One notable feature of the turbulent UK housing market is just how sluggish sales in London and the South East have become.
In the corner that was once a guaranteed hotspot, those looking to sell up and move are facing the toughest market in a decade. Now, thanks to a glut of properties for sale, they have started slashing asking prices.
According to Rightmove, the property website, sales in June have slipped by 0.3 per cent, to an average of £378,240, in what is normally one of the most lucrative months of the year.
The capital and surrounding counties could be dragging down the average. Rightmove has noted that “the higher-priced southern regions and the capital have seen larger price drops this month, being more affected by higher stamp duty charges, and seeing greater increases in available homes for sale”.
This means sellers are having to work harder to shift their properties – and guard against lowering their prices.
How to boost your property’s appeal
Cosmetic changes
Everyone knows how the smell of freshly brewed coffee or baked bread plays well with potential buyers viewing your home. But to get a sale price even remotely close to your desired one in this market, you’ll have to do more than just cater for people’s food preferences.
Matt Thompson, head of sales at Chestertons, explains: “Potential buyers need to be able to envision themselves living in your property, so it is a good idea to transform your home into a blank canvas – which means declutter as much as possible, and consider giving some rooms a fresh coat of paint.
“First impressions count, and we sometimes advise sellers to spruce up the front yard and entrance area.” If it means a trip to your local self-storage firm, before a stop-off at the nearest DIY place on the way home, so be it: these are difficult times for homesellers.
“If there are no major works to be carried out concerning elements such as the foundation or roof, some cosmetic work can make all the difference,” says Thompson.
Extensions and planning permission
Flagging a property’s potential for extensions and the like can also pay dividends, even if you don’t do the work yourself. Going through a local council’s planning permission rules could make your property more appealing to those with the means to extend. From the time the local planning authority grants it, permission is normally valid for three years.
This may also be a route you end up taking yourself if you decide to hold out and not sell at this time. If the reason you are looking to move is lack of space, it’ll help solve some of your immediate problems, while likely adding value to your property in the long run.
According to a 2023 report by Nationwide, adding a bathroom can add 6 per cent to the value of an average home, while making space for an additional bedroom can add 15 per cent; a loft conversion, or one that adds extra floor area, can add a full 25 per cent.
Get social
Whether you yourself are on TikTok and Instagram or you enlist the help of “propfluencers” (property influencers), social media is a great tool to utilise when selling your home. Not only does it raise the profile of the property and provide a very visual piece of marketing for potential buyers, you may also benefit from brand endorsement, freebies and extra revenue – which is particularly helpful if you are extending the property or renovating certain areas.
For example, London-based estate and lettings agent Ellis & Co estimates that “homefluencer” Susanna Hawkins, also known as Schnordic, earns around £1,361 per post (a figure that has likely gone up considerably since 2022, now that her account has over 1.1 million followers).
Virtual viewings and open houses
Estate agents frequently get a bad rap. Ipsos Mori’s veracity index for 2024 found that just 37 per cent of those surveyed “generally trust them to tell the truth”. However, for the record, journalists managed just 27 per cent. Only ad execs, government ministers and politicians achieved lower trust ratings than my trade (sigh).
But shiny-suited or not, finding a good estate agent able to offer advice like Thomson’s, specifically tailored to the seller’s circumstances, can make all the difference. They should know what to hype up about the property and what to downplay.
They can also help you take advantage of virtual viewings – a trend that has gained traction since the pandemic. They’re a great way to engage prospective buyers and mean people can look around online before they even step foot inside.
Again, while open houses may seem more Selling Sunset than flogging your family home, they can create a buzz and get the right people in the doorway.
Of course, you’ll have to pay them commission – but they’ll pay for themselves if the advice secures a higher selling price.
The housing market may be in a state of flux and things may be looking particularly bleak for sellers right now, but if you are keen to budge your property, taking these steps may help you claw back some control – and, more importantly, money.
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