’s market at the moment and the fact that agents knowingly state exaggerated valuations at the initial stages is a disservice.”