How to sell your house in a falling UK property market
by Ritchie Mehta (04 July 2008)
According to the latest figures from Rightmove for every one buyer there are fifteen houses for sale in the UK. This is double the amount of residential properties available for sale than there were for the same period last year. To make matters worse Rightmove suggests that the average house price in Britain fell by 1.2% in June and that in some parts of the country a typical house lost £25,000 in value! In these circumstances it has become more important than ever to make sure your home stands out in order to increase the chances of selling it.
Rightmove suggests that the 3 P’s (Price, Presentation and Promotion) are the most important factors to bear in mind when selling your house. Ensure that you are realistic about the price and compare your home to others in your area of a similar size. It could even be a good idea to undergo a few ‘mystery shops’ to get a better feel for your competition. Make sure that you present your home in the best possible way; it may even be an idea to hire a professional to create a make-over just to give you that edge. Lastly, make sure that it is as widely promoted as possible, even venturing into national (and international) websites and papers, as the wider the audience you target, the more opportunity you create to having it snapped up!
The main thing is not to give up hope. As Miles Shipside, commercial director of Rightmove suggests, “Sales are still happening, and there is a pent-up demand for the right properties at the right price.” He further comments, “The homes that are in special locations, have strong character details or an immaculate finish are still popular if priced realistically. Run-of-the mill homes that are not much different to others on the market have to stand out as bargain buys, and badly presented homes have to be really cheap.”
So make sure you know which category your home fits into and aim to make it the most attractive within that category.