Average mortgage rates hit a 15-year high in 2023, with the average 2-year fixed rate mortgage reaching close to 6%. Consequently, the housing market experienced a slump in transactions, as buyers took a cautious approach, waiting to see if interest rates would start to fall again.
According to data from HMRC, 77,770 UK residential housing transactions were recorded in May 2023. This had sharply declined from 108,010 in January 2023 and was the lowest recorded number of housing transactions since October 2021, which was during a coronavirus lockdown.
Property sales started to pick up pace again after the dip in May 2023, with over 90,000 transactions recorded in the months of May and June 2024. After the significant dip in housing transactions in 2023, the market is now showing signs of improvement. This is good news for sellers, but there is still evidence that properties are staying on the market for longer.
Even in areas where properties are historically quick to sell, such as Newbury Park and Collier Row, properties are taking longer to sell than in previous years.
If you are considering selling your property, or you already have your property on the market but it is not selling, reviewing these potential reasons and following our tips could help you to achieve your sale.
Buying and selling at the same time?
Here are 10 things that could go wrong, and often do go wrong, and what, if anything, you can do to avoid them.
Buying and selling at the same time?
Here are 10 things that could go wrong, and often do go wrong, and what, if anything, you can do to avoid them.
One of the most common reasons that houses don’t sell is that the asking price is too high, so give this some thought. Often, estate agents over-value homes to secure the business but this can be counter-productive.
Not only will a high price put people off, but it will also rule you out of some searches on property portals – if someone is looking in the £500,000 to £600,000 bracket and your home is priced at £625,000, for example. In addition, if your home is overvalued, mortgage lenders may raise issues, putting the whole sale in danger.
Tip: Before you commission an estate agent, always have a clear idea of the right asking price by doing plenty of online research, looking at homes like yours for sale in your local area, and those which have sold.
Always get three quotes from estate agents before you choose one, and don’t be swayed by a high valuation. If you think your home is overpriced, talk to your agent, or consider relisting the property elsewhere – check your contract to see if you are tied in with your agent.
It’s often said that buyers make up their mind about a property based on their first look at its exterior, so give the outside of your home an honest appraisal. Does the door need a lick of paint, is the garden tidy? What about the condition of the roof and windows?
Want to feel prepared before you sell? Learn how to sell my house quickly and how to find a buyer for my house.
Tip: This problem is easy enough to fix. Think about repainting your door and investing in some window boxes and planters. Try moving the wheelie bins out of view and, at the very least, cleaning the windows. Make sure your garden is neat and tidy by mowing the grass, getting rid of weeds and brushing up any leaves etc.
When your property is advertised on portals such as Rightmove, prospective buyers will base a lot of their judgement on the photos of your property, so high-quality photos are essential. Your photos need to present your property in the best possible way, using angles that make rooms look spacious and using optimal lighting. Your property photos should include the best features of your home and shouldn’t include the less attractive spaces.
Tip: Hire professional photographers who are experts in property photography. Declutter your property before the photographer comes and make sure blinds are up, curtains are open, and windows are clean. Ensure that your rooms are clean and tidy and if possible, remove bulky items such as children’s toys, and remove washing baskets and toiletries in your bathroom.
If your home gets a lot of viewings but no follow-up interest or subsequent offers, then this may be something to do with the way it is presented in viewings. Is the house kept tidy? Can you do anything to improve the way it looks to viewers?
Again, this could be as simple as giving rooms a fresh coat of paint or removing bulky items and putting them into storage. If there are any minor repairs that could be putting viewers off, get them completed. The longer your property sits on the market, the more people will wonder why it is not selling.
Tip: Speak to your estate agent to discuss why your home isn’t selling and ask if they have any suggestions of improvements you can make to impress potential buyers and help to achieve your house sale. You could even ask your friends and family to walk around the house and give you an honest opinion on what they may change. You might want to consider using a professional home staging service to prepare your property before viewings.
Clearing the clutter is essential to depersonalising the space, helping prospective buyers imagine it as their home. Even items such as family photos can put buyers off, as they find it harder to imagine themselves living in the property. Bulky items can make rooms seem cramped, so you could remove some unnecessary furniture or any other items that clutter rooms.
Tip: Decluttering means more than just removing a few photos and paperwork. Shift every unnecessary item from all surfaces and if any room is jam-packed with furniture, think about putting it in storage. The minimalist approach is best, giving viewers a better idea of where they can fit their own furniture into the home.
Make sure that you and your agent are maximising the property’s exposure. Your property needs to be on Rightmove and Zoopla as well as your estate agent’s social media channels and in their high street window if they have one. Some estate agents post virtual tours of properties on their social media that increase interest, so ask whether your agent provides additional marketing techniques.
Tip: Do your own promotion on local forums such as Nextdoor as well as Facebook and WhatsApp groups. Getting friends to share your property on social media can help to find a buyer and people are often happier to buy a property if it has been shared by someone in their network of friends.
