Right now, we’re in one of the strangest markets I’ve seen in years.
Everyone’s nervous. Sellers are still anchored to the peak prices their neighbours achieved in 2021. Buyers are haunted by stories of friends who overpaid during the pandemic frenzy and are now watching their equity evaporate.
Mortgage rates remain high, building costs are brutal, and deal volumes are thin. So when a property is launched, the number attached to it often says less about what it’s worth and more about who’s trying to steer the process — and how.
Let me tell you something most buyers get wrong: the asking price isn’t sacred. It’s not even necessarily serious. It’s often a tactic — a decoy — and if you take it at face value, you’re playing someone else’s game.
Some sellers are still living in fantasy land. Others — particularly probate sales or landlords exiting — are pricing low to whip up a bidding war. The job of a buyer today is to work out which camp you’re in front of — fast.
Nina Harrison
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How to spot a property priced too low
Let’s start with the classic trap: auction bait. This is when a property is priced temptingly low to stir up competition. You spot it on Rightmove, think it’s a steal, and so do 20 others.
Viewings are crammed into a few days, the agent’s phone doesn’t stop ringing, and before you know it, you’re in a best-and-final shootout.
You can usually spot these. The price feels off — well below recent local sales.
The listing’s been live for all of 48 hours, and already the agent’s talking deadlines.
You’ll hear phrases like “offers invited” or “priced to sell” — which roughly translates to “we’re expecting fireworks”.
Vanity pricing – don’t pay over the odds
On the other end of the scale is vanity pricing. This is when a seller insists their home is worth what their neighbour got during the frenzy or wants to recoup every penny they spent on a new kitchen.
These homes often linger. They bounce between agents, get relisted with new photos, and eventually trickle down in price — slowly, painfully, and usually too late.
But here’s the key thing: a long listing isn’t always a bad listing. Some of the best buys I’ve secured for clients have come from homes that appeared stale but weren’t.
Often, they’ve gone under offer once already, but the deal collapsed.
Rightmove still shows the original listing date, so it looks like it’s been sitting. In reality, it might be back on and priced more sensibly, with a seller who’s now ready to be realistic.
This is why understanding why something is priced the way it is — and how long it’s really been on the market — matters more than just the number itself.
Don’t assume everything is overpriced
In this kind of market, plenty of agents are skipping the flattery when they meet sellers. They’re walking in and telling them straight: if you want viewings, you need to price competitively from the start. That’s a big shift.
Risking the instruction is better than chasing a falling price with a furious seller blaming them for lack of offers.
Buyers, on the other hand, have their own script: walk in, scoff at the price, and declare the seller delusional. Then a week later I ring the agent and — guess what — it’s gone.
I always take that as a good sign. It means the market’s still moving. Buyers just need to stop assuming everything is overpriced.
That’s the nuance: yes, the asking price is often a tactic. But if it’s a fair one — supported by recent sales, interest from other buyers, or realistic expectations — then paying near asking isn’t a disaster. It’s just how normal, healthy property markets work.
The fantasy where you offer 20 per cent off and it quadruples in value doesn’t exist anymore — and probably never really did.
Clients often ask me to justify a property’s price with sold data. The problem is, there often isn’t any. Land Registry figures lag months behind. Most of what’s on Rightmove is out of date.
Agents hold recent deals close to their chest — unless something went over asking, in which case they’ll shout it from the rooftops. I’ll have an honest chat about other sales I know of, but I’m not about to start teaching agents how to do their job.
And here’s something counterintuitive: I try to keep things warm with the agent and empathetic toward the seller.
That doesn’t mean going soft. But if the seller’s going through a divorce, probate, or simply struggling to let go of a beloved home, being kind gets you further than being combative.
Agents will push a buyer who makes their life easier. And in a market where everyone’s tired and stressed — that can be a big advantage.
When to go in strong, and when to negotiate
If the price is low and the atmosphere is hot, don’t waste time going in cheeky. Go in clean, clear and confident — mortgage agreed, solicitor ready.
But if it’s been sitting for a while, or the price has quietly dropped, that’s when you build a case. Mention local sales, cost of updating, cost of borrowing. Make your offer sound considered and fair — not desperate or opportunistic.
The asking price isn’t a rule. It’s a starting point. Your job is to decide whether it’s a signal of confidence or a cry for attention — and act accordingly.
Nina Harrison is a buying agent at Haringtons UK
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