Updated: September 2023
Feeling the pinch of the property slowdown?
You’re among the 40% of UK homeowners in 2023 asking, ‘Why is my house not selling quickly?’ But fear not, for every challenge in today’s housing market, there’s a solution waiting to be uncovered
Choosing the right estate agent is akin to selecting a trusted partner for one of the most significant financial transactions of your life. Your estate agent is not just a middleman but a guide, advisor, and negotiator. Here’s why this choice is so crucial:
Expertise Matters: A seasoned estate agent understands the intricacies of the local market, from pricing strategies to buyer preferences. Their experience can be all the difference between a house that sells within weeks and one that lingers for months.
Marketing Skills: In a digital age, how your property is presented online can make or break a sale. The right agent will have a comprehensive marketing plan, encompassing high-quality photographs, compelling property descriptions, and effective online listings.
Negotiation Skills: An adept estate agent can negotiate terms that not only ensure a fair price but also address other crucial aspects like move-in dates, contingencies, and repairs.
Network: A well-connected agent can tap into a network of potential buyers, other agents, property portals, and industry professionals, increasing the visibility of your property.
Pitfalls of a Poor Choice:
Selecting the wrong estate agent can lead to a series of challenges:
Overpricing: An agent lacking market knowledge might suggest an inflated price, deterring potential buyers.
Inadequate Marketing: Poor online listings, lackluster photographs, and ineffective advertising can reduce your property’s appeal.
Lack of Communication: An unresponsive agent can leave you in the dark, causing unnecessary stress and uncertainty.
Action Step: Sign up with at least 2 agents; a great way to find a good estate agent is to ask friends or family members who have already sold their homes for a recommendation.
After you’ve found one, if you still need them to prove themselves, you could get a friend to call the agents and pose as a potential buyer. Get your friend to describe your own property to the estate agent. If they mention your property, you can at least be sure they are doing their job – if not, it’s time to switch estate agents! If you’re on a budget, ensure that the estate agent fees are within what you are able to afford.
Ultimately, if you do your research, you should be able to find the right estate agent for you.
You can always check out a house buying company if you’re looking for an alternative. However, be sure to check out their we buy any home reviews before choosing one (assuming the offer meets your needs).
If you are getting zero to no viewings on your house – this is probably why. Your first task is to check every place you have your property listed (both online and offline) and see if the photos are up to scratch.
Just put yourself in the position of a prospective buyer and think:
‘”If I was interested in a property and saw these photos, would I want to pursue it further?”
You will get an instant feeling of whether they are good enough or not.
Action Step: If you feel you need to improve your photos, some things you can do before taking new ones to include:
If, for some reason, you are still unsure, ask family and friends for a second opinion!
Setting the right price for your home is both an art and a science. In the 2023 UK property market, where fluctuations are more the rule than the exception, pricing can be the linchpin of a successful sale. Let’s explore the challenges and strategies associated with this crucial step:
Understanding the Market: The property market isn’t static. It’s influenced by economic factors, interest rates, political events, and even seasonal changes. A house that’s priced based on last year’s market conditions might not resonate with today’s prospective buyers.
Avoiding Overpricing: It’s natural to have an emotional attachment to your home and believe it’s worth more than similar properties in the area. However, an overpriced home can deter potential buyers, leading to longer listing durations and, often, eventual price reductions.
The Risks of Underpricing: While underpricing might attract more buyers initially, it can also lead to a perception that something is wrong with the property. Plus, you might end up leaving money on the table.
Competitive Analysis: It’s essential to look at comparable homes in your area – those that have recently sold, are currently on the market, or were listed but didn’t sell. This comparative market analysis gives a realistic picture of what buyers are willing to pay.
The Importance of First Impressions: In the property market, the first 30 days are crucial. If a house is priced too high initially, it might not get the attention it deserves. Even if the price is lowered later, the property might have lost its initial appeal to potential buyers.
Strategies for Effective Pricing:
Seek Expert Advice: An experienced estate agent can provide insights into the local market, selling process and helping set a competitive price.
Stay Updated: Regularly review market trends and adjust the price if necessary.
