birdy

Ok Fishneed - why do lender's valuations come in lower than offers made? I'm sure a few years ago you may recall a major financial crisis, caused largely by banks exposure to a rapidly rising and over valued property market. The first rule to remeber with the UK property market and housing in particular is that it is cyclical - always was, always will. Unfortunately, we all - not just estate agents & bankers - everyone thought that in 2007 it was different, hence the boom in buy to let and the notion that bricks and mortor was now an investment vehicle rather than just a place to live. Many of those lenders are stil worried about exposure to the property market - look at the mortgage lending figures from the CML or BBA. Little wonder lendors err on the side of caution with valuations - they don't want to be left holding the ball again if and when the music stops, and let's face it - we are ardly basking in a strong housingmarket with sound economic growth behind us to help support it. Also, lots of people bought at the peak of the market are selling now - prices are not back on a parr with then but how many of you in that position would be willing to take that hit? Not many I imagine. And with regards to value, any agent who can't even negotiate a fee isn't demonstrating much negotiating ability to you as the vendor that suggests they can get the best price for you. Similarly, yes there is value to be had in some cases but many won;t provide that. If you as a vendor only want to pay the minimal, there is a fair chance you'll get minimal in return. Not making any assumptions about your service but while some people are happy to go to aldi or lidl, some prefer waitrose. As you say, a well priced property sells itself but you still need to make sure the right people get in to see that property. A good agent will make sure that is the case as ulitmately they wish to sell it and get the best price for the vendor as this relates to their commision. most of an agents work starts after the sale is agreed up to completion.

The problem with Foxtons on Lordship Lane is that they use it as their SE London trading post, so while they have a lot of stuff in the window, most of it isn't local, plus they have a real reputation for overpricing. Your best bet is a local agent that know's the area well as they'll have the best idea on the market and what's right or not. going in with a high price works for some, but it mostly leads to disappointment as it gets your expectatinos up too high and who wouldn't be flattered to hear that their house is worth more than they thought, only for someone to come in with offers a lot lower. Also, if you pay a low commision, expect a low level of service - pay peanuts, get monkeys. I work up in the West End as an analyst for a surveying firm and I can tell you know that these do-it-yourself automated valuation models are a waste of time. They take the average price for a whole street and generate a price as a result. They make no consideration for the types of property on that road, the condition, rooms etc. No land registry data publicises how many rooms ro what work has been done to a place. First thing you learn when training to be a surveyor is that valuation is an art, not a science. you just use science to back up your opinion. The answer is there is no right price, just what the market is willing to pay.