The number of homes on the market but without a buyer is the highest for a decade, according to new figures.
Statistics from respected property website home.co.uk report there were an astonishing 499,667 homes on sale during August – the month with most recent data, which is 14 per cent more than during the same period last year and 8 per cent more than the pre-pandemic total back in August 2019.
So why are so many property sales stalling? We’ve spoken to Britain’s leading estate agents to reveal the top 11 reasons why your property might not be selling.
One of the most common reasons homeowners struggle to sell their property is that the price is too high. This can make it difficult to secure viewings, let alone offers
Your agent isn’t good enough
Some agents just slap property details online and hope for the best.
Most sellers don’t know to check, but the best agents have ‘sales progression staff’ who chase would-be buyers to encourage viewings, and then pro-actively chase again after a viewing to put their minds at rest if there were any issues.
You get what you pay for so if you use a very cheap agent, including online ones, it’s likely they won’t have people to spare to chase every possible lead.
The photos are bad
More than 90 per cent of buyers begin their search for a new home online.
But not all property listings are enticing, with some displaying photos of washing on a sofa, or snow in the garden when it’s summer.
‘Some homeowners want to provide agents with pictures they’ve taken themselves but this is always a bad idea,’ says Toni Haughian of the agency eXp UK. ‘Hire a local agent who has a proven track record in creating quality marketing materials.’
The house needs work
A few buyers want a real ‘project’ with a house that needs comprehensive refurbishment.
But almost everyone else wants a home that’s ready to live in, so if there are obvious unfinished DIY jobs, they will look for a ready-to-go alternative.
Your home needs staging
If your furniture is seriously out of date or falling to bits, or you have to sell it while vacant, consider ‘staging’.
This is the name for dressing your main rooms with killer accessories and modern seating, showcasing a fashionable and positive lifestyle to would-be buyers.
Your estate agent should be able to point you at a ‘house doctor’ to suggest cosmetic improvements.
The price is too high
‘If you’ve had no viewings, or lots of viewings and no offers, and there’s nothing else obviously wrong, it’s the price,’ explains Amy Reynolds of London estate agency Antony Roberts.
‘Healthy prices are being achieved so if your property isn’t selling in an area where others are, check the price. If you have reduced it already and that hasn’t worked, adjust again.
‘If you’re prepared to take an offer and your asking price is quite a bit higher than that, reduce it.’
Pet smells
If you’ve had a cat or dog (or something more exotic) for several years, you may not realise how much your home smells of your pet.
‘A lingering odour of wet spaniel can be fairly unappealing. This can extend to dog hair around the house, dog mess in the garden – little things which may stand out in a potential buyer’s first impression of the house,’ says Prime Purchase’s Clemmie Birtles.
There’s no kerb appeal
First impressions count so if the door knocker is wonky, the paintwork around the windows are flaking and the front door mat is thick with old leaves, don’t expect viewings to go well.
Clutter
Just because decluttering is a cliche doesn’t mean it’s not important.
A survey in 2017 by Anglian Home Improvements showed that during a viewing, 27 per cent of the buyers’ time is looking at furnishing and 24 per cent is looking at personal effects and clutter.
‘Rooms which aren’t stuffed to the ceiling with accumulated possessions feel bigger and brighter and therefore more appealing,’ suggests Clemmie Birtles of Prime Purchase agency.
‘Moving clutter from around the house into one “storage room” for the duration of marketing will help improve the overall feel.’
There’s a major problem…
Invasive Japanese knotweed growing near a property can reduce the chances of buyers getting a mortgage
Surveys can identify big issues that make buyers run a mile – for example serious damp, asbestos, signs of subsidence or invasive plants like Japanese Knotweed.
Consider getting your own survey before putting your home on sale, so you can decide whether to cut the asking price accordingly or remedy the problem yourself.
A legal issue
If you are selling a leasehold flat with under 80 years on the lease, buyers may have difficulties getting mortgages. Likewise if there are issues like subsidence, lenders won’t want to risk getting involved. A good local estate agent will advise you on this – and may suggest lowering your asking price to tempt buyers in or, in the case of a short lease, negotiating an extension before you sell.
Is it you?
Amy Reynolds, of agency Antony Roberts, says you need to be flexible around viewings – or miss out on a huge number of potenial buyers.
She says: ‘If we can only show a property at very specific times in the week, it can be really hard to attract a buyer.
‘Sellers may argue that if the applicant is serious they would be flexible, but I disagree.
‘A keen buyer will want to feel a seller is motivated; if it’s hard to get a viewing, they will just move on to something else.’
And it’s usually best to avoid handling viewings yourself – agents are expert at fending off awkward questions and shielding you from inevitable time-wasters who want to see inside homes without serious buying intentions.