In the current market, reducing your asking price can be the difference between receiving multiple offers and agreeing a sale. Or having to chase the market by making a series of reductions.
In our recent blog “How to move home in the current housing market” we talked about why it it is so important to be proactive about ensuring your home is priced competitively. We also covered why reducing the asking price by less than 10% isn’t going to attract viewings or competitive offers. We recently agreed a sale on a property, that is a perfect example of how a proactive approach to adjusting your asking price can make a real difference to a sale.
On the 19th June 2023 we began marketing a three bedroom, end terrace home in Sittingbourne with an asking price of £325,000
During the crucial first two weeks of marketing, the property attracted very little interest, despite the team at Harrisons putting a huge effort to gain interest and book viewings. There was nothing wrong with the property itself, we knew it had to be down to price.
During those first two weeks of marketing, we had several conversations with the property owners with regard to reducing their asking price. At first they felt it was to early to reduce, until we explained how important the first few weeks are if you want to get the best price for your property. The owners wanted to move, they decided to take our advice and asked to reduce the asking price to £315,000.
However, we didn’t feel this was right, a reduction of less than 5% would not attract any interest. Additionally buyers who use the online property portals create their search profile and set the filters according to their budget. The portal price parameters go up in increments, in this case the maximum price filters available are £300,000 and £325,000, When you are considering a reduction, you want as many buyers as possible to see it, buy reducing to £315,000 you are not reaching buyers looking in a different price bracket or generating any new interest in your property.
On the 4th July we agreed a price reduction to offers in the region of £300,000, we understood that the owners hoped to achieve around £315,000 on their sale.
The reduction had and instant impact, with the first offer coming in on the 6th July for £295,000, which was rejected. In the days that followed we had a flurry of new offers with two buyers bidding against each other. Until, on the 10th of July 2023, we agreed a sale with an offer of £315,000, which was the price the owners wanted from the start.
From listing to sold subject to contract, the whole process took just 22 days! If you are being told that houses aren’t selling at the moment, this isn’t true, houses priced competitively are still selling, and selling quickly, often for over the asking price.
If you want to move, ask the Harrisons team about how we can help 01795 474848
If you are being told that houses aren’t selling at the moment, this isn’t true, houses priced competitively are still selling, and selling quickly, often for over the asking price
Following the exceptional and somewhat artificial market we’ve experienced in the last couple of years, it’s easy to feel quite negative about the current housing market. However, the situation is not as simple as it seems. As we emerged from the COVID-19 pandemic, the housing market throughout the UK witnessed unprecedented growth, but it’s unlikely to happen again. Comparing that period to the current market won’t provide an accurate picture of its performance.
The “Race for Space” Phenomenon: The so-called “race for space” was prompted by buyers gaining access to more flexible working arrangements, the stamp duty holiday, and the limited availability of housing stock. Consequently, there were numerous buyers competing for a limited number of properties, which drove up prices. Buyers found themselves making increasingly higher offers to secure a sale, and properties often sold within days of being listed.
An Abnormal Market: It’s crucial to remember that this was not a normal market. To illustrate the exceptional nature of this period, consider the following: In 2018 and 2019, UK house prices increased at an average annual rate of 2%. Now compare that to the average increases of 7.4% in 2020, 10.8% in 2021, and 9.8% last year, amounting to a total increase of over 28% in just three years. Even the worst-case predictions for a decline in house prices are nowhere near a drop of over 20%. Unless you purchased a house within the last 12 months, the value of your home will have increased.
UK house prices increased at an average of 2% per annum in 2018 & 2019. In the past three years combined they have increased at a national average of 28%.
Let’s get serious and discuss how to buy and sell homes in the current market conditions.