Check all advertising and property details stringently to ensure the agent has highlighted all of the key benefits of the property. Do the photos really do the place justice? Is the lighting good and does it look clean, airy and spacious?
Tip: Read the property listing to make sure it’s upbeat, positive and a true reflection of your home. If there are important qualities that come with your home, like parking, a good-sized garden and an outstanding school nearby, make sure these are included. Nobody knows your home better than you, so give your input to the agent.
While there is high demand in some areas, this doesn’t apply to every type of home in every region. If the market for your property is cool right now, think about whether to hold on and relist it at a later date.
Tip: Traditionally, spring is the best time to sell, as demand fluctuates through the seasons. If things are slow, delaying could give you time to put right any issues with the house and spruce it up to ensure it’s ready to attract buyers.
Even if your property itself is exactly what a buyer is looking for, the area might be a put-off. In this situation, the price must be in line with the local market and the listing should focus on the positives of the area, such as good transport links.
Tip: Make sure your agent has priced the property in fitting with the location. The property listing should focus on the positives, while emphasising that the buyer will be getting good value for their money. If security is a potential concern, install a burglar alarm and make sure there is secure fencing and other security measures.
If you’re in a long chain, this may be deterring buyers who want to move quickly. Buyers may worry that a long chain could lead to their purchase falling through. If you can be flexible about the sale process, this could help to sell your home faster.
Want to feel prepared before you sell? Read about avoiding key survey problems and our tips for selling your house.
Tip: Consider whether you could sell, then move into rented accommodation while you look for your dream home. A chain-free property is a more enticing prospect. Once you’ve sold your home, you will be a cash buyer, putting you in a stronger negotiating position too.
Ask your estate agent to make sure any prospective buyers already have an ‘agreement in principle’ from their mortgage providers to show they can afford the property. This will help you avoid wasting time and accepting any offers that may fall through at a later date.
Tip: It’s worth considering all potential buyers even if they are offering a lower price than others. For example, if you’re looking to sell quickly and with less complication, it may be worth accepting a first-time buyer rather than someone in a chain who needs to sell their property first.
Legal issues such as title disputes or boundary issues could be another reason that your house is not selling. If your prospective buyers think they are going to have expensive legal issues to navigate, it could be the deciding factor for them not to put an offer in.
Tip: If your house has been on the market for a while and legal issues could be deterring a sale, get the issues resolved to give buyers peace of mind. While it may be costly to resolve the issues, if you want to sell as soon as possible, it could be a necessity.
If you’re doing everything else right, the issue could be with your agent. Maybe they have too many properties on their books, and they aren’t working hard enough to promote your home to buyers. Or perhaps they aren’t giving you useful feedback to help you make the house more appealing.
Tip: Consider switching agents but check your contract as you may be bound by a notice period. You could opt to list with more than one agent, though you may pay more in commission. Research your local estate agent options and look for agents that are achieving fast properties sales.
If you are in a position to do so, the simplest suggestion would be to lower the price of the property to appeal to a wider audience.
You could also consider switching agents. Before making plans to change agents, check your contract for a tie-in period. This is the length of time an estate agent has to market your house, there can be hefty fees for early termination. Create a shortlist of the most highly-rated estate agents in your area and interview them. Ask questions like, “why do you think my house isn’t selling” and “what would you do differently”.
You could also consider selling your home through a quick sale property firm. There are pros and cons to selling a home this way, so make sure you do your research before taking this route.
Many factors can influence the length of time a property stays on the market, so it is difficult to put a definitive time on how long it should take for you to sell.
If you are not in a position to sit and wait, then we would suggest keeping your house on the market for around 3 months before you take steps to sell quicker such as reducing the price or switching agents.
If you are having difficulties selling your home and would like some advice, talk to us. At Sandra Davidson, we monitor the East London market closely to develop the right strategies to help sellers find buyers quickly and achieve the right price. We’d be happy to chat or give your home a no-obligation market appraisal.
Selling your house can be a complicated process, but breaking it down can make it less intimidating. That’s why we have compiled this step-by-step guide to the process of selling a house in east London. Whether you’re selling for the first time, are buying at the same time, or just aren’t sure what the current advice is in 2026, read on for tips on how to sell your house. We’ll talk you through everything from mortgage matters to professional photography. We also answer your frequently asked questions about the selling process. Find out more.
When you inherit a property, there will be decisions to make regarding whether to sell the property, live in it yourself or rent it out, and there will be legal processes to follow.
If you are wondering what the next steps are then this guide explains how the probate process works, what tax obligations you may have and which documents you will need if you decide to sell the property.
We also cover the different options you have for selling an inherited property and answer some of the most common questions about inheriting a property.
If you are looking for a fast house sale, there are several ways that you can improve the chances of a quick sale. Choosing an experienced local estate agent will help to speed up the sale but you can also get your paperwork prepared and make sure that your property is presented well to attract more viewings and prospective buyers.
Read our tips on how to sell a house quickly in East London for a full guide on the actions you can take to help to achieve a faster property sale.
