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Forget About The Price Tag

26.11.21

With such an imbalance of supply and demand in the property market, we’re in the midst of the “best sellers’ market we’ve seen in decades,” according to OnTheMarket CEO Jason Tebb. The firm’s most recent data shows that 56% of the properties listed with it sold (subject to contract) within 30 days of being advertised on the platform. Back in October 2020, that figure stood at 43%. Meanwhile, 78% of sellers are confident that they will sell their property within the next three months.

For buyers, this isn’t such great news. Sellers can be picky over who they sell to, prioritising buyers with no chain or who can pay cash. There’s also the temptation to over-price their homes and research by MoveStreets has shown that this is precisely what is happening. The company found that sellers in London are listing their homes on the major property portals at an average of 41% above what they are actually selling for, with an average asking price of £833,994, compared to an average selling price of £494,673.

This over-pricing is occurring across the UK, with an average reality gap of 13%, London being the worst-affected area.

Saurabh Saxena, Founder of houzen comments: “Over-pricing of this nature puts buyers in a difficult position. With such strong demand for homes, and so few on the market, it’s easy for buyers to feel awkward about debating what a property is actually worth. That’s why we’ve taken emotion out of the valuation process in our cutting-edge AI valuation tool.”

Fast-growing proptech firm houzen is known for its unique blend of machine learning and human expertise. When it comes to property prices, the company’s new AI valuation tool provides a much more specific valuation than a human would.

At the Ambassador Building in London’s Nine Elms, for example, houzen suggests a predicted value of £829,979, compared to a list price of £899,950 for the stunning two-bedroom, two-bathroom apartments with on-site indoor pool, outdoor spa pool, gym, cinema and concierge (as accessed on 15 November 2021 – the valuation may change with time).

Aimed at property investors in the UK and overseas, houzen’s tech-focused service has seen the firm grow rapidly, with institutional investors and those focusing on the Build to Rent sector also enjoying the opportunity to save money during the purchase process.

https://deals.houzen.co.uk/ai-valuation

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