Is The Property Market In Trouble? Should You Still Be Trying To Sell?
If you're currently trying to sell your property, have you lost hope? Should you abandon your home moving plans and take the property off the market? Our Associate Director, Nick Williams has some advice for you..
If you're trying to sell your home, you might feel like the best option is to ignore the headlines altogether.
It’s all doom and gloom, enough to send any homeowner’s blood pressure soaring. But what’s really happening in the property market right now? More importantly, how do you feel about the sale of your home? Are you having honest conversations with your estate agent?
Yes, it’s fair to say the market has slowed after the frenzied pace of recent years. But let’s be clear, a slowdown is not the same as a crash. We’re not seeing the same bidding wars or frantic fights for viewing slots as we did in 2021 and 2022, but that doesn’t mean the market is falling apart.
The truth is, what we’ve seen over the past few years has been far from typical. While things have calmed, both prices and sales activity are still stronger than they were before the pandemic. The past few years were defined by pent up demand and low interest rates, which created a seller’s market where homes sold instantly and buyers paid over the odds. That kind of environment was never sustainable.
So, should you take your home off the market? Has your move become a lost cause now the frenzy has faded? Absolutely not. Let’s not throw the baby out with the bathwater!
The property market is fluid. It always has been. The ups and downs are normal, no matter what the latest headlines say. There’s no need for panic or knee jerk decisions, like pulling your property from the market and shelving your moving plans.
Instead, now is the time to pause, re-evaluate, and ensure your property is being marketed effectively for today’s conditions.
If your home isn’t priced in line with the current market, you’ll struggle to attract the right buyers. It's that simple. And while it may be a tough pill to swallow, especially if you’ve had a front row seat to soaring house prices, it’s vital to stay realistic. Clinging to outdated valuations could mean sitting on the market indefinitely, watching opportunities pass you by.
Put bluntly: If you're holding out for the price your home might have fetched during the peak, you may need to accept that a sale isn’t likely right now. In that case, staying put might be your best option, but be aware, prices rarely shoot up quickly in a slower market, so your wait could be a long one. How would you feel if you didn't move?
But if you’re still motivated to move on, to start fresh somewhere new, then it’s time to sense check your price, and agent. Today’s buyers are comparing your property to many others, and they’re more price sensitive than before. The days of paying above the odds are behind us, for now in most cases.
It’s also worth remembering why you put your home on the market in the first place. That reason still matters, even if the market has shifted. And crucially, property is only worth what a buyer is willing to pay. Until then, any valuation is just a number.
Forget the record prices of 2022. Focus on where the market is now. And remember, any seller you buy from is in the same boat. They’ve also had to adjust expectations. It’s a level playing field for everyone.
A market correction isn’t all bad. Lower prices mean you’re not so stretched on deposits, mortgages, or stamp duty. These changes can actually create opportunity. But many of the factors influencing the market, such as interest rates, lender criteria and inflation, are outside of your control. What is in your control is how you price and present your home.
Right now, most of the UK has swung from a seller’s market to a buyer’s market. That means more properties are available than there are buyers. Competition is higher, and whilst price can often be the deciding factor, it's crucial to make sure you have your presentation spot on.
If you’re on the market and losing hope, or you’re unsure what to do next, speak to our team of experts. We’ll help you make sense of the current climate, and show you the smartest path to getting your home sold.
