Homes Haven’t Lost A £100,000. The Asking Price Was Wrong.

There has been a lot of noise recently about property prices falling, with headlines claiming that £100,000 has been wiped from house values in some areas.

It sounds dramatic.

But in many cases, the truth is much simpler.

Those homes haven’t suddenly lost £100,000.

They were never worth the inflated asking price in the first place.

That might sound blunt, but it is one of the biggest issues in the property market today.

Asking price is not value

A home is not worth what the owner wants.

It is not worth what the neighbour thinks they achieved.

It is not worth what an agent says simply to win the instruction.

And it is definitely not worth what someone once might have paid during the height of the post-Covid boom.

A home is worth what a ready, willing and able buyer is prepared to pay - and complete on - in the current market.

That is the number that matters.

Not the asking price.

Not the “sold subject to contract” price.

The completed sale price.

The market was artificially inflated

For years, the market was fuelled by cheap debt.

Mortgage rates were low, buyers could borrow more, and sellers got used to prices that were supported by unusually strong affordability.

Then came the post-Covid boom.

Demand surged. Buyers wanted more space, better gardens, home offices and lifestyle moves. Houses were selling quickly, and in many cases, buyers were paying strong prices because money was cheap and confidence was high.

But that market has gone.

Today, borrowing costs are higher. Buyers are more cautious. Affordability is tighter. The monthly cost of owning the same home has changed significantly.

So when a house has to reduce by £50,000, £75,000 or £100,000, it does not always mean the property has crashed in value.

Often, it means the asking price has finally caught up with reality.

Overpricing is lazy agency

One of the worst things an estate agent can do is overvalue a property to win the instruction.

It is easy to tell a seller what they want to hear.

It is much harder to tell them the truth.

But overpricing is not harmless.

The property launches too high.

Viewings are weak.

Buyers hesitate.

Feedback becomes uncomfortable.

Weeks pass.

Then the agent has to go back and have the price reduction conversation they should have had on day one.

By that point, the property is already starting to look stale.

That is not good estate agency.

That is buying the listing.

Undervaluing is just as bad

The opposite is also true.

Some agents price too low because they want a quick sale and a fast commission.

That is just as poor.

A seller should not be pushed into underselling their home because an agent wants an easy transaction.

A good agent does not overprice to flatter the seller.

A good agent does not underprice to suit themselves.

A good agent gives honest, evidence-based advice and builds a strategy around the market as it actually is.

A properly marketed property is very difficult to undersell

I have always believed that a property which is properly and openly marketed is very difficult to undersell.

If a home is exposed properly - through the portals, the agent’s database, social media, local knowledge, good photography, proper follow-up and genuine buyer engagement - the market will respond.

If there is demand, buyers will find it.

If the price is sensible, interest will come.

If competition exists, the price will be driven.

The aim is not to be cheap.

The aim is to be compelling.

There is a big difference.

Sellers need honesty, not flattery

My advice to any seller is simple.

Do not choose the agent who gives you the highest valuation.

Choose the agent who can prove the number.

Ask them:

• What has actually sold?

• What did it complete for?

• How long did it take?

• What are we competing with right now?

• Who is the likely buyer?

• What is the pricing strategy?

• What happens if the market does not respond?

If an agent cannot answer those questions clearly, be careful.

A confident agent should be able to justify their advice with evidence, not ego.

Agents need to stop pricing for a market that no longer exists

This is the uncomfortable truth for the industry.

Too many agents are still pricing homes as though it is 2021 or 2022.

It is not.

The market has changed.

Buyer behaviour has changed.

Affordability has changed.

Confidence has changed.

The agents who will do well in this market are not the ones who simply chase instructions by saying the biggest number.

They are the ones who give proper advice, have honest conversations early, understand buyer psychology and know how to price strategically.

That is what sellers need.

That is what the industry needs more of.

Why this matters to my mentoring work

This is exactly why I now work with estate agents and agency owners through my mentoring and consultancy.

Pricing is not just a valuation issue.

It affects the whole business.

It affects:

• Instruction quality

• Conversion rates

• Fee strength

• Time on market

• Sales progression

• Fall-through risk

• Vendor relationships

• Team confidence

• Brand reputation

• Profitability

If your agency gets pricing wrong, everything becomes harder.

If your agency gets pricing right, everything improves.

You get better instructions.

You have better conversations.

You protect your fee.

You build more trust.

You sell more homes.

And you stop wasting months trying to correct a mistake that should never have been made in the first place.

Better agents build better businesses

Good agency is not about telling people what they want to hear.

It is not about long tie-in periods.

It is not about getting the board up and hoping to reduce the price later.

It is about giving proper advice from day one.

Honest pricing.

Clear strategy.

Strong communication.

Better standards.

That is where agents win.

That is where sellers benefit.

And that is where agency businesses become stronger.

Work with me

I work with estate agents and agency owners who want to improve their valuation strategy, pricing conversations, fee confidence and overall business performance.

If you are tired of chasing listings, defending weak fees or watching stock sit on the market because the advice was not strong enough at the start, this is exactly where I can help.

My mentoring and consultancy is built around practical, honest, real-world estate agency advice.

No theory.

No fluff.

Just the stuff that actually moves an agency forward.

If this resonates, get in touch.

Let’s make your agency sharper, stronger and more profitable.

Homes Haven’t Lost £100,000. The Asking Price Was Wrong. - Dominic Murphy - Estate Agency Mentor and Property Consultant