Half the Homes Stay on the Market - What’s Really Going On in UK Property?
Sales are up, but so is the disappointment. The British residential property market has been surprisingly robust, with sales up 14% this year compared to pre-Covid times. On the surface, that sounds like a market once again in full swing. Dig a little deeper, though, and you’ll find a befuddling paradox: about one in two of the homes listed don’t sell. Why is that so when demand appears healthy?
It all boils down to pricing. Sellers are stuck in the past and are willing to wait for past valuations, believing their homes are worth more than the market now says they are. This overvaluing is like a bottleneck: Homes get stuck, buyers get frustrated, and what feels like momentum can threaten to grind to a halt. The result? A disappointing expectation mismatch that leaves everyone spinning their wheels.
This lackluster pace at moving inventory is more than a speed bump; it’s a quiet alert to the fact that the market’s tempo is a tad offbeat. Sellers should understand that sticking with top dollar may not always work in their favor. Buyers, in the meantime, encounter less competition on subsets of properties priced reasonably that could translate as opportunity — patience is still a virtue.
There’s a further twist: with demand remaining strong in the face of these delays, prices are not collapsing. Instead, they are stabilizing, anchoring expectations. In this context, the smart money is on a market that inches along — buyers scrutinize, sellers rethink.
Practical Takeaways for Buyers:
— Don’t get carried away by unrealistically high asking prices. Determine what a property is truly worth by using recent sales data.
Enter negotiations with conviction; if a home has been on the market, sellers may be open to negotiating.
Be prepared to pull the trigger on properties that hit that sweet spot of price and condition — they’ll be moving faster than you might expect.
Be sure to watch mortgage rates as well: you can’t afford to wait too long if borrowing costs are falling and your purchasing power is increasing right now.
The Final Takeaway:
A busy market can be its own traps. It’s the difference between letting a chance pass and making it to the next front door key.