If you’re a buyer waiting for house prices to plummet before making a purchase, that scenario is unlikely to occur. Instead, prices will likely return to more normal levels. However, you can still take advantage of the market by following these steps:
If you’re looking to sell, it’s essential to have a realistic understanding of the market and price your property accordingly. Keep the following tips in mind:
Changing your mindset is crucial
Once you start receiving viewings and offers, remember that the best offer isn’t always the highest one. Look for offers from buyers with a solid financial position, short chains, and proof of deposit or cash. If the buyer needs a mortgage, ensure they have an agreement in principle. Consider requiring a reservation agreement for added security. By securing the best offer, you can negotiate effectively and move forward with your onward purchase.
In the current housing market, it’s crucial to approach buying or selling with realism and adaptability. By understanding market conditions, pricing your property competitively, and working with experienced agents, you can increase your chances of success. Remember, seeking advice from professionals can provide valuable insights and support throughout the process. If you require honest advice and assistance with your house sale, contact Harrisons today at 01795 47484
With summer firmly (and finally) here, there are a range of activities and events going on throughout Swale this July that make for great family days out. Check out what’s on, and give yourself a month to remember.
Fun for all the family from 12 noon until 5pm. Lots to do from go karting, craft stalls, falconry, tug of war, coconut shy, summer raffle, BBQ, beer and Pimms, live music, a tea room and much more.
The Playstool, Borden ME9 8LP
10am-2pm
Fun for all the family, including balance bikes and rides around the Rec, plus a chance for adults to try out e-scooters and e-crago bikes. You can also grab a free health check, and find out more about the Council’s Active Travel initiatives.
Faversham Recreation Ground, ME13 8EU
Family fun day, with live music from six bands. Real ales, real ciders, and a food area, with this year’s special guest Toyah Wilcox. Funfair and live music from 3pm.
Tickets start at £7.50
Appleyard Sports Bar, ME10 1QN
Annual flower festival, this year’s theme being ‘A Night at the Theatre.’ Refreshments available.
10am-4pm
The Holy Trinity Church, Queenborough, ME11 5AG
A unique view of the park and woodland, as well as the class car show, as you view it from the handmade passenger carriages around the site of Bredgar railway. Activities, crafts and workshops all included in the ticket price, starting at £15.
Book online
Bredgar Light Railway, ME9 8AT
Visit the National Fruit Collection at the prime time for harvest, walk the cherry trails, and sample the delights of the Kentish cherry. The perfect time to learn the orchard’s history with a walking tour,
Arrival between 10am-12pm and 1pm-3pm.
Brogdale Road, ME13 8XZ
Visit the picturesque Mount Ephraim between 11am-5pm to experience, enjoy and celebrate their award-winning cherries. With live music from 1pm-3pm, and tea and cakes galore, you can also explore the orchards on a self-guided tour.
Please book tickets in advance.
Mount Ephraim Gardens, ME13 9TX
A four day dog friendly, and accessible festival suitable for all ages with camping and glamping. With music from Skipinnish, Noble Jacks and more, as well as yoga, magic shows and workshops for both adults and children plus a plethora of refreshments available.
Under 16s free – Prices from £30
Pett Wood Cottage, Stockbury ME9 7RL
Parade starts at 2pm from Little Groves Leisure Park, join in on the fun!
Little Groves Leisure Park, ME12 4LL
11am-4pm
All are welcome to admire the classic cars on the front lawn of Mount Ephraim, with tickets on purchase in advance.
Mount Ephraim Gardens, ME13 9TX
With a variety of accommodation choices to choose from, you can invite friends and family to visit and enjoy what our beautiful area has to offer. Here are some of our recommendations, with local hosts waiting to greet you.
Within easy walking distance of everything Faversham has to offer, in a quiet setting. Continental breakfast included, and free wifi.
Enjoy a relaxing stay in the Kent countryside just outside Ospringe near Faversham, with a wide variety of rooms to suit everyone, with both early and late check ins available.
Enjoy garden views, with free private parking and wifi and your own private entrance and your own kitchen, you can make this a true, tranquil getaway.
Clean, comfortable rooms, with a warm and friendly welcome and an excellent breakfast included.
