Warning to Home Sellers About 'Fantasy Numbers'

Experts say there is a problem in London.

People selling homes in the UK have been warned about something new.

Some estate agents give homes higher prices than they are worth to get more business. This is happening more often because fewer people are buying homes.

'Too many homes are priced too high, and it's a big problem,' said Shaun Sturgess, a mortgage expert.

He also said, 'This is one of the worst problems in the UK property market. I see the problems it causes every day.'

When homes are priced too high, buyers get excited and spend money, but then the lender says the home is not worth that much.

This causes problems for everyone. Some agents do this on purpose to get more business.

Shaun Sturgess is a mortgage expert.

Agents sometimes tell buyers to pay for searches before they even have a mortgage. If the deal falls apart, the buyers lose that money.

Evren Ergin, a property expert, said that when agents give homes high prices, it's like a compliment, but it can cost the seller a lot of money.

He also said that agents who give honest prices might lose business to agents who give higher prices.

To fix this problem, sellers should get prices from multiple agents and compare them.

Martin Rayner, a financial expert, said it's not surprising that this problem is happening more often because the market is slow.

He also said that agents are competing for fewer sales, so they give higher prices to get business.

Martin Rayner is a financial expert.

One of his clients was selling a home worth around £1.6m-£1.7m, but an agent said it was worth £2m.

The client got multiple valuations and chose a realistic price. High prices waste everyone's time.

Nouran Moustafa, a financial expert, said that high prices are one reason the property market is messy.

She also said that when sellers get high prices, they start spending the money in their minds, but then the lender says the home is not worth that much.

Buyers are struggling, lenders are careful, and surveyors need proof. Homes can't be priced based on feelings.

People fall for high prices because they think it's the best agent. But it's not. Sellers need proof, buyers need discipline, and agents need to stop overpricing.

Nouran Moustafa is a financial expert.

Thomas Boughton, a real estate expert, said that in London, sellers are often given unrealistic prices for their homes.

Some agents give high prices to get business, but then sellers have to lower the price when there's no interest.

Sellers should get an independent valuation before selling their home. This helps set realistic expectations.

When homeowners make decisions based on high prices, it can cause problems in the chain.

The market decides a home's value. Accurate prices attract real buyers and help everyone.

Simon Bridgland, a broker, thinks that one solution is to regulate estate agents and make them more qualified.

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