2,856 Binfield Homeowners Let Down: The Silent Scandal of Estate Agents Overvaluing
If you have ever thought about selling your Binfield home, chances are you have been tempted to push the asking price a little higher than advised. After all, it’s your biggest tax free asset.
2,856 Binfield Homeowners Let Down: The Silent Scandal of Estate Agents Overvaluing
If you have ever thought about selling your Binfield home, chances are you have been tempted to push the asking price a little higher than advised. After all, it’s your biggest tax free asset. A few extra thousand on the asking price of your Binfield home sounds like a smart move, doesn’t it?
But here’s the rub: in property, chasing too much can often mean getting nothing at all.
Since the start of 2020, over 2,856 homes, listed for sale in Binfield were withdrawn from the market unsold. And while some may blame timing or market conditions, in many cases the underlying problem is much simpler, the asking price was too high from the outset.
Let us explore how this has unfolded, why it’s happening, and most importantly, what you can do as a Binfield homeowner to avoid falling into the same trap.
The Temptation to Overprice and Why it Backfires
When estate agents come round to pitch for your business, it’s not uncommon to hear different figures. One might suggest £485,000. Another £500,000. Then someone walks in and says £550,000, no hesitation, no caveats.
It’s flattering. It’s exciting. And it’s often a trap.
Some agents know exactly what figure will win your instruction, even if it has little grounding in what the market will pay. They don’t need to sell the home straight away they just need it on the books.
Once it’s listed onto the market, often tying in the homeowner to a sole agency contract for 20 or even 26 weeks, they can work on reducing the price over time. Meanwhile, your ideal buyer may have dismissed it from the get-go as overpriced.
The Binfield Numbers Don’t Lie
Let’s look at the hard data for the RG42 postcode district. Of the homes that left Binfield estate agents’ books, what percentage of them withdrew from the market without selling?
2020
- Of the 1,103 Binfield homes that came off agent's books:
- 542 of them sold & exchanged contracts (i.e. the homeowners moved),
- and the remaining 561 of them didn’t sell (i.e. 50.9% failed to move home).
2021
- Of the 1,153 Binfield homes that came off agent's books:
- 643 of them sold & exchanged contracts,
- and the remaining 510 of them didn’t sell (i.e. 44.2% failed to move home).
2022
- Of the 991 Binfield homes that came off agent's books:
- 576 of them sold & exchanged contracts,
- and the remaining 415 of them didn’t sell (i.e. 41.9% failed to move home).
2023
- Of the 1,008 Binfield homes that came off agent's books:
- 501 of them sold & exchanged contracts,
- and the remaining 507 of them didn’t sell (i.e. 50.3% failed to move home).
2024
- Of the 1,184 Binfield homes that came off agent's books:
- 541 of them sold & exchanged contracts,
- and the remaining 643 of them didn’t sell (i.e. 54.3% failed to move home).
2025 YTD
- Of the 481 Binfield homes that came off agent's books:
- 261 of them sold & exchanged contracts,
- and the remaining 220 of them didn’t sell (i.e. 45.7% failed to move home).
In total, that’s 2,856 homes in Binfield since January 2020 that came to market yet never sold. Most of those were overvalued and withdrawn in frustration. Nearly all were likely overpriced in comparison to what buyers were willing to pay at the time.
This is not a coincidence. It’s a pattern.
The Real Consequences of Overvaluing
Overpricing doesn’t just delay a sale, it can wreck it completely.
Binfield properties that sit on the market too long become “stale”. Buyers start asking questions. Why hasn’t it sold? What’s wrong with it? Are there problems with the neighbours? Is there a structural issue?
Even when the price is eventually reduced to a realistic level, the damage is done. It now competes with fresher listings that appear more desirable, even if yours is the better home.
And here’s the painful truth: in many cases, many Binfield homes that were originally overpriced end up selling for less than if they had been marketed correctly in the first place.
