'NI property sellers need to be realistic on price'

By Christine Farrell

A spokesman for the Royal Institution of Chartered Surveyors (RICS) has suggested that property vendors in Northern Ireland need to be more realistic when pricing their property if they want to secure a sale.

Samuel Dickey says vendors in Northern Ireland have "their own idea of value, which may not match what the market is prepared or able to pay". He says that activity in the property market will pick up if those property sellers have "more realistic expectations .. on prices".

There is often an inherent amount of 'bargaining room' factored into a house price when it is marketed, though some vendors do stick rigidly to their starting price and refuse to go under it. Various surveys suggest that properties on average sell for around 5 per cent under the asking price, but this obviously varies from one area to the other depending on the activity levels of the local property market.

If you are buying or selling a property in Northern Ireland, and require a conveyancing solicitor to handle the legal process for you, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.