A quiet and friendly getaway, great for a little peace and quiet. All rooms are en-suite, with gorgeous sea views.
16th Century country house, with dog friendly rooms aside the Swale estuary in Harty Ferry. Enjoy a relaxed stay in rural tranquility.
With the announcement last week from the Bank of England that the base rate is rising from 4.5 to 5%, this can cause a lot of worry and confusion for anyone trying to hoping to buy or sell a home. With this in mind, we thought we would take a moment to explain what we are seeing in the Swale Housing Market currently, how we think this may impact property sales in the short term and what you can do to ensure you are able to move regardless.
The mainstream media may have you thinking the property market is on the verge of collapse, this simply isn’t true, many parts of the UK, particularly in the North, are still seeing house prices increasing. For us in the South East, who are in much closer proximity to London, we are seeing prices adjusting, whilst it feels that house prices are falling, they have only dropped back to the pricing in July 2021 (see chart).
The average UK home has risen in value by £48 a day since February 2020. That’s equivalent to £38,000 and higher that the average UK salary.
The whole of the Swale property market has out performed this, with ME9 postcode increasing by £78 a day (£62,000) for the same period.
In truth, parts of the local market are struggling. If you are trying to sell a home over £500,000, you will need to have a strong marketing strategy and be realistic, and proactive in how you negotiate offers.
Fall through rates (sales that were agreed and one party withdrawing from the sale) are rising. Currently over a third of all sales don’t make it to completion, however if you use a reservation agreement, this figure drops significantly.
Before you despair, it’s not all doom and gloom, there are pockets in the Swale housing market that are holding up well, with many properties still receiving multiple offers, and many agreeing a sale over asking price. We have also noticed an increase in buyers registering for our Heads Up Property Alerts Service. The biggest group of these are first time buyers, we are also encouraged to see London buyers returning.
Here are a few of our top tips of how to secure a sale in the current Swale housing market
If you would like some honest, straight forward advice as to how you can sell your home, contact the Harrisons team on 01795 474848
With every house sale fall through, a cost is incurred. Whilst we do all we can to not let that happen, unfortunately, sometimes it does. With estate agents losing an estimated £1.27 billion last year, we wanted to look at it in more detail, to help you understand why and how you can minimise the risk to your sale.
Whilst there is no doubt that the housing market post Covid was a boom time, with houses receiving multiple offers, many over asking, house prices selling and many agents finding that properties they were listing were selling with very little effort involved. But with this Boom in the industry, another statistic began to rise, the amount of sales that were collapsing, or the fall through rate as we refer to it in the industry.
Why? This is due to a number of reasons. Some are reasonable (yet still annoying) Such as significant issues arising in the survey, buyers unable to secure funding, illness or a major change in circumstances. However, many were not reasonable. Many buyers and sellers simply change their minds! Buyers feeling pressured by the competition in the market made offers higher than they were comfortable with, or on properties they weren’t totally sure about. Some sellers agreed an offer with one party, only to switch to someone else who made a higher offer part way through.
Then there was the issue with the sheer volume of sales that were going through, this caused delays in the conveyancing process, poor communication and frustration, which sometimes ended in the painful decision to pull out of the sale all together.
A sale falling through can the whole chain. The initial sale that fell through will try agree a new sale, whilst those further up and down the chain have to sit and wait for this to happen. This can cause more frustration, and in the worst cases other buyers and sellers feel the stress isn’t worth it and pull out themselves, possibly causing the whole chain to collapse. This doesn’t only affect buyers and sellers, it effects everyone involved. The mortgage brokers, lenders, removal companies, conveyancers, solicitors and of course the estate agent, they are all out of pocket.
Of course during the boom of the last couple of years, where buyers out numbered properties available to buy, finding a new buyer was relatively straight forward, and didn’t cause too much of a delay. However, in 2023 demand has dropped and prices are settling to a more normal level, finding a new buyer after a sale has fallen through is not quite as straight forward. The agents and sellers need to be much more proactive.
