"Operational challenges in bringing properties to market and guiding them through to completion significantly contribute to delays. The initial stages of listing a property are pivotal."
- Gemma Young - Moverly
Research by material Information and digital property pack provider, Moverly, has found that while properties which are slow to sell all have notably higher asking prices than the wider market, there may be other forces at play determining how quickly they will find a buyer.
Moverly analysed current data on slow-to-sell homes - properties that have been on the market for at least 14 months since their initial listing - to see which regions have the highest proportion of slow-to-sell properties, how their asking prices compare to each respective region’s overall average house price, and whether there might be an additional link between slow-selling homes and the level of local market activity.
The research shows that on average across England, homes that are deemed as slow to sell are priced 22% higher than the wider average asking price.
With the highest prices in the nation, it’s no surprise that London is home to the most slow-to-sell properties, accounting for 19% of the national total, followed by the South East (16%) and the South West (12%).
In all three of these regions, slow-to-sell homes are also listed at some of the highest asking prices when compared to their respective regional averages.
In London, slow-to-sell homes are priced, on average, 20% higher than the capital's overall average asking price, while in the South East, the difference is 18.1%, and in the South West it’s 15.5%.
However, Moverly’s analysis suggests slow-to-sell properties do not solely result from high pricing.
For example, the North West also has one of England’s highest proportions of slow-to-sell homes (12%), but these properties are only priced at an average of 4.6% above the region’s wider average house price.
At the other end of the spectrum, the West Midlands has one of England’s smallest proportions of slow-to-sell homes (9%) despite the fact that they’re priced 10.4% higher than the regional average - which is the highest level of overpricing across all regions.
So what else can cause sales to drag on?
Further analysis of sales volume by Moverly shows that over the last 12 months, 540,450 properties have been sold across England. This is an average of 60,050 transactions per region.
It’s noteworthy that the top four areas with the highest proportion of slow-to-sell properties have also seen significantly higher levels of market activity over the past year when compared to this regional average.
The South East has seen 93,385 transactions, followed by the North West (72,992), South West (64,121), and London (61,953).
Meanwhile, and to further illustrate the point that heightened market activity may be a factor in slow sales, the North East is home to the nation’s smallest proportion of slow-to-sell properties (5%), and the lowest number of transactions (28,897).
Gemma Young, Moverly CEO, had this to say: "The correlation between prolonged market presence and inflated listing prices underscores the critical importance of aligning pricing strategies with current market conditions. However, our data reveals that pricing is just one piece of the puzzle in addressing slow-selling properties.
"Operational challenges in bringing properties to market and guiding them through to completion significantly contribute to delays. The initial stages of listing a property are pivotal. Gathering comprehensive information upfront is not only essential for compliance with Trading Standards' Material Information requirements but also serves as a key strategy to reduce time on the market.
"Agents who excel in this area are those who proactively address administrative and legal processes. By collecting both material and preliminary legal information early on, these agents position themselves advantageously to manage inquiries, conduct viewings, and negotiate offers efficiently. Consequently, the provision of comprehensive upfront information becomes a powerful tool in accelerating sales and distinguishing high-performing agents in a competitive market."
