With UK Housing Stock At A Record Low – A Chance To Sell?
Posted on 24th July 2018 at 20:31
In life, what some people see as a problem or a crisis will seem like an opportunity to other people. This is also the case with the property market. While there is a prominent level of demand for property in the UK property market, the fact that there is a fall in the supply of homes to the market is cause for concern. This is nothing new, in fact, a lack of suitable and affordable property is a reason why prices rose for so long in the property market.
However, a recent study suggests that fewer homeowners than before are instructing agents to sell their home, and this has seen the level of houses on the market reach a low level. There are many reasons for this. It is inevitable that Brexit will be cited as a factor and given the uncertainty over what will happen in the country due to Brexit, many homeowners will decide against selling their property right now.
Many factors influence property prices
It is not as though Brexit is the only factor worrying homeowners though. It would be fair to say that the increasing gap between asking prices and sold prices is an issue that needs to be dealt with. Irresponsible estate agents, in their desire to win instructions and meet targets, suggest that a high asking price is obtainable but in reality, the selling price of property is much lower.
This is a factor that impacts on how a vendor views the market. If you are told to expect a price at a certain level, this influences your thinking and it may even set your budget for your new home. When reality hits home and you realise that properties are selling for much less, it is inevitable that some homeowners will decide that they are better off not selling right now. Some parties believe that prices will improve and if this is the case, it is better for vendors to not sell now, but to wait until the market improves.
There is still demand for property
That would be fine but for the fact that buyers are still looking to buy. A savvy homeowner can take advantage of the drop in supply of property by placing property onto the market when supply is home and demand is high. There is a need for homeowners to manage their expectations when it comes to property prices, but if you do this, and you get your timing right when it comes to selling property, you should find that you can enjoy a reasonable return on the property you sell.
The property market is always shifting and just when a situation looks bleak or challenging for people, it is likely that the market will react. It may be that selling your home now is a bad idea because selling prices are so low compared to asking prices. However, with demand in place, a lack of competing properties on the market may ensure that your home is in great demand, and this can help you sell your home for a good price.
If you are keen to sell you property, contact Strawberry Letting and Sales, and we will be more than happy to assist you..
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