A competitively priced house can sell quickly, says expert

Despite the current economic climate, a house priced "competitively" could sell quickly, an expert in the property industry said today.

Michael O'Flynn is the content editor of FindaProperty.com and said compared to last year, home sales are taking 45 per cent more time to complete.

The market may be slower but those who price their house wisely could have a deal.

He said an adviser to the company recently priced a two-bedroom home competitively in a two-week marketing period. After 50 viewings and ten offers, the house sold for ten per cent more than its asking price and contracts were swapped in two days.

Recent statistics from Nationwide showed a 16.6 per cent drop recorded in January 2009 since the same month in 2008. The average house price was found to be £150,501.

Meanwhile, Hometrack also found this month that the average percentage of an asking price being obtained by sellers was 88.3 per cent, compared to 88.6 per cent at the end of last year.

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