(1888PressRelease)
June 21, 2007 - It is fair to say that the British housing market has changed in recent years. The advent of the internet has prompted more people to take the sale of their property into their own hands.
There is a rising trend - although still minor in terms of house sales as a whole - for sellers to bypass the services of estate agents and property brokers by conducting their transactions online.
In practical terms, this usually means using an online auction site such as eBay. Of the 15 per cent of people who choose to sell their property by recourse to means other than estate agents, nine per cent do so through such sites or through creating a one-off website of their own specifically for the sale of their property, according to data collected by Alliance & Leicester.
The bank also found that a number of people were simply making a For Sale sign themselves and placing it in a prominent position on their property. Four per cent of respondents to the survey had done this.
Some had even called in estate agents in order to get a valuation on the property, then told them they had changed their minds once they had obtained a figure to work with. Following the survey, Alliance & Leicester claims there is evidence that indicates DIY methods such as these can sell a property in less than two months - compared to three months via the standard estate agents route.
Stephen Leonard, director of mortgages at Alliance & Leicester, said: "Using an estate agent to sell your home is generally viewed as part and parcel of the moving process with many homeowners continuing to use them to sell their home. But the research suggests that DIY methods such as using the internet to sell a home are becoming more popular."
Noting that the poll had revealed more then 50 per cent of sellers relied on a valuation provided by just one estate agent, he commented: "It is very interesting to discover that more than half of house sellers rely on one estate agent alone to put a value on their home.
"This seems rather surprising given that when making other significant purchases, people will shop around and carefully look at what's on offer to get the best bargain. Similarly, in order to get a realistic valuation for their property, homeowners should be prepared to hunt around to ensure they get an accurate figure."
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