When you’re selling your home, it is understandable you want the sale to go through as quickly as possible. However, there are some property owners who are under pressure to sell their house quickly, and we’ve seen many people like this over the years.
The latest findings from Open Property Group indicate a notable increase in the urgency of home sellers seeking swift transactions. Comparing the start of the year to the present, the proportion of sellers needing a quick sale in the South East has surged by 39%.
Open Property Group's analysis sheds light on this rising trend, examining sellers who specifically require a fast sale and how this urgency has shifted since January.
Across England, there's been a 10% increase in sellers looking for a speedy transaction. The North West tops the list with the highest proportion of these sellers at nearly one in five, while the South East follows closely at a similar one in five ratio.
The South East, in particular, has experienced the most significant rise, with a 39% increase in the number of sellers requiring a swift sale between January and May. London has also seen a sharp climb at a ratio of one in four ratio followed by the East of England at a one in eight ratio.
At David Harris & Co, we are most interested in the London market, and there is no denying a size proportion of London homeowners are looking to sell their home quickly. For every four properties for sale in the capital, one homeowner is keen to sell their property as quickly as they can.
We know there are often external reasons for this, and many homeowners are under significant pressure to sell quickly. We help, but we also do our best to sell quickly, and at the best possible price. If you are looking to achieve the best of both worlds when it comes to selling your home, rely on a skilled and experienced estate agent.
Despite the South East's high activity in the quick sale market, sellers in the region are less inclined to lower their asking prices significantly. The average discount offered by these sellers is just 7% off the current asking price, the smallest reduction compared to other regions.
Conversely, sellers in the North East, seeking to expedite their sales, are willing to reduce their asking prices by an average of 16%, the largest discount across all regions.
We respect the desire and demands from homeowners in Finchley, and we will do everything we can to facilitate a sale in the best possible manner, without lowering the price without due cause.
CEO of Open Property Group, Jason Harris-Cohen, commented: “There’s no doubt that the property market has turned a corner in 2024, but it’s fair to say that this return to form has been muted and sellers continue to grow frustrated with just how long it’s taking to find a buyer, as higher mortgage rates remain an obstacle. So, while many sellers will have taken the plunge, buoyed by stories of improving market sentiment, they’re now finding that they simply can’t secure a sale and are looking to increase their chances in order to make their move.”
Jason Harris-Cohen also said: “One common tactic to entice buyers is to advertise the need for a quick sale and there’s been a notable increase in the number of sellers deploying this tactic since the start of the year. Of course, in order to achieve this and attract a buyer in a strong position there needs to be some wiggle room on the price they are willing to accept. However, across the more inflated areas of the market, such as the South East, sellers simply don’t seem willing to comply and this is unlikely to help secure them a swift sale.”
We have assisted many Finchley homeowners looking to sell their property, and we know what buyers are looking for when searching for a new home. You can take the stress out of connecting with likely buyers by turning to an experienced estate agent in Finchley.
If you want to make an informed decision in and around Finchley’s property market, we are here for you. If you have any questions about the local housing market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
