UK Property Market Stagnation: What Homeowners Need to Know

The UK housing market often experiences fluctuations, with periods where properties take longer to sell due to factors like interest rate hikes, inflation or political uncertainty. These changes can come with little notice, so even if you have decided to sell in a promising climate, the tides may turn come the time your home is ready to list.

That’s why it’s always wise to prepare for a sluggish market. Here we look at what you can do to gain the most from selling a home, with advice on how to list properties efficiently and where to find cost-effective solutions.

Cost-effective Solutions: Curb Appeal and DIY Staging

Viewers are generally more likely to visit homes from first impressions of the photos available. On top of that, in a slower market with less time pressure, they are more likely to make multiple viewings before settling on a decision.

Simple upgrades on the exterior of your home, like fresh paint, landscaping, or minor repairs can make a significant difference in attracting potential buyers to your door.

Once they are through the threshold, it is important to remember that staged homes often sell faster in a slow market. This doesn’t have to involve hiring a professional. Moving clutter, overly personal belongings and unsightly appliances into storage will give the interiors ample space and allow prospective buyers to imagine the home as their own.

If your home is unfurnished, using an inexpensive online marketplace to fill your empty home can have a similar effect. Adding just one or two centrepieces, such as an L-shaped sofa or a centrepiece dining table, can drastically give a viewer food for their imagination that helps your home stand out amongst other empty properties on the market.

Selling Your Home Efficiently: No Fees, No Chains

There are ways homeowners can sell without incurring heavy fees. In a slow market, agents and lawyers can cut a sizeable portion off your net income from the sale. It is possible and increasingly popular, however, to sell a house for free.

These services work by allowing homeowners to sell their property for a pre-agreed price, and only take a fee from the buyer if they purchase the home for a larger sum. This can be a cost-effective solution in a market unlikely to attract offers higher than the asking price.

Finding a platform that combines this service with complimentary legal and property sales management is key to saving the most money here. Without these, you may have to foot some costly and time-consuming labour, such as sourcing legal help and taking professional photos of the property.

Another way to speed up the process is to consider becoming chain-free, by moving into rented property whilst selling. Within a chain, there is a 42%-75% likelihood of the sale falling through, compared to just 24% for a chain-free sale.

As well as avoiding these pitfalls, advertising your home as chain-free generally attracts more buyers, especially those who also desire a more efficient sale.

Navigating a slow property market requires strategic thinking. Improving curb appeal and DIY staging can improve buyer engagement, whilst opting for fee-less platforms and offering a chain-free sale can help reduce costs and speed up the process.
By being prepared and adaptable, you can sell your home to the best of its potential, even in challenging market conditions.