Selling UK Homes Becoming Harder

  • 17 years ago
  • Uncategorized
Selling a property in the UK is becoming harder and selling your property online could be the key. The Halifax found that prices fell by 2 per cent in the North of England and by 3 per cent in Northern Ireland. A Sunday Telegraph study indicates that UK estate agents have a growing list of unsold homes and some are reducing selling prices to achieve a sale
Recent changes in mortgage rates, the uncertainty brought on by the Northern Rock scare and the introduction of Home Information Packs appears to have buyers in a panic.
Halifax’s chief economist, “I think prices will continue to slow, but we will see that slowdown reaching the South.”
September saw the government extend its Home Information Pack scheme to cover three-bedroom homes in England and Wale. The Department of Communities and Local Government said that this extension means that about 60% of the property market in England and Wales will be covered by HIPs.
The Sunday Telegraph investigation reveals that several estate agents across the UK are now suffering the slow down with many having growing inventories. Sarah Nixon of Hammond Harwood, a Nottingham-based agency, says none of the city’s agents could remember a time when so few sales were going through.
“It’s frightening,” she says. “We have properties which have been on the books for months and months, which have suffered price reduction after price reduction but are still not selling.”
The Telegraph reports that some home owner’s need to take thousands of their asking prices in order for them to sell their homes. One estate agent gave a typical house reduction example indicating that a home on sale for £290,000 would now sell at £250,000.
Selling property online could be the key saving hard pressed UK home sellers thousands in commission fees. Many UK home sellers have the misconception that Estate Agents play an irreplaceable role in the sale of a property, either from a seller’s or buyer’s perspective. Though they can ‘hold your hand’ and also do a lot of the leg work that you might not want to do, the process is generally much simpler than you might think and certainly most people are more than capable of doing it themselves.
Nicholas Marr CEO ‘The US has had a vibrant for sale by owner market for years and it is now a serious alternative. One of the most common questions from our sellers revolves around using both methods to sell their homes i.e. trying to sell their homes themselves and with an agent. Homes sellers should always check what sort of agreement an estate agent is offering before signing if they are considering selling property themselves.  Most people sign ‘Sole Agency’ or ‘Multiple Agency’ agreement. Both of these allow you to sell privately; if you do sell privately then in most cases you do not have to pay any agency commission.’
More Information about selling privately can be found at
Related News Stories

Selling Property Privately-For Sale By Owner

A small, one-off, fee from only £35 approx €51 /  $69 (full pricing details here)is all that is needed to start advertising your home to millions of buyers to sell property worldwide. Save thousands in commission by selling your home online.


Compare listings