Consider Professional Valuation: A property valuation by a professional can offer an unbiased view of your home’s worth.
Action Step: How do I find the right price for my house? Your estate agent will help here, but if you disapprove of their valuation, you can do your own online research and then take it from there. First, check out properties on websites like Rightmove and look for similar properties in your area. After this, check how much they are on the market or how much they have sold for. This will give you a good idea of how much you can expect on your own.
If your home is in poor condition and doesn’t look appealing, it probably won’t sell, and it’s as simple as that. Get your home looking as good as possible before putting it on the open market.
Action Step: Look at every room in your home through the eyes of a potential buyer. If any repairs need doing, get them done. If a room needs a fresh lick of paint, do it before you book any viewings. Also, clean hard-to-reach areas, such as behind the cupboards or under the fridge, as most buyers these days tend to check everything!
There will always be competition when you are looking to sell your home; you have to make your home stand out and not be like 90% of the other properties on the market. You should aim to be in that 10% of top properties in your pricing bracket to get your property the attention it deserves.
In the digital age, the way you advertise your property can make a significant difference in how quickly it sells and at what price. With numerous platforms and strategies available, understanding the role of advertising in the property market is crucial. Let’s delve into its importance and the platforms to consider:
Reaching the Right Audience: Effective advertising ensures that your property reaches its target audience – those actively looking to buy a home in your area and price range. It’s not just about casting a wide net but about reaching the right people.
Digital vs. Traditional: While traditional advertising methods like newspaper listings and open houses still have their place, digital advertising on property websites, social media, and email campaigns can offer a broader reach and more targeted approach.
High-Quality Visuals: In online listings, pictures speak louder than words. Professional photographs, virtual tours, and even drone footage can give potential buyers a comprehensive view of your property, enticing them to learn more.
Engaging Descriptions: Beyond visuals, a compelling property description can paint a picture of life in the home, highlighting unique features and selling points.
Platforms to Consider:
Property Websites: Platforms like Rightmove, Zoopla, and OnTheMarket are go-to places for online property portals for many UK homebuyers. Listing here ensures visibility to a vast audience who search online.
Social Media: Platforms like Facebook, Instagram, and even LinkedIn allow targeted advertising, reaching potential buyers based on location, interests, and more.
Local Advertising: Community websites, local newspapers, and even community boards can be effective, especially for properties in tight-knit communities.
Email Campaigns: For those with a list of potential buyers or working with estate agents with such lists, targeted email campaigns can be highly effective.
Feedback and Analytics: Digital advertising platforms offer insights into how many people view your listing, click on it, and more. This feedback can be invaluable in tweaking your advertising strategy for better results.
Action Step: Make sure your property is at the very least being advertised on Rightmove and your own estate agent’s website/inside the office. To take it a step further, you can advertise your property on other big property websites such as Zoopla and Onthemarket.
Furthermore, you can do some advertising yourself by promoting your house sale yourself on social media platforms like Facebook as well as some offline advertising. For example, you could try printing out flyers promoting your property’s sale and having them distributed or advertised in local stores or newspapers.
There are times during the year when house purchases slow down, so it makes sense not to sell your house during this time; for example, fewer people tend to sell during the winter. At the same time, there are periods during the year dubbed ‘the best time to sell a house‘, so it can make sense to sell during that particular period because it is the most popular time when homeowners tend to put their property on the market.
Action Step: Consult your estate agent beforehand and ask them when the best time to list your property is.
If the market is generally slow because of other factors, you may want to hold out with the sale of your property entirely until things start to pick up again.
What is Kerb appeal? Kerb appeal in the context of property selling is how attractive it looks from the outside or when viewed from the street.
The old saying, ‘first impressions matter‘ couldn’t make more sense when discussing curb appeal. Unfortunately, homeowners often focus all their energy on beautifying the inside of their home and forget that the first thing a potential buyer will see is the exterior, including the garden and exterior walls.
If the kerb appeal is not up to scratch, you as a seller will be on the back foot from the get-go because the person you’re trying to sell your house to already has a negative image of your house before they even set foot inside your property!
