Homeowners hoping to flog their properties are being urged to keep their feet on the ground as the time to find a buyer has shot up by nearly 20% over the past year.
New figures from property platform Moverly reveal that despite a positive outlook for 2024, sellers who overprice their homes could be in for a long wait, as the average time to secure a buyer has stretched to more than two months.
Over the past 12 months, sellers waited an average of 64.4 days to find a buyer, up from 53.9 days the previous year due to an influx of homes on the market.
In England alone, there’s been a 14% jump in stock, with over 846,000 properties listed for sale.
BUYER’S MARKET
With plenty of choice, buyers are now calling the shots in what’s become a classic buyer’s market. That means sellers are no longer seeing frenzied bidding wars that once pushed prices sky-high.
But sellers still haven’t adjusted their expectations. The average asking price over the past year hit £367,572 – slightly higher than the previous year. Yet the average sold price remains stuck at just 77% of asking, as buyers grapple with rising mortgage costs.
GOOD NEWS, BAD NEWS
On the bright side, monthly mortgage approvals have been climbing steadily all year, hitting a two-year high of 68,303 in October. But even with more buyers returning to the market, demand is being met by the booming supply of homes.
Gemma Young, Chief Executive of Moverly, says sellers need to stay realistic.
And she adds: “The housing market has been incredibly resilient given the economic challenges we’ve faced. But with stock levels outpacing demand, sellers can’t expect a quick sale or top prices right now.”
SELL SMARTER
Young has some tips for those itching to sell. Want a faster sale? Make life easier for buyers!
Get all your paperwork sorted upfront. Legal forms and property info should be ready to hand over when buyers show interest.
Be transparent. Providing everything a buyer needs upfront can avoid delays and keep deals from falling through later.
She adds: “By taking these steps, sellers have a better chance of locking in buyers and cutting down the time it takes to seal the deal.”