Harrisons of all agents know that losing a house due to fall through affects all parties involved. From the agent to the buyer, to the seller, and all services in between, it is not ideal, and it had an impact on three in 10 property sales last year. Costing UK estate agents well over £1 billion¹.
Unbelievably, the compiled properties is an extortionate 315,652 sales falling through in 2022.
The table below shows that the average fee lost from agents alone equated to over £4,000, with both buyers losing over £2,000 and buyers losing over £1,500 per fall through.
When added together, the estimation of conveyancers losing money totalled £706.7 million, with sellers coming in not much lower at £533 million.
Collectively – that is a great deal of money.
Category | Estimated fall throughs 2022* | Average fee lost per transaction £ | Estimated total cost of fall throughs (2022) |
Agent | 315,652 | £4,034** | £1,273,445,322 |
Conveyancer – buying | 315,652 | £2,239 | £706,744,828 |
Conveyancer – selling | 315,652 | £1,690 | £533,451,880 |
*Based on 31% of all transactions falling through before completion and applied to sales volume
**Based on average fee of 1.42% to the average 2022 house price of £284,108
Not only are we agents, but we ourselves are homeowners. We know the stress behind selling, we know the stress behind buying, but we are most acutely attuned to the stress that it collectively brings to a couple or family who are wanting everything to go as planned, without any party pulling out.
The simplest of purchases can still stall and take time, and people can become impatient, worried, or distracted from their original dream of moving because it isn;t going as quickly as they’d like.
With surveys being carried out and revealing costly issues, or a plain old change of circumstance can sometimes be enough to halt the sale, or prevent it entirely.
It only takes one link to break the chain, but what if something could be in place whereby the costs were considered through a contract between parties before this all commenced?
With a third of all sales falling through last year, at this figure rising currently, it’s interesting to note that only 13% of all of our sales agreed at Harrisons fell through last year, and this is because we recommend reservation agreements on all sales.
Whilst not all fall throughs can be prevented, they can be significantly lowered with the help of our Reservation Agreements, our results reflect this. We plan on creating a fresh wave of awareness on how this particularly works for you as our customer when it comes to either buying a property, or selling yours with us directly.
Our aim is to lower the costs incurred by sales fall throughs. Each property only sells with several people attached to it, making it complete, but if there is no promise of commitment behind it, then it can be left to collapse. That is costly for all – and we are doing our best to prevent it where possible.
If you would like to hear more about what Harrisons does to prevent sales fall through, please give us a call today on 01795 474848.
Island 10K – Chris and Lizzie Did It!
Harrisons own Chris and his wife Lizzie successfully completed the Island Run 10km in Sheerness recently to raise money for local charity, Holding On Letting Go. It is one of a series of challenges Chris is undertaking this year to help fund a vital service to the community.
Another running challenge has been ticked off the list of our Chris, when on Sunday 4th June, he crossed the line after journeying the 10km on the Isle of Sheppey. On proud completion, he awaited the arrival of Lizzie who joined him not long after, with both smashing their targets.
Chris had a target of 45 minutes and completed his race in 44m 06 sec, whilst Lizzie had a target of 1 hr 05 min and absolutely blew us all away with coming in at 58 mins 39 sec! This was Lizzie’s first ever 10km, so to say the team at Harrisons are proud is an understatement!
The weather certainly helped, with the morning cloud coverage keeping conditions cool, and they both had a fantastic time running. Of course – the knowledge that they were running to raise money for Holding On Letting Go made the process a whole lot easier.
Chris has a Miles For Smiles GoFundMe page that he has open for his various challenges, and we want to take this opportunity to ask that you donate what you can to help him raise as much money as possible for Holding On Letting Go, so that the charity can carry on making sure those affected by grief feel a little more understood, and a lot more supported.
