Why Leeds sellers can no longer afford to get their asking price wrong - according to Leeds property expert
Mark Manning, Managing Director of Manning Stainton, shares why home sellers in Leeds should carefully consider their asking price 💡
As recent data from Rightmove suggests that buyer choice is at its highest level for this time of year since 2015, it is an exciting time to be a prospective home-owner.
The Leeds housing market has particularly remained “remarkably resilient” according to Mark Manning, Managing Director of Manning Stainton, despite ongoing economic uncertainty and affordability pressures.
However, Mark points out that one thing has changed significantly over the past year: buyers have become far more price sensitive. This means sellers must carefully consider their asking price.
Mark said: “When choice increases, competition between sellers inevitably follows. That means setting the right asking price has become more important than ever.
“This is not because buyers have disappeared. Far from it. Demand remains healthy across Leeds and Yorkshire, and people will always have a need to move home. However, higher mortgage costs are stretching affordability and encouraging buyers to think more carefully about what they are willing to pay.”
Mark highlighted that for typical buyers buying a home in Yorkshire, even a modest increase in mortgage rates can add well over £100 a month to monthly repayments, and that this makes buyers “more selective, more cautious, and more determined to negotiate.
Because of this, Mark advised sellers to be cautious when deciding their asking price.
Mark said: “One of the biggest mistakes homeowners make is assuming they need to leave significant room for negotiation. In reality, properties that are priced correctly from the outset often achieve very close to their asking price.
“The danger comes when sellers start too high in the belief they can always reduce later.”
Research from Zoopla suggests that more than half of sellers have had to reduce their asking price in order to secure a buyer. Rightmove data indicates that when reductions do happen, they are averaging around 6% in Yorkshire.
The challenge is that by the time a reduction becomes necessary, a property has often already lost momentum.
According to Mark, the first two weeks after a home comes to market are typically when it receives the greatest attention as buyers searching property portals are drawn to new listings.
This short period also represents the best opportunity to generate viewings, create competition and secure offers, and this is why pricing correctly is so important.
Mark said: “Pricing correctly is not about underselling a property. It is about understanding the market and creating the conditions that encourage buyers to act.
“In many cases, a competitively priced property will attract multiple interested parties, helping to drive stronger offers than an overpriced property that lingers on the market.”
Mark also said that sellers should be willing to challenge the advice they receive by asking agents how they arrived at their valuation, requesting comparable evidence, and not choosing the highest figure simply because it is the most appealing.
Ultimately, Mark advised that home owners looking to sell need to be adaptable and aware of the modern-day property market.
Mark said: “In today's market, the sellers who achieve the best outcomes are not necessarily those with the highest asking prices. They are the ones who take informed advice, price realistically and respond quickly when the market tells them something isn't working.”