Sellers need to adjust their expectations of value says Savills

A recent UK news release from Savills published 24th April on their website headlined ‘Prime housing markets continue to adjust to uncertain times’.

In the leading paragraph the report states:  The UK’s prime regional housing markets have performed more strongly than London’s top postcodes for over two years.

Lucian Cook, Savills head of residential research, says: “Our forecasts anticipate two years of lacklustre price growth during the Brexit negotiations, particularly in the prime markets of London which are most price sensitive.

“The election is unlikely to shift that picture dramatically unless it brings the disruption of a change of government.  Post election, consistency of government throughout the Brexit process has the potential to be a steadying influence on the market.

“And however highly taxed the top end of the market now is, it will need to continue to need to absorb high rates of stamp duty.  For now we believe that stamp duty reform is at best a possibility rather than a probability.

“Sellers need to adjust their expectations of value to bring them into line with buyers’ expectations.  Prime central London vendors appears to have understood this and price cuts have begun to bring buyers back in to the market.  In the rest of prime London, the gap between buyers and sellers remains wider, contributing to a pool of overpriced stock. Further asking price cuts will be required.

“Our view is that however highly taxed the top end of the market is, and whatever the undoubted economic inefficiencies this creates, a rate cut in the short term remains only a possibility rather than a possibility.  As such, buyers will need to continue to factor the charges into their purchasing decisions for the foreseeable future.”

To read this interesting UK news report from Savills in full click here.

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Rightmove logo
Breaking News

Rightmove’s Weekly Mortgage Tracker – 01/07/25

Average rates for 2-year and 5-year fixed-rate mortgages   Term Average rate Weekly change Yearly change 2-year fixed 4.57% -0.05% -0.83% 5-year fixed 4.55% -0.04% -0.45%   Lowest rates for 2-year and 5-year fixed-rate mortgages   Term Lowest rate Weekly change Yearly change 2-year fixed 3.69% -0.13% -0.98% 5-year fixed 3.87% -0.01% -0.36%   Average…
Read More
Breaking News

Housing Insight Report Covering May 2025

Sales On average, there were around 11.5 homes placed for sale per member branch in May 2025. Lettings The average void period reported by member agents increased to just over three weeks in May 2025. We are seeing an average of 37% of housing transactions taking longer than 17 weeks to complete. The timescales are…
Read More
Breaking News

Rental Market Hotspots Drive National Growth

New analysis from FCC Paragon reveals modest national growth in rental demand across England in Q2 2025, up by 1.2% to 29.4%. However, this overall increase masks significant regional variation, with several counties experiencing substantial quarterly surges that are driving the market forward. The research shows that rental demand across England strengthened in Q2, up 1.2%…
Read More
Breaking News

Nationwide House Price Index for June 2025 – Thoughts from the Industry

Nationwide House Price Index for June 2025 shows House prices fell by -0.8% between May and June of this year. On an annual basis, the average house price increased by 2.1% although this rate of growth had slowed from 3.5% the previous month. As a result, the average UK house price now sits at £271,619.…
Read More
Breaking News

Clarity still needed on key areas in Renters’ Rights Bill

Ahead of Report Stage of the Renters’ Rights Bill in the House of Lords later today, 1 July 2025, Propertymark is urging the UK Government and Peers to amendment Bill, so it is fit for purpose. There remain long-standing concerns about the capacity and capability of the Courts, with the time from claim to hearing…
Read More
Cozy Pet Cat Tree Grey
Breaking News

Pet deposits only option following UK Government U-turn on Renters’ Rights Bill

Ahead of Report Stage of the Renters’ Rights Bill in the House of Lords which kicks off later today, Tuesday 1 July 2025, Propertymark is urging Peers to support an amendment that would allow for an additional pet deposit now that the UK Government has tabled amendments to remove pet insurance requirements. Since the introduction…
Read More