(I dont know if this is old news.. but it is new news to me! as I have just put my house up for sale and its now listed on right move.)
So Rightmove for the benefit of its users slaps the price that your bought your house for originally right next to the price you have it up for now! Yeah good one Rightmove, a real kick in the teeth for property developers and even just normal people just trying to sell their home. Plus psychologically placing the old house price right next to the new one like this surely could make people look at the old house price as the price they should be aiming to buy for.
This is exactly why I dont like dominant mega website like Rightmove, this feature where Rightmove scrape housing records and display the old price that it was bought for on the listing is really bad for sellers….and I am astonished that they are getting away with this. It isn’t like you can boycott being listed on Rightmove too because just like all monopolies everyone uses them and if your not listed then it is pretty darn hard for people to find out that your site is up for sale!
This really puts those selling their home on a back foot as well as those who buy new homes and want to sell the house again later on for whatever reason (for instance you lose your job and need the to down size). Before things were simple, you would put your house up on the market and people would use the asking price and other properties on the market to judge how much they are willing to pay .. now though people will use the prices that the property sold for last to make their decision and if your house is up for sale for a lot more than you bought it for then chances are your going to have a tough time convincing people! Though I guess DIY, home improvements and by making your home special and unique does help but those who have bought a already done up new house will have a tougher time than those who bought a run down cheap one!
Update: Something else to consider that I have just thought about, is that it may help buyers initially but when it comes to their turn to sell the house they will get the exact same thing, so nobody really wins at the end of the day only Rightmove.