The price must be right if you want to sell your London property, estate agents have warned.
Crayson's latest report reveals that the prime market in the UK capital is performing well, with sales up 17 per cent in the traditional locations of Notting Hill, Holland Park and Kensington.
Indeed, demand is focused on those areas, with apartments particularly providing popular. Sales of apartments have jumped 32 per cent year-on-year, out performing those of homes, which have dropped 21 per cent.
Buyers are willing to part with more cash to snap up a prime pad, spending an average of Â£157.5 million per month - 27 per cent more than the same time last year. Despite that, though, the agents say that the most successful property sales are the ones that avoid unrealistic prices.
A quarter of the most prolific agents have reduced the prices of more than a third of their stock to secure sales.
"Put simply, vendors who achieve the best price for their property do so by bringing their home to market at the right price, creating early interest amongst buyers," says managing director Nick Crayson.
"Properties that are launched at an unrealistically high price are missing out on crucial selling opportunities in the early stages of marketing."
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