Action Step: Some easy things you can do to create & improve on kerb appeal include:
It’s important homeowners work on improving kerb appeal to boost their chances of a house sale.
When a prospect visits your home, they’re not looking to keep things as they are. Instead, they will look at your home as a blank canvas where they can input their own styles and designs to make the house their own. It’s one of the many reasons why renovation experts paint any homes they intend to sell in neutral colours – It makes it easier for potential buyers to envision what their own home could look like.
Action Step: Before you start letting people view your home try to put away as many personal belongings as possible. This includes things like children’s toys, private photos & religious items.
The UK property market has always been a dynamic entity, evolving with economic shifts, political decisions, and societal trends. As we navigate through 2023, understanding the current state of the market is paramount for homeowners looking to sell. Let’s delve into the present landscape and its implications for house sales.
Economic Influences: The UK’s economic health directly impacts the property market. Factors such as employment rates, inflation, and general economic confidence play a role in determining buyer sentiment. A robust economy often translates to a buoyant property market, while economic downturns can lead to caution and hesitancy among buyers.
Interest Rates & Mortgage Availability: The Bank of England’s decisions on interest rates can influence the affordability of mortgages. Lower interest rates typically encourage buying, as mortgage repayments become more affordable. Conversely, higher rates can dampen buyer enthusiasm.
Political Climate: From Brexit to housing policies, political decisions in the UK have historically influenced the property market. Stability and clear housing policies can foster confidence, while uncertainty can lead to a wait-and-see approach among potential buyers.
Regional Variations: While London has traditionally been the epicentre of the UK property market, other regions, such as the North West and Midlands, have seen growth spurts. Recognising regional trends and hotspots can be crucial for sellers.
Technological Advancements: The rise of virtual viewings, online estate agents, and digital platforms has revolutionised the way properties are bought and sold. Sellers need to be attuned to these changes to ensure they’re leveraging all available tools.
Societal Trends: The aftermath of the COVID-19 pandemic saw a shift in buyer preferences, with many prioritising larger spaces and proximity to green areas over city-centre locations. Understanding such shifts can help sellers position their properties more effectively.
The 8 reasons and solutions we’ve provided above will more than likely give your property a better chance of being sold, so we highly recommend trying to implement some of them.
If that wasn’t enough, our experts have also put together a list of things you can do to sell your home and boost the chances of a sale. With this, you will not only know the reasons why your house or home is struggling to sell but also some things you can add to increase the likelihood of a sale! Let’s look at some of them below.
Every homeowner eagerly anticipates the moment when they receive that promising offer for their property. But what if days turn into weeks, and weeks into months, with no serious offers in sight? Understanding when it’s time to raise an eyebrow and reassess your strategy is crucial in the dynamic UK property market of 2023.
Action Step: If you’ve identified that there’s genuine cause for concern regarding the sale of your property, it’s not a time for despair but for action. Consider seeking feedback, adjusting your advertising strategy, revisiting your pricing, or even making small home improvements to enhance its appeal.
Navigating the UK property market in 2023 requires a blend of strategy, adaptability, and awareness. As homeowners, understanding the nuances of the market and proactively addressing potential roadblocks can significantly enhance the chances of a successful sale. Here are the key takeaways from this comprehensive guide:
Estate Agent Selection: Your choice of estate agent can make or break the sale. Ensure they have the expertise, marketing skills, and a strong network to showcase your property effectively.
Presentation Matters: High-quality photos, effective lighting, and a decluttered space can significantly boost your property’s appeal to potential buyers.
Pricing Strategy: Stay informed about the current market trends and be ready to adjust your property’s price based on feedback and comparative analysis.
Advertising Reach: Utilize both digital and traditional platforms to ensure your property reaches its target audience. Regularly review and adjust your strategy based on feedback.
Market Awareness: Stay updated on the broader trends in the UK property market, from economic influences to regional variations, to make informed decisions.
Timeliness: Recognize when it’s time to be concerned about your property not selling and take proactive steps to address potential issues.
In conclusion, while challenges in the property sales market are inevitable, they are not insurmountable. With the right approach, tools, and mindset, you can navigate these challenges and achieve a successful sale.