Latest consumer research by eMoov.co.uk has highlighted that money, stress and time constraints are still the biggest fears for UK homeowners when selling their home.
eMoov surveyed over 1,000 UK homeowners across the nation and asked them ‘when selling a property, what are the top three things you fear the most?’. To see the breakdown of the national results you can find the full report here, or check out the specific results from homeowners in London below.
Despite UK homeowners currently enjoying the highest average house prices on record, securing the right price still tops the list of fear factors.
Ranking first as the biggest fear factor when selling, was paying too much in estate agent fees (49%). However, this result is hardly surprising as the average house price in London is double that of the rest of the UK and London’s high street estate agents charge up to 2.5% in commission, so the cost of selling can be substantially higher than the rest of the nation.
In second place 47% of those asked in London said not getting the price they wanted or needed was their primary fear when selling, with the stress of the selling process the second biggest fear factor for 37% of homeowners.
Coming in at fourth place was the fear of time restraints, with 35% of homeowners, in London, being afraid they wouldn’t be able to sell their home in the time they needed to.
Other fear factors stated by UK homeowners included, finding a new property to live in upon selling (23%), picking the wrong estate agent in the first place (13%), dealing with the buyer (11%), getting a mortgage for their next home (9%) and that their new property might drop in value in the future (5%).
Looking at the results from our latest ‘Fear Factor’ survey, it’s quite apparent that homeowners in South London are becoming increasingly concerned with how much they believe an agent may charge them when it comes to selling. With typical fees varying from 1.5% to 2.5% throughout South East and South West London and with house prices reaching new records, it’s no wonder why homeowners are concerned with costs! This may also explain our increased presence in these areas as clients are now looking for a much cheaper alternative, without sacrificing the full estate agency service.
I find it staggering that 47% of those surveyed are concerned that they wouldn’t achieve the price they wanted or hoped for. I say this because it can be avoided. Sellers should maintain regular ‘health checks’ on their property’s value, by inviting an agent to value your home.
A good agent will help to manage your expectations by providing a valuation that’s true to current market conditions. This valuation shouldn’t be inflated because of local agent competition and the fear of losing potential business. Ensure you gain around three valuations so you see a clear price trend, from which you’ll feel more comfortable knowing that you’ll be able to achieve the recommended price. You can also carry out your own research using the great tools available on property portals such Rightmove and Zoopla.
It’s great to see that only 5% of those surveyed were concerned about their new property’s value declining. I believe that this figure represents a possible change in opinion as people are now buying as a long term investment where there capital will appreciate.
If you’re looking for an estate agent in London, click here to contact Damien Ellison and get a free valuation.