London and South East Sellers Face Toughest Market in Decade as Sales Slump

In a notorious corner of the UK housing market, those looking to sell up in London and the South East are facing the toughest sales environment in a decade. The area, once a guaranteed hotspot, has seen sales plummet, and asking prices are being slashed due to a glut of properties for sale. According to Rightmove, the property website, sales in June across Britain have slipped by 0.3 per cent, to an average of £378,240. The capital and surrounding counties are significantly dragging down the average, with sellers forced to work harder to shift their properties and guard against lowering their prices.

Key Takeaways:

• Sellers in London and the South East are facing the toughest sales environment in a decade, with sales plummeting and asking prices being slashed.
• The average sale price across Britain in June was £378,240, with the capital and surrounding counties pulling down the average.
• Sellers are being forced to work harder to shift their properties, with Rightmove noting that higher-priced southern regions and the capital have seen larger price drops.
• Cosmetic changes, such as decluttering and repainting, can make a significant difference in boosting a property's appeal.
• Flagging a property's potential for extensions and planning permission can also pay dividends, adding value to the property and making it more appealing to potential buyers.
• Social media is a valuable tool for sellers, providing a visual and interactive way to showcase their property and raise its profile.
• Virtual viewings and open houses are also becoming increasingly popular, offering a convenient way for potential buyers to view properties remotely.
• Estate agents can provide tailored advice and help sellers take advantage of virtual viewings and other marketing strategies to secure a higher selling price.

Statistics:

• Sales in June across Britain have slipped by 0.3 per cent, to an average of £378,240.
• The average sale price in London is significantly higher than other regions, with prices being dragged down by the capital and surrounding counties.
• According to a 2023 report by Nationwide, adding a bathroom can add 6 per cent to the value of an average home, while making space for an additional bedroom can add 15 per cent.
• A loft conversion or additional floor area can add a full 25 per cent to the value of a property.
• London-based estate and lettings agent Ellis & Co estimates that "homefluencer" Susanna Hawkins earns around £1,361 per post.

Sources:

• Rightmove
• Nationwide (2023 report)
• Ellis & Co
• Mori (veracity index for 2024)