Chris has been raising money for Holding On Letting Go since 2020, and doesn’t want to stop any time soon. As of June 2023, he has helped raise over £23,000, which is outstanding. And this is just the beginning…
That’s right – Chris has just started a mammoth 12 week training schedule for his first ever marathon, details of which to be confirmed closer to the time. Understandably, this is a huge commitment, and the amount of work and effort involved in maintaining fitness levels to complete such a challenge is going to be something Chris never forgets.
His appreciation towards any and all donations far outweighs the blood, sweat and tears that will see him over this colossal finish line, but with your help and encouragement, he is going to really ensure that Holding On Letting Go sees incredible contributions flooding in.
If you want to donate to Chris’ GoFundMe page, please click here to do so.
Chris would like to take this opportunity to offer those who have already donated a huge thank you. Times are tough at the moment with rising costs, so every penny you donate really doesn’t go unnoticed and is very much appreciated.
Charities such as Holding On letting Go are imperative to the community, and to the wellbeing of the young and their families. They aren’t ‘given’ money, and all the people who are associated with it, are there on a voluntary basis. Now more than ever, we need to maintain a high level of support so that they can deliver their life changing work to those who need it.
Thank you once more – and let’s move onto the next race.
3…2…1…. GO!
Our Chris has been involved in a series of running challenges throughout 2023 and his latest endeavour has seen him complete the Hackney Half last Sunday. His efforts are to raise money for the incredible Holding On Letting Go charity, and the amount raised so far is huge, and still rising!
Now Chris has had a chance to put his feet up and catch his breath, we can confirm that he has indeed completed the Hackney Half marathon! The warm weather may have affected his pace a little, but that did not stop him from proudly crossing the finishing line in an impressive 1 hour, 47 minutes and 30 seconds!
Like many runners during these tough routes, Chris was raising money for a charity dear to him, and with every stomp forwards on the day, he knew he was making a difference to so many families who use Holding On Letting Go. If you haven’t heard of them, then now is a great time for introductions.
Holding On Letting Go is a local charity run solely via volunteers who support children and their families through bereavement. It has always been imperative to Chris to give back to the community that he values both personally and professionally. With himself having young children, he values the crucial work Holding On Letting Go does to offer Children the freedom and safety to explore their bereavement and work through it healthily.
The Hackney Half wasn’t the first running challenge for Chris in 2023, and it certainly won’t be the last. His next run is the Island Run 10K on Sunday June 4th, this time he will be joined by his wife, Lizzie. On top of that, he is training for a full marathon in the autumn with details to follow, plus a series of other running challenges, with some including other members of his family.
With only 1% of the population having ever ran a marathon before, we continue to pour our pride into Chris’ achievements, and we know that Holding On Letting Go would say the same as well.
Chris is a firm believer in making a difference, and he has spent hours training for these running events. His challenges are highlighting the importance of supporting charities such as Holding On Letting Go, because without donations, they are unable to offer their service to countless young people in the community.
Chris’ family, friends and colleagues at Harrisons are incredibly proud of his efforts, and can’t wait to see the amount in total continue to creep over the already astonishing £25,000 mark!
To donate to Holding On Letting Go, and to support Chris, please head over to his JustGiving page here.
Thank you!
There is no stopping Chris!
He donates £50 to child bereavement charity Holding on Letting Go for every property sold via Harrisons, and as of end of March 2023 Harrisons Homes have raised £21807.25.
January is Dog Walking Month and a great excuse to restart those healthy habits, and think about enjoying being in the great outdoors.
It comes as no surprise then, that January also doubles up as Walk Your Dog Month.
It’s so important to keep your heart in perfect condition, as it is responsible for pumping blood and oxygen around the body to all areas and organs. Walking will strengthen your heart and reduce the risk of heart disease and strokes.
If you walked for 30 minutes per day, you can reduce your risk of stroke by 27%, which is pretty amazing. It also allows your body to swap the bad cholesterol for the good.
Walking at around 2mpth for 30 minutes, you will burn around 75 calories, which equates to an incredible 7 lbs per year!
