When selling a house, everybody wants two things; an easy way to sell your house fast and to receive the full asking price. Unfortunately for most people, this is not achievable, with selling a house often becoming a demanding process that appears to take forever.
In a similar vein to other industries, the property market is based on the simple economic equation of ‘supply and demand’. These two factors can impact both the price of a property and the time it spends on the market.
However, even with demand through the roof for London properties, there are houses that aren’t selling. So, if you’re reading this article, chances are that you’re one of the homeowners affected by the lack of interest in your property, despite it being in one of the world’s prime property markets.
Here we cover how quickly the average property sells in London, the different reasons why your property isn’t selling, and the steps you can take to sell your London property fast.
How Fast Does the Average Property in London Sell?
On average, properties in London sell within 136 days. That said, depending on the type of property you’re looking to sell, it can take significantly more or significantly less time. For instance, terraced properties are the fastest to sell (in just 99 days from the day of listing). Next, we have semi-detached homes, which sell in 106 days, followed by detached homes, which sell in 118 days.
The properties that take the longest to sell are flats. So, if you want to sell your flat fast, it’s crucial that you take the necessary steps to make it more desirable than any other flats that are on sale in the area.
Reasons Why Your Property in London Isn’t Selling
There are many reasons why your property might not be generating the interest that you thought it would. Below, we’ll go over some of the biggest reasons that could be the reason behind your property not being snatched off the market (as is the case with most properties in London).
The Property’s Listing Price is Too High
Property prices in London are exceptionally high, especially when compared to the rest of the UK. With that said, even though buyers in London are expected to spend more, they are still careful and don’t want to overspend.
And as a seller, chances are that you want the most amount of money for your property too. That, however, can be a double-edged sword as if you list your property for a price that’s slightly higher compared to similar properties in the area, a lot of the buyers will be put off from the get-go.
You’re Working With the Wrong Agent
When selling a property, you want to work with the best agent possible. That way, they’ll not only find a buyer quickly, but they’ll try and sell the property for as much money as possible. That said, if you end up working with the wrong agent, you can expect the exact opposite.
Location and Neighborhood Perception
It’s not a secret that some parts of London aren’t as desirable as others – whether due to crime, lack of green areas, or another reason. If you know that your property is located in not the best of neighbourhoods, it’s essential that you recognise that and understand that naturally, there may be less interest in your property as a result.
The Property Is in a Very Poor Condition
Not every buyer wants to buy a property and spend months and tens of thousands of pounds in renovation and doing up their newly-purchased property. In fact, that’s the case with almost every buyer except investors (who’d be looking at getting a good deal below your asking price anyway). So, if your property is lacking in terms of interior and needs a lot of work before the new owner can move in, chances are that your property will generate significantly less interest from buyers.
Steps You Can Take To Make Your Property More Desirable and Sell It Fast
If your London property isn’t selling as fast as you expected, don’t worry. There are certain steps that you can take to generate more buyer interest.
Clean Up and Declutter the Property
There’s no secret that buyers often make a decision in their minds about a property in a matter of minutes. And if you fail to impress them from the get-go, chances of them being interested enough to buy it drop dramatically.
So, hire a cleaning and landscaping company and get your property up to par. You’d be surprised what a few thousand pounds can do to the aesthetic of your property and the price buyers would be willing to offer.
Hire a Property Staging Company
If you’re selling a multi-million-pound property, hiring a property staging company is essential. This company will help bring your property to life and present it to potential buyers in the best possible light. That said if you’re selling a property that’s worth a few hundred thousand pounds, a property staging company may not be worth the investment as they are typically not the cheapest.
Lower the Price Every Few Weeks to a Month
If there’s no buyer interest, consider bringing the price down by a few thousand pounds every couple of weeks. Eventually, you’ll start to generate interest, which is a good indicator that you’re now selling your property at a price that buyers would be willing to pay.
Ditch the Standard Method for Selling a Property
If all else fails and you want to get rid of your property as soon as possible, consider approaching cash house buyers such as We Buy Any Home. At WBAH, we’ve helped countless property owners in London and the entirety of the UK sell their properties and unlock their cash value in a matter of 7-14 days. Want to find out more about how we can make it happen? Contact us today.
There are many reasons why your home in London isn’t selling at the rate you’ve expected. However, it’s not the end of the world, and there are many steps that you can take in order to generate more interest from potential buyers. Above, we’ve discussed all the relevant points that you should consider and implement, and hopefully, you’ll start to see a noticeable difference in the demand for your property.