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Let market forces dictate the price of your house

Would-be sellers of country houses must be realistic about asking prices if they are serious about selling their property.

That is the view of Edward Church of Strutt & Parker’s Canterbury office, who says his advice is aimed not only at prospective vendors who are bringing their house to the market for the first time but at those who have had their properties on the market for some time without finding a buyer.

"We all know the market has dropped since this time last year, when prices were at their peak, and of course there are always exceptions such as local hotspots or truly exceptional properties."

Confronting the truth, Mr Church acknowledges, can be a painful experience for owners, but the good news is that properties with a sensible asking price reflecting current market conditions are selling well.

"The truth is that sellers with unrealistic expectations are simply not going to sell in the current market; indeed they may well put buyers off viewing. But if they listen to their agent’s advice and allow market forces to dictate prices, their properties will sell. There are serious buyers out there."

Mr Church points to his experience with three properties in Kent, all of which would have been quickly snapped up by London or local buyers a year ago.

"Unfortunately all three properties came to the market after it had peaked. We sat down with the vendors to discuss the market conditions and, as a result, agreed to set realistic prices or revised prices."

Results were dramatic. A barn, previously advertised at £795,000, was changed to a range of £735,000 to £775,000 and saw offers at the upper end. A handsome farmhouse came to the market at a sensible level, seeking offers at £945,000. A sale was agreed to a cash buyer from London within a week. A smaller cottage in a North Downs village with a guide of £725,000 drew eight viewings in 10 days, resulting in a sale at the guide price.

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