The Risk of a Sale Falling Through
Let’s say you do get a buyer eventually for your Binfield home after dropping your asking price after three or four months.
Did you know that how long it takes to find a buyer can directly affect your chances of moving home?
According to independent data from Denton House Research and TwentyEA:
Homes that go under offer (i.e. sale agreed) within 25 days of coming onto the market have a 94% success rate of subsequently exchanging contracts & completing (i.e. move home).
Homes that sit on the market for over 100 days before agreeing a sale, the success rate of that sale agreed home subsequently getting to exchange & completion (i.e. move home) drops to 56%.
If that doesn’t scream “price it right from the start”, I don’t know what does.
Why Do Binfield Estate Agents Still Overvalue?
If overvaluing causes so many issues, why do some agents keep doing it?
Simple: pressure. Some corporate and larger estate agencies measure success not by what they sell, but by how many homes they put onto the market. There are even some estate agency models where staff are bonused just for signing someone up to list their home for sale, regardless of the outcome.
When that’s the goal, accuracy takes a back seat. Telling sellers what they want to hear becomes more profitable to their commission cheque, than telling them the truth.
This “listing at all costs” culture has created a false economy. Homes get listed high, then chipped down over months, often ending in failure. Meanwhile, the agent has fulfilled their quota, and the homeowner is left disappointed.
Four Ways to Avoid the Overpricing Trap
So how do you protect yourself as a Binfield homeowner?
1. Get more than one opinion
Don’t rely on a single valuation. Invite two or three Binfield agents round, and if one quote seems suspiciously high, ask for evidence. Ask what percentage of the homes they list, do the homeowners subsequently move home (i.e. sell, exchange & complete).
2. Do your homework
Look at what Binfield homes similar to yours have sold for recently, not what they are listed at now. Portals like Rightmove, Zoopla, and OnTheMarket let you check “sold subject to contract” properties. Over the past two years, the average sale price agreed has consistently ranged between 98.7% and 99.1% of the asking price at the time the offer was accepted (not the original asking price). This highlights how realistic pricing draws in committed buyers.
3. Understand Binfield market trends
Prices rose rapidly in 2021 and early 2022, but we’re not in that climate anymore. Don’t base your expectations on a market that no longer exists.
If you're considering selling, take a moment to check the property portals for homes like yours in your area. Compare how many are currently for sale versus how many are marked as ‘Sold Subject to Contract’ as this ratio reveals the market’s direction. If over 40% are Sold STC, it’s a sellers’ market. If it drops below 30%, buyers hold the upper hand. Also, follow my Binfield property blog for weekly updates on our local property market.
4. Choose a Binfield estate agent with integrity
A good estate agent will back up their valuation with evidence. They will explain their reasoning, and focus on the end result, a completed sale, not just listing the property. Also, be aware of agents that sign you up for long sole agency agreements of 20 even 26 weeks.
Don’t Fall for the Fantasy Asking Price of your Binfield Home
Overvaluing may feel like a harmless gamble. It’s not. It’s the quickest way to burn time, lose buyers, and even end up with less than if you’d priced realistically from the start.
The Binfield property market has spoken: thousands of homes have failed to sell in the last 5 years, not because of lack of demand, but because they were priced out of it. This isn’t about doom mongering, it’s about telling the truth, so Binfield home sellers have a fighting chance of success.
Whether you're upsizing, downsizing or relocating entirely, make sure you get the advice you need, not just the advice you want to hear.
Final Thoughts for Binfield Homeowners
You only get one chance to make a first impression in the property market. Price it right and you attract serious buyers quickly. Get it wrong and your property can linger, lose appeal, and eventually fall by the wayside.
2,856 Binfield homeowners have experienced that frustration since 2020. Don’t become the next statistic.
If you're thinking about moving and want an honest, evidence backed opinion on your Binfield home's value, with no fluff, no pressure and no nonsense, I’d be delighted to help.