Why is my property not selling?
This is a question we’re being asked a lot at the moment by homeowners across SE18 — “Why isn’t my property selling?” And, to be honest, you’re not alone. There are quite a few properties locally that have been sitting on the market longer than their owners expected.
The simple reality is that the market has changed.
Buyers have more choice, they’re taking their time, and they’re much more conscious of what they’re paying. The latest sold price data for SE18 shows prices are around 4% lower than they were a year ago and around 8% below the 2022 peak. At the same time, there’s a lot of property available for buyers to choose from, so simply putting a property on the market and waiting for someone to come along isn’t quite enough anymore.
And this is where pricing really matters. We’re seeing properties that, in our opinion, are perfectly good homes but simply aren't getting the interest because the asking price doesn't feel realistic to today's buyer. You might think your property is worth £400,000, and you may well have spent a lot of money improving it, but buyers are looking at what else they can buy for £400,000 — and that’s what you're competing against.
Being realistic on price doesn't mean giving your property away. It means putting it on the market at a level that makes buyers stop scrolling, pick up the phone and book a viewing. Get the price right and you create interest. Get multiple buyers interested and you give yourself a much better chance of getting an offer.
The good news is that people are still buying in SE18. We’re certainly not saying the market has stopped. But buyers are more selective, and properties that are overpriced can quickly become stale. If your property has been sitting on the market for a while, it might be worth taking a fresh look at the price, the competition and the feedback you've had rather than simply waiting and hoping the market changes.
If you're asking yourself “Why is my property not selling?”, we'd be happy to give you an honest opinion. Sometimes a fresh pair of eyes and a realistic look at what's actually happening in SE18 can make all the difference.
Give me a call if you'd like to discuss further..
Luke
Beaumont Gibbs