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House Sales data ominous for many vendors

UK house sales data has revealed that over a quarter of all properties which are currently for sale have been on the market for six months or more.

Property search portal Rightmove, highlighting that over a quarter of properties are still on the market after six months. Rightmove advertises the vast majority of all properties listed for sale across the UK, meaning that their data is generally considered a reliable indicator of consumer sentiment and property market activity. Therefore, their assertion that 28 per cent of available homes have been on the market for more than half a year, with a further 8 per cent having been listed for over a year will be seen by many as a key indicator of prices overheating in some areas.

Rightmove’s property expert Miles Shipside said: “If you’ve failed to find a buyer after several months of marketing, then it could be that overall demand in your area is low due to local market conditions. However, if some properties are selling and yours is not, then you either have a property with limited appeal or the price is too high. If you’re unlucky it could be both.”

Miles continues, “After six months or more on the market, your property will appear pretty stale and could be ignored by some prospective buyers. A price reduction will be required to make them take notice, or if you do a makeover then make sure new photos and an updated description show it off.”

Of course, a property can be beautifully presented to show-home standard, but the reality is that if it is being advertised at over the ceiling price for the road, or indeed for just too much money, not only will it struggle to sell, but it is also likely that, should you be lucky enough to find a buyer who can afford it, the valuation for mortgage purposes may not meet the agreed sales price.

Many vendors forget that a crucial part of the mortgage application process involves a surveyor assessing the property’s value on the lenders’ behalf to ensure that it is worth the amount that is being borrowed against it. If the surveyor does not concur with the agreed sales price, this will then affect the amount that the lender will advance against the property. 

If this house sales data reflects your position then contact us for a fair price for a fast sale and we will be on the case straight away.