At the time of writing, over a quarter of all available homes listed have already been sitting on the market for more than six months. Indeed, nearly 1 in 10 properties have had listings going for more than a year.
In both of the previous years, over a quarter of properties have also been available for sale for more than half a year.
Still, these recent figures are a good step up from 2012, when more than a third of all available properties hadn’t secured buyers in six months. Nearly a third were also without buyers after their first year back then.
A local property expert suggested that any seller failing to find buyers, even after multiple months of marketing, might be facing stiff headwinds in terms of low demand thanks to local market circumstances. On the other hand, if there are other properties selling when yours isn’t, then you might have a property whose appeal is limited, or your price might be too high. In some unfortunate cases, both might be true.
Instead of dropping your asking price, then you might want to look into increasing the appeal, should you have enough funds available. That might mean refitting your bathroom or kitchen, which are two of the more influential rooms in terms of buyers and their perspective. If you can, by either extension or re-arranging the layout, then look into en-suite bathrooms, open-plan kitchens and electric heating systems, as these are all quite popular features.
It might even be as easy as redecorating using neutral colours or just giving a place a thorough cleaning followed by a garden makeover. If there are more costly and serious works necessary, such as rising damp, a new roof, heating, or wiring, then it might be better to look into price reductions …Read more