Data published by the property website Zoopla reveals that almost half (44%) of homes for sale in the UK failed to sell within the last three years.
To increase the chances of a home selling, it needs to be realistically priced. Zoopla’s research shows that a home priced at 10% above the local average for its type and size has a 10% lower chance of selling.
Zoopla finds that younger sellers under 35 are prone to overpricing. Their main reason for selling a home is to move to a larger, more expensive one, which is why they want as much as possible for their existing home. Older people who are downsizing are often more willing to offer their home at a reduced price for a quick sale.
The executive director at Zoopla, Richard Donnell, said:
“Almost half of homes listed never sell. That isn’t down to luck or the market; it comes down to a few decisions, starting with understanding what your home is actually worth today.”
He recommends using online pricing tools to determine a home’s value. Pricing a home above the price suggested by a valuation can make it difficult to find a buyer, unless there is a shortage of homes for sale in the area.
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