The gap between what sellers want and what buyers will pay has rarely been so visible. In May 2026, average asking prices rose by 1.2% year on year, yet actual sold prices fell by 0.4% over the same period. That 1.6 percentage point gap tells you a great deal about where the market really is. Sellers are still hopeful; buyers are not following along. If you are thinking of putting your home on the market, understanding this dynamic before you agree an asking price could save you months of frustration.
What the numbers actually show
Total homes listed for sale have surged significantly over the past couple of years. More choice for buyers means more competition among sellers. In one recent month alone, 13.1% of all listed properties had their asking price reduced, and fewer than 15% of homes on the market were securing a buyer at all. Those are not abstract statistics. They mean that in any typical street of twenty homes for sale, fewer than three are going under offer, and more than two have already been cut in price after a slow start.
Overpriced homes are not simply selling more slowly. Many are not selling at all.
Why the first two weeks are the most critical
When a home goes live on Rightmove or Zoopla, it appears in the New and Recently Added filter and lands in the saved-search alerts of buyers who have been waiting. That burst of attention lasts roughly fourteen days. After that, the listing slides down the results and the alerts stop. Buyers who see it later assume, often correctly, that something is wrong with it.
A property that launches at 5% above its realistic value will attract fewer viewings in that opening fortnight, receive no offers, and then require a price reduction to restart interest. The reduction itself sends a negative signal. Buyers wonder why it has been sitting. They offer less than they might have done on day one. The net result is that the seller achieves a lower price than if they had simply priced it correctly at launch.
How to interpret local comparable sales
Comparable sales, known in the trade as comps, are the sold prices of similar properties in your area over the last three to six months. You can find these on the Land Registry, through Rightmove's sold prices tool, or by asking an agent to pull them for you. When reviewing comps, pay attention to:
- Properties of a similar type, size, and condition to yours, not just the same postcode
- Sold prices, not asking prices, because asking prices reflect hope while sold prices reflect reality
- How long each comparable took to sell, since a home that sold in ten days achieved a different result from one that sat for six months before being reduced
- Any upgrades or drawbacks relative to your home, such as a loft conversion, a busy road, or a smaller garden
If the comps suggest a value of 300,000 pounds and you launch at 325,000 pounds, you are not leaving room to negotiate. You are pricing yourself out of the search filters that buyers have set and signalling to serious purchasers that you have not done your research.
Regional divergence matters
The market is not uniform across England. The North East and North West have been outperforming London and the South East on both transaction volumes and price growth. If you are selling in Manchester, Newcastle, or surrounding areas, you may have a little more pricing headroom than the national figures suggest. If you are selling in London, the gap between asking and achieved prices is more pronounced, and buyer caution is higher. Sellers in different regions are genuinely operating in different conditions, so applying national headlines to your specific town or street can be misleading. Ask your agent for local data, not just national commentary.
How to brief your estate agent on a realistic figure
When you sit down with an agent for a valuation, come prepared. Bring any comparable sales you have found yourself and ask the agent to explain how they have arrived at their figure. A good agent will show you the evidence rather than simply quoting a number they think you want to hear. Be direct: ask what price they believe will secure an offer within the first two weeks, and ask what the likely achieved price is likely to be after negotiation.
Make sure the agent explains their marketing plan and where your home will be listed. Ask about their average sale-to-list price ratio, which is the percentage of asking price that their sellers actually achieve. An agent who over-values to win the instruction and then pressures you into a reduction three weeks later is not serving your interests.
A straightforward way to frame the conversation: tell the agent you want to launch at a price that generates genuine competitive interest, not a price that leaves you waiting.
The practical takeaway
Pricing is not pessimism. Launching at a well-evidenced, competitive figure gives you the best chance of a quick sale, a strong offer, and an achieved price close to your asking price. Launching high and reducing later almost always costs you more than you gained by trying. In a market where buyers have genuine choice and sold prices are moving down even as asking prices edge up, being realistic is the most commercially sensible thing you can do.
If you would like a straightforward, evidence-based valuation of your property, book a valuation with Cooke and Co. Our team will walk you through local comparable sales and give you a honest view of where your home sits in the current market.
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