Thu 26 Jul 2018
Rightmove's July House Price Index indicates an increase in the number of properties coming to the market (8.6% compared to this time last year) but no corresponding increase of buyers which means sellers need to work harder on price, presentation and promotion of their properties to attract buyers.
The report also highlights the proportion of sellers already on the market that are reducing their asking prices is the highest at this time of year since 2011, indicating initial optimism on price.
Aidan Reed, industry expert and consultant at John German Estate Agents comments "With the figures in black and white, the Rightmove report is reflecting a change in the market. We are now beginning to see levels of stock increasing whilst levels of people registering to buy is at a standstill, so essentially there are more properties on the market than there are buyers willing to make a move. It is evident that buyers are more price sensitive than previously, this could be down to confidence in the market dwindling especially with all the uncertainty around Brexit."
A number of commentators in the industry are saying that prices are between 5-10% above where they need to be, for any adjustment to take place.
"It isn't great news for sellers, but at the end of the day if you want to sell your property you have to be realistic with the price. If we look at the figures, only around 25% of properties sell immediately. There will always be a proportion of certainties, places where there are multiple buyers waiting for property to come onto the market. These places and sought-after properties tend to ride out a drop in activity. We are seeing this in areas such as Lichfield and Ashbourne, for example, where the location is so highly sought-after buyer demand is forever high and sales are going strong" says Aidan.
Tips to help sell your house in a slowing market
- Price realistically from the start
- Take advice from a reputable estate agent local to the area
- Choose a motivated estate agent to help
- First impressions really do count
- Use professionals to carry out viewings
Alternatively get in touch with your local John German branch to arrange a free valuation where one of our experienced valuers will visit your property to provide a market appraisal and honest advice on the steps we will take to help with your move.
"We had the impression that nothing was too much trouble and the whole process of selling the house was made easier for us than it might otherwise have been. Julie was particularly good about keeping us informed of what was happening further down the chain - as quite a lot of unexpected things occurred, this was much appreciated. "