Nearly half of UK properties fail to sell within three years
UKPulse Property Desk
Almost half of properties listed for sale in the UK do not sell within three years, according to Zoopla data. Overvaluing by estate agents is suggested as a key factor.
- Nearly half of properties brought to market in the UK do not sell within three years, as defined by Zoopla.
- In contrast, 85% or more of properties in the USA reportedly sell eventually.
- Price is considered the most important factor in attracting buyers, ahead of presentation and promotion.
Nearly half of all properties listed for sale in the UK do not sell within a three-year period, according to data from Zoopla. This contrasts sharply with the USA, where 85% or more of properties reportedly sell eventually.
A consultant specialising in securing new instructions, Simon Bradbury, suggests that overvaluing by estate agents is the most significant factor negatively impacting the fluidity of the housing market. He notes that a house's true worth is what a willing and able purchaser is prepared to pay.
Bradbury questions whether overvaluing is a mistake by agents, particularly with unique properties, or a tactic to secure instructions by flattering sellers with higher valuations. He states that overvaluing, whether intentional or not, is hindering buyers and sellers from achieving their objectives.
Why this matters: The high proportion of unsold properties indicates a significant challenge within the UK housing market, potentially affecting both buyers and sellers.
What this means for you: If you are a seller, setting a realistic asking price is crucial for attracting buyers and achieving a sale. If you are a buyer, understanding that many properties may be overvalued could influence your negotiation strategy.