What asking price should you go for? How to find the price that helps to get your property sold

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Knowing what price to ask for your property can be a daunting task - if you set it too high then you risk alienating potential buyers, while if you set it too low you risk losing out on some financial gains. 

Thankfully, there are some steps you take to ensure that you avoid some of the common pitfalls of choosing the wrong figure.

We asked some leading estate agents - with decades of experience between them - what advice they would give to people seeking to achieve the right price for their home.

Good prospects: Be realistic about the price you might get, estate agents suggest

Jeremy Leaf, north London estate agent and a former RICS residential chairman, said: 'The obvious reason why a property fails to sell is that the asking price is too high. But before you address this, consider potential other issues. How is the presentation? 

'What are the photographs like? Are you listening to feedback from buyers and your agent? Is it being marketed in the right places? If all else fails, then you might look at the price and consider whether it needs reducing.'

He continued: 'The price tends to be too high when owner greed comes into play. Sellers should get at least three quotes and appraisals from agents who have knowledge and experience of selling your type of property. Then the sensible vendor will take an average, or go for the middle quote.

'Often the biggest blight on a property is when it has lingered on the market for too long as it goes stale. Getting the price right from the start is really important. Don't let yourself be flattered or too tempted by an agent desperate for the business. They should have stats to back up what they are saying as buyers will obviously compare your property with others.'

Most agents agree that it is important to be realistic about the asking price from the outset.

Andrew Perratt, of estate agents Savills, said: 'Sellers tend to price slightly higher than they expect buyers to want to pay, in the expectation that they will be knocked down slightly. 

'It can be counter intuitive to set an asking price slightly lower than similar properties in the market, but that can result in competitive bidding. In the current market it's important to be realistic, so researching what has sold recently and what is for sale in your neighbourhood is key.'

The comments comes as research identifies the places where homeowners are most likely to have to accept a lower price than they were anticipating to sell their home have been revealed.

It claimed that 41 per cent of 1,009 people who have sold a home in the past five years received 'slightly less' money than they were hoping for.

The findings by The Nottingham - which offers building society and estate agency services - also claimed that around one in 12 people selling their home had to settle for a 'considerably lower price' than they had originally hoped for.

Home sellers in London beat the national trend, with only 6% accepting a price reduction

The research revealed regional differences, ranging from just 6 per cent of homeowners taking a price reduction compared to as much as 57 per cent in other areas.

Home sellers in London easily beat the national trend, with only 6 per cent having to accept a price reduction.

A total of 57 per cent of those trying to sell a home in Yorkshire and Humberside ended up with less than they had expected.

The study also found that one in four people who have tried to sell their home during the past five years did not complete the deal. 

Su Snaith, head of estate agency at The Nottingham, 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.'