That familiar feeling of lethargy in January is particularly strong, so getting out and about will boost those energy levels, and leave you wanting more. This will help you feel more alert and awake.
An older person who walks six or more miles a week is far less likely to suffer from problems such as dementia. The simple reason is that walking has actually been proven to prevent your brain from shrinking.
Lots of people here in the UK are Vitamin D deficient, so it is important to increase your levels by getting outside as much as possible. Great for one health and your immune system, there are always such healthy advantages to walking your dog.
And last but not least…
Walking makes you happy!
Milton Creek is a tranquil area that so many dog walkers like to go. With so much open space and paths leading all over the park and down to the creek, you can use it to join up the Swale Heritage or the Saxon Shore Way if you so wish, or stay creekside for equally beautiful views and friendly visitors. The paths are great for walking, with picnic areas if you fancied taking a coffee and a bagel with you during your walk. (For you, not the dog!)
The Country Park was for the first time ever given a Green Flag Award in 2022. This means it has been recognised as one of the country’s finest parks – making it great for dog walkers.
The green space offers a tranquil oasis from the industrial parks that are nearby, and with 128 acres to play with, you are sure to love the ambiance with your four-legged friend.
King George Playing Field is a fantastic family place to go with your dog. Enjoy the grassy areas and play ball, then enjoy a hot drink at the café afterward.
It is a lovely space, popular with dog walkers who live in the town and cannot perhaps have easier access to more rural locations.
In the heart of Borden village, you’ll find a large green park. Play a couple of games of fetch here, or keep on following the hill down to the right and discover the peaceful routes through fields and nature reserves.
Rose Hill Woods steeply rises up behind Gore park, with wide pathways under gorgeous, mature trees. These woods are very popular with dog walkers. There is plenty of parking in the park below.
Swale National Nature Reserve is certainly a beautiful area to take your dog for a walk. Along the way, you are bound to spot lots of wildlife and is a favourite amongst many.
If walking under big skies is your thing, Swale Nature Reserve is definitely for you, with several paths around the north side of the reserve.
Barton’s Point Coastal Park features 40 acres of outstanding beauty, with nice tracks along the canal and a lake. It is a wonderful, grassy area for dog walking, and is popular with many who do so.
Minster Leas Beach is a great place to go with your dogs, although it is worth noting that dogs are banned in the actual beach from the east side of the Lifeguard Station on the seafront opposite the Playa Public House eastwards to an imaginary line at 90 degrees from the west side of the vehicle ramp leading to the beach opposite the Little Oyster Cafe, between May 1st and September 30th each year.
Many dog walkers choose to take their dogs here, so if canine socialising is your thing, or indeed your dogs, then Minster Leas Beach is perfect.
The Gunpowder Works have opening hours of 9-5 (weekdays) and 10:30-4:30 (weekends and public holidays).
The surfaces walking trails around the site are colour coded and lead around through the woodland, passing the remains of the old gunpowder buildings.
The Gunpowder Works is a dog-friendly woodland area, with nearby lakes and gorgeous serenity. The walks differ in duration, so pick the one best for you when you get there via the colour-coded information points.
Trot through the mud flats and corridors of reed beds and salt marsh with a walk that is so good for the soul, and will earn both you and your dog a nap afterward. The circular walk of Oare Creek takes about an hour and thirty minutes. It is a frequent visit of dog walkers due to the gorgeous space, views and a few pubs scattered along the way for refreshments – all of which are dog friendly.
One of the best walking routes in Swale is the Footsteps of Royalty and Romans Trail. At just over 6 miles, it starts in the market town of Faversham and takes you out into the countryside. Popular with dog walkers, you can pick up the circular track anywhere and head from town to rural life in just a few miles.
Believe it or not, the nights are gradually beginning to lighten, and before you know it, we will be met with the glorious shoots of spring. Until then, allow Dog Walking Month to be the catalyst for your fitness, as well as your dear pets!