40% of estate agents think that a third of their properties are over priced

An astonishing poll of estate agents claims that 40% believe that property on their books is over-priced.

The claim has emerged in a poll of over 200 agents conducted by review site MeetMyAgent.

The poll was conducted between March 20 and 24 and claims to show that 38% of agents believe that more than 30% of their stock is over-priced.

 Almost all the agents quizzed – 93% – say that at least one tenth of the property on their books would benefit from a price reduction, and almost three-quarters (72%) of agents say that the main reason for sellers not lowering their prices is that they are happy to wait for the offer they want.

Three-quarters of agents are seeing more viewings than this time a year ago. However, pricing is a real sticking point, with 43% of agents saying that the gulf between what buyers will pay and what sellers will accept is the main reason for sales not being secured.

Low stock levels are a concern for 85% of agents, with the poll showing that 35% say their stock levels are 30% down on normal levels for this time of year.

Ashley Alexander, director of MeetMyAgent, said: “Although, encouragingly, there are plenty of buyers viewing properties, very few are actually committing to a purchase.

“The economic climate is doubtless playing a role in this, but so too is the fact that buyers still feel sellers are asking too much for their properties.