After a flurry of activity last year, we are finding that sellers are anxious about listing their property for sale so housing stock remain low… But - but why?  We give our expert opinion to why this might be happening, the impact it is having on the housing market as whole, and how this pressure could be alleviated.

“There’s nothing for sale”

The biggest worry we hear from potential sellers is “there’s nothing for sale” and with agents reporting the lowest seen stock levels for some time, they aren’t wrong! We believe this is due to two primary factors. Firstly, the pandemic and the associated re-evaluation of homes and lifestyles coupled with the potentially significant stamp duty savings afforded to many during the ‘stamp duty holiday’,.  contributed significantly to many people’s moving plans. Indeed, last year the UK saw a record of 1.2 million transactions across the property market!

Secondly, the Government Guidelines during the pandemic advised that agents should keep physical property viewings to a minimum by ensuring those who requested them were able to demonstrate ‘serious intent’ to buy.  While this reduced any unnecessary contact and the spread of the virus, it generally meant that only proceedable buyers could complete viewings. This in turn made finding the ‘perfect’ home difficult for many potential buyers.

Fast forward to today and the housing market has been left with a self-perpetuating problem; sellers are reluctant to list their property for sale as they are disheartened by the low levels of new listings, which results in even fewer properties coming to market. In fact it has been reported that ‘the volume of property stock available for sale has reduced by a third in the last year.’

Our expert advice

Do you find yourself in a similar situation to the above? Well, you’re in the right place, as we have put together some tips on how this pressure can be alleviated, to benefit sellers and buyers alike!

To become a motivated seller, you must first become a motivated buyer; you see something you like, understand how it meets your changing needs and fall in love with your next dream home. This is usually how the house-hunt works. But in this climate, with limited stock and lots of motivated buyers you run the risk of missing your golden opportunity. It is very frustrating to see your dream property launch to the market for sale but you cannot proceed - no matter how saleable your property is.  You therefore miss out to someone who is ready and waiting to secure the sale. This is a heart-breaking scenario that many are facing! 

Our advice? In order to become that well documented ‘Power Buyer’, take a leap of faith, put your house on the market, get yourself in a position to proceed, and either consider breaking the chain by going into rented accommodation or work with a good agent who will find you a buyer prepared to wait.  Remember the stars will always align eventually!

The Maddisons Residential team are here to help solve your property problems, so whatever your fear please get in touch to see how we can help you.

If you are looking to put your house on the market, why not give us a call. The team at Maddisons Residential are perfectly poised to help you with a quick sale and a smooth selling process from start to finish.