"While many sellers will have taken the plunge, buoyed by stories of improving market sentiment, they’re now finding that they simply can’t secure a sale and are looking to increase their chances in order to make their move"
- Jason Harris-Cohen - Open Property Group
The latest data from Open Property Group has revealed that there has been a 10% increase in the number of home sellers stating the need for a quick sale when compared to the start of the year, climbing to 39% across the South East.
Open Property Group analysed the latest data on sellers who specifically state the need to sell up swiftly when positioning their property in the current market and how this level of urgency has changed since the start of the year.
The figures show that across England, there has been a 10% increase in sellers in need of a quick sale.
The North West is home to the highest proportion of these sellers at 19%, although the South East isn’t far behind accounting for 18% of all sellers in need of a swift sale.
The South East has also seen the largest increase in the number of these sellers, climbing by 39% between January of this year and May.
London has also seen a sharp increase at 24%, followed by the East of England (12%).
In fact, there’s been an increase in quick sale sellers across every region except two - the East Midlands (-6%) and North East (-6%).
However, while the South East may be home to some of the largest levels of quick sale market activity, buyers in the region are less willing to compromise on price in order to achieve their goal of a speedier sale.
Across the region, the average discount being offered by those looking for a quick sale comes in at just 7% versus the wider current asking price - the smallest discount of all regions.
In contrast, those in search of a quick sale across the North East are willing to adjust their asking price expectations by an average of -16% in order to secure a buyer - the largest discount offered of all regions.
CEO of Open Property Group, Jason Harris-Cohen, commented: “There’s no doubt that the property market has turned a corner in 2024, but it’s fair to say that this return to form has been muted and sellers continue to grow frustrated with just how long it’s taking to find a buyer, as higher mortgage rates remain an obstacle.
"So while many sellers will have taken the plunge, buoyed by stories of improving market sentiment, they’re now finding that they simply can’t secure a sale and are looking to increase their chances in order to make their move.
"One common tactic to entice buyers is to advertise the need for a quick sale and there’s been a notable increase in the number of sellers deploying this tactic since the start of the year.
"Of course, in order to achieve this and attract a buyer in a strong position there needs to be some wiggle room on the price they are willing to accept. However, across the more inflated areas of the market, such as the South East, sellers simply don’t seem willing to comply and this is unlikely to help secure them a swift sale.”
