What does it mean to sell in the current market?

With a property market worth over £256 billion*, you might be wondering how much your home is worth and, if you’re thinking about selling, what it means to sell in the current market.

In this comprehensive guide, we'll explore the intricacies of the market, offer actionable steps for a successful sale, and discuss the significance of pricing and property features that are currently in demand.

Understanding the current property market

The property market is experiencing a period of stability with average asking prices remaining relatively flat in June 2024, a trend consistent with recent years. Sellers should note that while the average price of property coming to the market has seen a marginal drop of £21 from the previous month to £375,110, it still represents a 0.6% increase from the same period last year.** Additionally, with sales agreed being 6% higher than last year and buyer demand up by 5%, sellers can be reassured by the sustained activity.**

Buyers are entering a market at a steady pace, where average asking prices have not increased significantly, providing a stable landscape for property investments. The market's resilience is evident with the number of sales agreed and buyer inquiries remaining robust, suggesting that buyers are continuing with their purchasing plans despite the political climate.**

What’s happening to house prices in Scotland and Wales?

For those engaged in the Scottish and Welsh property markets, the current landscape presents unique opportunities for both buyers and sellers.

In Scotland, sellers can take advantage of the strong price growth reaching £197,032 — a trend that suggests a robust market, where sellers can remain confident in the value of their properties.** Buyers in Scotland, meanwhile, should consider the benefits of entering a market that is experiencing price growth, indicating a potentially sound investment for the future.

In Wales, the property market is mirroring the stability seen across the UK, with a steady level of buyer demand and sales agreed, which is reassuring for sellers and buyers looking to enter the market. Here, property asking prices are £266,033.**

Preparing your property for the market

First impressions are crucial. Enhancing your property's curb appeal, from a tidy garden to a freshly painted front door, can significantly boost its attractiveness to potential buyers. Internally, decluttering and neutralising decor, alongside strategic upgrades like modern light fixtures, can elevate your property's appeal without substantial investment. Highlighting your property’s adaptability, e.g. changing one of the bedrooms into an office, as well as any potential for energy efficiency improvements, can make your property more enticing to buyers — especially in light of growing energy costs and regulatory moves towards net-zero emissions.

What are buyers looking for?

There’s no point in beating around the bush, every buyer is always looking for a good price. For this reason, it’s important to price your property correctly from the outset to ensure you create enough demand and attract the right buyers.

In Scotland, the Home Report document encompasses most, if not all of the information needed to give a valuation of the property.

For those selling in England and Wales, a professional valuation can provide an objective assessment of your property's worth, ensuring you set a realistic asking price that reflects both its value and the current market conditions. Setting the right price involves a thorough market analysis and an understanding of buyer demand trends. Keep in mind that overpricing can deter potential buyers, while underpricing might not yield the returns you seek.

Want to know how much you could sell for? Get a free property valuation today.

Marketing your property with precision

Effective marketing is key to reaching the right audience. High-quality photos, virtual tours, and a compelling description are essential components of a strong online presence. Traditional methods, such as open houses, also remain valuable for giving buyers a tangible experience of the property.

Local estate agents like us can be invaluable partners, offering in-depth knowledge and a tailored strategy to showcase your home to the right audience. Their expertise can be particularly beneficial in navigating the sales process, from handling offers, to negotiating terms.

Navigating the sales process

Choosing the right estate agent, one with a proven track record and clear strategy, is a cornerstone of a successful sale. Equally important is understanding the legal requirements of selling a property. Engaging a property lawyer or legal advisor early can ensure compliance with regulations and a smoother conveyancing process.

When considering offers, it's not just the price that matters. The buyer's situation, including the ability to proceed quickly, and the solidity of their financing, can be just as crucial as the monetary offer. In Scotland, the sale’s process is slightly different and involves a process called missives, find out more about buying a property in our 10-steps to buying article.

Is there an alternative to selling?

If you’re on the fence about selling your property, and you’re not sure what to do, why not speak with an expert about letting it out? Demand for rental properties remains high, with new renters entering the market every year. You’ll find that there are real benefits to becoming a landlord, including a passive income source and the potential to make a capital gain, with the flexibility to sell at the right time. We can even help you manage your let, from finding you the right tenant, to ensuring you remain up-to-date on all current legislation.

Seize the summer selling season

This summer could present you with a prime opportunity to sell your property. So if you're contemplating selling, or even renting out your property, now is the time to act. We can help you navigate the current market to achieve a successful and profitable sale.

For a personalised valuation and expert advice, reach out to our local experts today and let’s get your property sold/let.