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Estate agents cost sellers thousands

Estate agents cost sellers thousands

More than two out of five (41 per cent) home sellers in the past five years have had to settle for price cuts on their original valuation, according to Nottingham Building Society.

A poll of 1,009 adults in August showed one in 12 house sellers suffered a major price cut.

London home sellers beat the national trend – just 6 per cent of sellers in the capital over the past five years have faced price cuts compared with Yorkshire and Humberside where 56 per cent have had to accept less than they originally hoped for.

Around one in four (25 per cent) people who tried to sell during the past five years did not complete the deal, the study showed.

Su Snaith, head of estate agency at The Nottingham, said the research demonstrated how a lack of sound estate agency advice could cost homeowners thousands of pounds and highlights the variations in advice around the country.

She said: “Price is not all that matters when you are selling your house but it can be absolutely vital if you are relying on a certain price for your next purchase, which means realistic valuations are essential.

“The research emphasises the need for independent advice focusing on what is important for sellers at the start of the process and particularly so when so many are taking substantial price cuts.”

emma.hughes@ft.com