Propertymark’s latest data has revealed that 71% of estate agents believe sellers are unrealistic in terms of achievable pricing for their properties.

In Propertymark’s annual review and outlook on the UK housing market, agents suggest that sellers overvalue their properties, thinking they have the best house on the street or can sell at a price that will enable their next move, not what their property is actually worth.

Agents are encouraging their sellers to think twice about if they are being realistic when listing their property for sale.

The property market in the UK’s expensive major cities can be less attractive when buyers’ budgets are constrained with quieter and more affordable areas such as the North West holding their value.

Propertymark research found viewings per property had fallen 71% from April to December 2022.

The report highlights that this decline shows the cooling off in buyer demand, causing a direct effect on prices achieved.

Properties in the North West are low to mid-range in value with an average sold price over the last 12 months of £233,404, whilst properties in London fetched a higher average of £546,220 according to Zoopla.

The Office for National Statistics (ONS) November UK house price index found “the North West saw the highest annual percentage change in the year to November 2022 (13.5%), while London saw the lowest (6.3%) of all English regions”.

Propertymark chief executive Nathan Emerson says: “The largest shift we have seen in the sales market is prices agreed, compared to normal asking prices. 2022, started as a seller’s market, and ended the year back to normality as a buyer’s market.”

“The best price is usually achieved in the first four to six weeks of marketing, so we urge sellers not to compare their property to other homes on the market which may not have sold yet, and ensure they receive valuations from a qualified and accredited estate agent.”