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A new survey has found that homeowners are dramatically wrong in their estimation of their own property value. It revealed that despite huge price falls, the average homeowner believes their property is now only worth £1,233 less than it was three years ago?.

In reality, the published data reflects a different picture. According to the Nationwide?, house prices have fallen by a record rate of 14.6 per cent and the average UK home is worth £158,872 – nearly £30,000 less than a year ago but to put this into context, the figure is almost £30,000 more than five years ago.

So what will become of the homeowners who believe they know better than their local estate agent?

Nick Wright, WOW Property Sales Director comments: “The decline of the property market and falling house prices has been front page news for a long time. However, we are still talking to sellers who are striving to achieve the high prices at the peak of the market a year ago. Inevitably if they don’t listen now and heed the advice to ‘price sensibly’ these homeowners are facing the prospect of losing thousands of pounds the longer they wait.”

Recently WOW Property has taken on several properties from sellers who have had to endure the painful process of reducing their price, far below their initial expectation, in order to sell their property. This is illustrated by a recent ‘real’ example below:

In September 2007, a five bedroom family home in London came to the market at £650,000. After three months the property had not been sold and the seller withdrew from the market. Five months later in May 2008, a different estate agent took the property on at the same price and again was not sold. In September, WOW won the instruction and instantly advised the seller that the property was incorrectly priced - based on market comparables the appropriate price for the current market was £599,950. The property was subsequently sold at £560,000.

Nick Wright comments: “WOW saved the seller £10,341 in fees? which is a small consolation in the overall scheme of things but we are a straight talking estate agent and price properties to sell now. It’s up to the seller if they want to listen and our track record shows that when they do we will sell their home.”

Customers are able to contact the sales team on 0845 0000 999 or via the website www.wowproperty.co.uk for further information.

For further information about WOW Property, please contact Annie Buchanan via email annie@wowproperty.co.uk or mobile 07876 654322.

Notes to Editors

WOW Property employs over 200 professionally trained estate agents with expert local knowledge throughout England and Wales. WOW sells properties in 57? days in the current economic climate and also offers a growing and comprehensive portfolio of properties for sale.

Like a traditional high street estate agent, WOW will provide an expert local valuation, prepare professional sales particulars, advertises on ALL the top UK property websites and offers accompanied viewings. No other nationwide estate agent provides a fully comprehensive marketing service at a fixed fee of £999 excluding VAT on a no sale, no fee basis.

In addition to the expert local agent, sellers will benefit from a dedicated account team who will manage every aspect of the sale from one super branch. The process begins from marketing of the property, arranging viewings, negotiating offers and co-ordinating the smooth progression of the sale with all parties through to completion. Implementing a business model with low overheads enables WOW to keep its cost to a minimum and pass on the savings to its valued customers.


Sources:

- Survey results: Impartial.co.uk issued November 2008

- Nationwide statistics

- The fee saving is based on the average high street estate agent fee of 1.75% + VAT.

- The average time taken to agree a sale on all of WOW's sold properties is currently averaging 57 days over the last three months

This press release was distributed by ResponseSource Press Release Wire on behalf of WOW Property in the following categories: Home & Garden, Construction & Property, for more information visit https://pressreleasewire.responsesource.com/about.