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@handtightenonly
Fuxtons ALWAYS overvalue their instructions by between 10-20%, but if it's been on at this price with another agent, it's because the owners clearly had all and sundry through the door for valuations and forced the other agent to market it at the price that Fuckwits came in with. The simple explanation for this is that the vast majority of London agents charge between 1.5-2%, whereas Foxtons charge a minimum of 2.5%. In Foxtons' defence, they have an incredible marketing machine which they have to pay for...
They do this for two reason: 1) to appeal to the money-grabbing side of the vender and 2) in order to actually get the instruction itself.
Their issue (and they invariably ALWAYS come unstuck) is that because purchasers are super savvy these days, they know when something is too much. The problem they then have is that when the viewings dry up and the vendor asks them what's happened, they always push for a price reduction. This generally puts them in line with the rest of the neighbouring or similar property.