House Not Selling? It’s Probably The Price

Transcript

Hi, I’m Ruban Selvanayagam from Property Solvers.

For over the last two decades, we’ve bought, sold and structured transactions across thousands of properties. 

We’ve operated as direct cash buyers, auction specialists and advisors to sellers in all kinds of circumstances. 

And through that experience, one pattern has become very clear. When a property isn’t selling, in most cases, it comes down to price.

That isn’t intended to sound dismissive – it’s simply how most local property markets tend to operate.

But at the same time, it’s also easy to see why pricing can be a sensitive topic. For many, a home is the largest asset they own. 

Beyond the deposit, Stamp Duty and purchase costs, it represents years of mortgage payments, upgrades, maintenance and financial commitment. 

Wanting to achieve the strongest possible outcome is entirely understandable and it’s natural to have a certain view of what a property should achieve when up for sale.

But ultimately, the market responds to current demand, what else is available and how buyers assess risk at that moment in time.

Let’s dive in…

When a property comes to market, it goes straight into competition. Buyers aren’t thinking about what you paid for it or what you’ve spent over the years. They’re looking at it alongside everything else available in that price range. 

They filter by budget, compare size and layout, look closely at condition, energy performance, the garden (if there is one) and of course weigh up the location. 

They’ll run the numbers on today’s mortgage rates and mentally factor in the cost of any work that might still be needed.

All of that determines whether it feels worth the money you’ve got it advertised for…

But to take a step back to the start of the house sale process, it’s also worth acknowledging something that isn’t often discussed openly. The estate agency industry (both traditional estate agents and online) is massively competitive.

It remains an undeniable fact that many pitch optimistically to win instructions and initial asking prices aren’t always aligned with where buyers are actually willing and able to make offers.

Once the property is live, it’s the market – not what an estate agent “thinks” a property will sell for – that determines reality.

Of course things need to be done properly: enquiries followed up, feedback handled honestly, strong presentation and comprehensive marketing exposure beyond simply listing on the likes of Rightmove and Zoopla.

But if you price correctly at launch, you create momentum. Viewings cluster. Buyers feel competitive tension. You generate urgency. That urgency is what drives offers close to asking price and sometimes more.

If you price even above where the market sees value, the response is very different. What we often see isn’t necessarily a flood of low offers, it’s actually silence.

And silence in property is feedback.

The danger of overpricing isn’t just that the property doesn’t sell. It’s losing the early momentum. Zoopla has reported that correctly priced homes agree a sale in around 2.4 weeks on average. That tells you something important – serious demand shows up quickly, and if the price isn’t aligned from the outset, that momentum is difficult to regain.

Once that window passes, the listing begins to age. Buyers start to assume there must be a reason it hasn’t sold. Even if there isn’t, the perception shifts.

We’ve seen this repeatedly. Two very similar properties on the same road. One priced realistically from day one. The other launched optimistically. The realistically priced property generates early viewings, buyer momentum and achieves close to asking within weeks.

The over-priced property lingers, reduces, lingers again, and eventually sells – often for less than it could have achieved had it been positioned correctly from the outset.

So early traction is critical. The initial launch period sets the tone, shapes perception and influences negotiation strength. And price is what drives that positioning.

Another important point is that sellers often look at asking prices rather than sold prices. But asking prices are ambition. Recent sold prices are evidence. What buyers are willing to complete on today is what truly defines value.

The good news is that sold data is publicly available through HM Land Registry. Anyone can check what properties have actually transacted for in any given postcode. 

Naturally there may be differences in size, condition and a range of other factors as well as a lag in the data – but that information tends to be far more instructive than listings still sitting on the market.

And then there’s the issue of market conditions. In slower or more cautious environments, pricing discipline becomes even more important. These days, lenders are stress-testing borrowers more rigorously. Buyers are looking through survey reports with a fine tooth comb. 

Refurbishment costs remain elevated. Mortgage rates impact affordability directly on a monthly basis. When uncertainty increases, buyers demand a margin of safety. If they don’t see it, they move on or sit on their hands.

Now of course there are exceptions. Unique properties. Scarce stock in highly desirable areas. Situations where supply is constrained. But even in strong markets, strategic pricing accelerates results. In more balanced or slower markets, it becomes the difference between selling and stagnating.

So what if you’ve already been on the market for a while? That’s actually a very common scenario for many of the sellers who speak to us here at Property Solvers.

First, recognise that waiting for the best price can somewhat backfire. Mortgage payments, utilities, insurance, council tax and simple opportunity cost continue in the background. Time has a financial impact. Holding out for a higher figure only works if the market agrees with that figure.

When we advise sellers in this position, the focus shifts to interpreting buyer behaviour rather than defending the asking price. If viewings are low, although it’s worth checking that the estate agents are doing their job prioperly, it’s probably time to think about an appropriate reduction.

If viewings are steady but offers are consistently below asking, that’s still feedback. The market is signalling where it sees the property sitting.  And, if this is happening, you’re probably not that far off from getting a serious offer, but you may have to lower your expectations slightly.

I also want to stress that this isn’t about slashing the price for the sake of it. It’s about alignment and finding what we call the “biting point”. The right number is the one that brings demand and supply together efficiently, within the timeframe that matters to you.

The open market has and always will be the best way to optimise the price you get for your property. But if your house isn’t selling, it’s rarely invisible. Buyers are seeing it and making a judgment.

If what I’ve said has somewhat resonated, I’ve been freeing up some time every week to jump on free and no-obligation consultation calls where I can look into your house sale situation specifically and offer some unbiased feedback on how to get the best possible outcome.  

Should you require it, I can also run off one of our Local House Market Reports tailored to your postcode with a range of data not found in the public domain.  You’ll find the details in the description below.

And if you’ve found this useful, feel free to like and subscribe for more clear, data-led insights into selling, buying and how the UK property market really works.

A big thanks for watching…