Recently, the UK property market has been adversely affected by fluctuating interest rates and an ongoing cost of living crisis. The ripple effect is causing significant frustration for property owners who are struggling to sell their homes, even after reducing their prices. According to Rightmove, price reductions are now at a peak of 36% since January 2011. If you’re a frustrated seller looking for a way out, worry not, Yahoo Finance has an article with some viable solutions.

Normal Procedure for Listing Property

Before listing your property, it’s important to grasp the usual pattern in property sales, which will enable you to plan appropriately and decide on the next steps if you don’t get an offer promptly.

During the first 2-3 weeks of listing a property, you’ll get an idea of how realistic your chances are of selling at the agreed price says James Moran, of Middleton Advisors. After this period, your agent may exhaust strategies that have been mainly online, making them less responsive.

The first month is described as a “honeymoon period”, characterised by plenty of viewings and interest, perhaps two viewings a week. This could dwindle down to one or none eventually.

In the current market situation, about 80% of properties are failing to sell within the first three months, with about a quarter of properties on the market for over a year.

Having a Plan B

It’s worth having a Plan B agreed with your agent before you initially list your property. Alex Broadfoot of Engel & Volkers London advises that sellers should “Have a pricing plan in place prior to launch, so the decision to adjust the price is a pre-planned rational one, not made at a time of considerable stress”.

Improving Aesthetics

You could pitch your property further by giving it a decorative refresh, especially at the front, to improve buyers’ first impressions. Also, consider if there is the potential for extra planning permission.

Reducing the Asking Price: When and How Much?

Deciding when and how much to decrease your asking price depends largely on your personal circumstances and how motivated you are to sell. Agents should always consult clients about timing requirements, advises Matthew Morton-Smith of Tedworth Property.

If, after a reasonable period (usually three months), the property is not selling, Marc Schneiderman, director of Arlington Residential, suggests a price reduction and a relaunch with new photography to freshen it up.

The percentage reduction will depend on factors like your readiness to move, if you’ve seen something you want to buy, and price feedback from agents and potential buyers.

When to Shift Loyalties: Changing Agents

If your property has been on the market for an extended period and you’ve lowered the price already, yet it still hasn’t sold, it might be time to change agents. When the agent starts to become distant and less responsive, it might be a signal they have exhausted ideas and resources.

It’s important to make sure your property is presented and promoted effectively by your agent. If it isn’t, your property could be overlooked. However, ensure the new agent has a different strategy and something additional to offer before making a switch.

An alternative option is to use joint agents, as they might present your property to alternative buyer types.

Considering the Rental Option

If selling becomes too tough, you can consider letting your property. The lettings market is highly active and can be a valuable alternative solution. However, it is important to note that this comes with certain risks and hassles and the benefits are not as straightforward as they used to be.

In conclusion, selling a property in the current UK market may be a challenging process, but with appropriate strategies and persistence, it is possible to navigate these challenges successfully.