Most high value properties aren't selling

22 Aug 2020

sales rates over £2m are less than 33%

This week in five seconds

  • Market activity stabilised now after the pent up covid rush
  • UK wide sales rates averaged 58% in the last month but were as low as 33% for properties over £2m
  • Buyers have a lot to choose from and don’t hang around when they make an offer

Stabilised market

Some weeks we will report that not much has changed. This week is one of those. Agents remain busy and sales are going through, particularly at lower price levels.

Buyers are quick to move on

One theme that persists is that buyers, when they offer, don't hang around. Communicate with them quickly and clearly as they will offer and progress with another property if you don't effectively engage with them. In most cases they have plenty to choose from.

Agents sales rates

We show the agent sales rates across the country in the last 30 days. This is important as it shows how much harder it is to sell high value property at the moment.

Only 33% of vendors over £2m actually achieve a sale. 67% withdraw having failed to sell. This is the biggest “known unknown” (known by the agents, unknown by the vendors) in the estate agency industry.

Movewise has an 84% sales rate which is not only the highest by agent in the country but since our average listed value is £700k it makes us dramatically better than the 50% achieved by sole agents across the country at that average price level. Call us for more information on how we can help you.

The Movewise Blog

We also would like to introduce the Movewise Blog. We will be releasing an easy to navigate blog library in September but before then here’s a few titles we’ve penned already with a load more in the pipeline. Watch this space.

How do I choose a property solicitor?
How do I value my house?
How to choose the best estate agent.

Have a great Sunday 

The Movewise Team

Subscribe to our fortnightly newsletter