EAs undervaluing to create bidding wars, then increasing the price on Rightmove AFTER selling!

Dusk1983

Properties in our area of London are selling for 60, 70 or even 100k over asking price and I’ve realized these properties are being deliberately undervalued by EAs to create a bidding war. No surprise then that agents are spending a lot of their time managing downvaluations, and are actively filtering out anyone without a large deposit who they believe will swallow the difference...

The new thing though is agents increasing the price on Rightmove AFTER the property is sold, so that it's closer to the final sold price, presumably in order to minimize downvaluation later on!

I don’t think this is illegal, but is there any level to which EAs will not stoop?

AdrianC

Advertised prices on RM aren't part of the valuation.
The valuation is based on the accepted offer, comparing to prices for completed sales as logged with the Land Registry, together with the valuer's perceptions of price trends.

Ad prices may be being changed to try to persuade future sellers that they can get good prices... Any sensible sellers would look at those same LR documented prices for completed sales.