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 the South West below.
Despite UK homeowners currently enjoying the highest average house prices on record, securing the right price still tops the list of fear factors.
Just like the rest of the nation, 57% of those asked in the South West 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 54% of homeowners.
Similarly to the national results (43%), time constraints completed the top three fear factors, with 41% of homeowners in the South West, 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 paying too much in estate agent fees (38%), finding a new property to live in upon selling (25%), getting a mortgage for their next home (17%), picking the wrong estate agent in the first place (13%), dealing with the buyer (11%) and that their new property might drop in value in the future (1%).
It is not surprising to me the top answer is not getting the price the seller needed or wanted. For most of us our property is our most valuable asset and it can have a massive impact on our futures, for example trying to buy a bigger property. In addition to this, when we hear stories about prices going up and houses selling fast, expectations can be unrealistically high.
There are ways sellers can limit those risk though. How well your property is marketed especially in terms of the presentation, can have a direct impact in what the seller ends up achieving. We recently sold a property in Over Stratton, Somerset, where the Vendors achieved over £30,000 more than they paid two years ago, without doing anything to the property. The market in the area has not increased to that level but if you were to compare the photographs to when they purchased the property, to how we presented it, it only reinforces my point.
Moving property is widely considered one of the most stressful things in life and like our previous research has convicted, is more stressful than your wedding day. Communication is absolutely key in terms of reducing the stress. If your agent is more concerned with winning new business rather than investing the hours to progress the sale then you will be at a higher risk of things going wrong. A property sale falling through can be costly if your solicitor has abortive legal costs, or the property you are buying sells to someone else and you have already paid for a survey.
It is interesting that only 1% are concerned that the new property they buy will drop in value. I believe it’s down to two things; either sellers in the South West are so confident in the strength of the local market it is of no concern because they know it will go up, or they just want somewhere to live and that’s not the reason they are buying. This part of the country tends to be a retirement hotspots due to the warmer climate and outstanding landscape, so perhaps that’s part of the reason as well, South West homeowners simply don’t intent to move on from their current property.
If you’re looking for an estate agent in the South West, click here to contact Lewis Rossiter and get a free valuation.