Has the housing market slowed down?

People keep saying the housing market has slowed down, but has it…?

When you compare the statistics between quarter two 2017 and 2018, the number of completions dropped by around 11,500, only 3.8%. At the same time, house prices increased by 3.5%; so what is all the commotion about a slow market?

In my opinion, yes, the properties at the higher end of the market are moving quite slowly, but this is not something that has changed in many years. Higher priced properties of £1,000,000+ reach a much smaller audience and the situation has not been helped with the extortionate amount of stamp duty paid when purchasing in this price bracket.

The rest of the market is moving just as the statistics suggest, a very slight drop in movement. Slow moving properties are usually the result of inappropriate marketing. This could be marketing at the wrong price or simply using poor marketing material to advertise a property.

You will usually find the slow market comments coming from agents who simply are not on-top of their game. Estate agents haven’t exactly had it easy over the past couple years; a rise in online agents has led to high street agents needing to reduce their fees to compete and this has put agents under pressure. So how does this create a slow market?

Well… an estate agent will usually secure a property based on offering the best fee, best service or best price. If an agent can't compete with other agents on fee or service they will often over-value to stand the best chance of securing a homeowners instruction. Unfortunately this usually leads to a property lacking viewings and offers, and ultimately being reduced 4-6 weeks later, when it will be hard to regenerate interest.

The best way to achieve a sale at the best price is to value/market properties correctly to begin with. As prices have only marginally increased across the UK it is best to seek the advice of a local expert who will know your area and will know if the demand is above, below or inline with other areas. When looking at prices consider the properties that have not sold and what properties have completed since 2017. Most importantly, ask your agent how they will get you the best price. Agents are very different from each other, ensure you inspect the quality of their marketing along with how they will progress your sale from start to finish to create a sales experience that ends positively instead of you pulling half your hair out or even losing your buyer/onward purchase.

Written by CEO of YouSold.co.uk

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