Everyone’s ideal property sale looks pretty similar: we all want to get the maximum price for our house, in the minimum amount of time. However, the process of selling your property is rarely so simple – and in late 2023, with the UK housing market showing signs of stagnation, it may become even more challenging to achieve a successful sale of your house.
But what about people trying to sell flats in the UK? Will this be difficult, too? In a year where the economy is in a difficult place, and not many people are looking to move home – read our blog below to find out whether it is difficult to sell flats in 2023.
Are Flats Struggling to Sell in 2023?
In recent years, lots of homeowners downsized to flats due to the economic challenges brought on by the Covid pandemic. Flats were a less expensive solution for people trying to save money.
In 2023, it may prove slightly more challenging to sell your flat fast than in recent years. The economic uncertainty of our times means that interest rates have been increasing for a while in the UK, and this makes it more expensive for people to secure a mortgage and buy a property. Therefore, it is not just house sales which are seeing a dip, but sales of flats too.
It is important to note that how difficult it is to sell your flat will vary depending on external circumstances. For example, if interest rates decrease later in the year, then this may result in more potential buyers entering the market. Furthermore, your local conditions may have an impact – if there are high-quality, inexpensive flats recently built in your area, then these may be in much higher demand than any other typical flat.
What can I do to make my flat easier to sell?
No matter the year or external circumstances, there are always steps you can take to make your flat easier to sell.
Firstly, reducing your asking price slightly will make your flat more attractive to a greater number of buyers, as it will fall within their price range. With UK interest rates being so high at the moment, this is a crucial detail.
You could also sell your flat more quickly by searching for a cash house buyer who can purchase it from you. While this might reduce the amount you receive for the flat, you are unlikely to receive full price for the property in current market conditions anyway – and meanwhile, some cash buyers like WeBuyAnyHome can complete within 7 days.
You should also consider taking steps to make your flat more attractive. Taking care of any water damage, pest problems or bad odours are important steps to take before opening your flat up for viewings.
What improvements should I not make when selling my flat?
Even in difficult market conditions, there are some alterations to your flat which you should not make when trying to sell it. In short: these changes are simply too time-consuming and costly to be worth your while, since most buyers aren’t too bothered. Examples of these include:
- Minor HVAC, electrical, or plumbing issues
- Cracks on the driveway or pavement
- Removable items
You may be struggling to sell your flat in 2023, but that doesn’t mean you should make unnecessary changes. Alterations like the ones listed above are unlikely to make a big difference to your ability to sell the flat.
Should I Invest in Buying a Flat in 2023?
There are many factors which you should consider before making the decision to purchase a property. However, keep in mind that even though the property market is in a difficult period right now, it does not mean that it will always be that way.
You should also weigh up your buying power and speak to estate agents about the market conditions, both now and in the future, and how likely you are to get a good deal for a flat in 2023. For example, even if certain flat types (such as retirement flats) are not performing well on the market, this may not apply to all flat types.
Furthermore, whether or not to invest in buying a property depends on your circumstances, financial goals, and risk tolerance. You should consider all of these and get independent advice from experts (as well as the opinions of your loved ones who will be affected by the move) before making your decision.
Is It Possible to Sell My Flat to the Council?
Yes, in many cases you are able to sell your flat to the council if you want to. Some councils will be able to purchase your property privately, so they can then make it available as a council property in the future.
Since funding and spending can vary between local authorities and policies can differ between different councils, it’s best to get in touch with the relevant department of your local council to get a more accurate answer to this question.