Desperate Vendors Are Jumping Estate Agents to Shift Their Homes; PERSONAL FINANCE

Article excerpt

Desperate vendors are trying to increase their chances of selling success by switching estate agents.

According to the latest market analysis from primemove.com, up to 25 per cent of new instructions taken on by hard-pressed estate agents in recent weeks are likely to be 'second chancers' - homeowners who think a new agent can track down their elusive buyer.

Primemove.com is a property aggregator that brings together more than 1m homes for sale listed by major property portals.

It claims the number of homes on sale each month has dipped below 175,000 for the first time in four years - as low as 152,000 in April - against 250,000-plus new instructions recorded in April 2007 and May 2006.

Henry Pryor at Primemove.com says 'second chancers' don't necessarily cut asking prices.

"Some understandably come in at a corrected level, but others struggle to understand what has happened and are going with their new agent at a similar price," he says. …