7 tips on selling your home quickly in a slow market

House sellers are finding the market increasingly tough, with three quarters of homes now going for less than the asking price.

In March last year, it took an average of just 26 days for an offer to be accepted after a property went on the market, but Hamptons says it now takes more than two months.

Meanwhile buyer demand is down 43% year on year, according to separate research from property portal Zoopla, putting buyers in a stronger position when it comes to negotiating on price.

Here, Which? explains how to sell your home more quickly and for a better price in today's sluggish market.

75% of homes selling below asking price

Data from estate agent trade body Propertymark reveals that 75% of transactions in February were completed below the original asking price. That's the highest percentage since January 2020, and a 55% increase on the same period last year.

Zoopla reports that, of properties selling for less than the asking price in March, the average discount was £14,000.

Meanwhile, the average number of viewings per property in February was three – half what it was in May 2022 but higher than December's low of 1.8, according to Propertymark.

• Find out more: how much is your house worth?

How long does it take to sell a property?

Due to weaker buyer demand, the length of time it takes to sell a house has increased over the past year.

According to Hamptons, properties that went under offer in February had been on the market for an average of 64 days.

The graph below shows how time to sell has changed over the past year, with the current average being a far cry from where we were last May.

Following an uptick after Christmas, the average time to sell usually falls by around 40% between January and February. But this year, time to sell over the first two months of 2023 only fell by 17% (or 13 days).

A slower but 'robust' market

Despite clear evidence of a slower market, experts say the picture isn't all doom and gloom for sellers.

Zoopla says it is 'still seeing a healthy number of buyers', adding that over the past three months, the most sought-after property type has been a three-bed terraced house.

Propertymark also reports that the average number of new prospective buyers registered per member branch rose from 70 in January to 94 in February. 

While an uplift in demand after December is a regular seasonal trend, this year's increase suggests buyers have not been put off looking for a new home despite rising interest rates.

Nathan Emerson, CEO of Propertymark, said: 'There has been a lot of doomy whispers about the housing market since last autumn, but the activity being seen by agents paints a robust picture. Transaction levels year on year have been stable and listings of new properties coming to the market have also been steady.'

• Find out more: how to find the best estate agent

How to ensure your sale goes quickly and smoothly

While our step-by-step guide to selling walks you through the process from start to finish, below we've listed seven tips to help speed up the cycle from the get-go. 

1. Choose the right agent

Having a good agent marketing your property is key. Your estate agent should know the local area well and give you regular updates on what buyers think of your property and how much interest it's getting online.

When choosing who to go with, browse local listings and ask for recommendations. You could also check websites such as GetAgent to see which agents are selling most quickly and effectively in your area.

Estate agent fees range between 0.75% and 3%, so make sure you understand how much your agent is charging – and don't be afraid to haggle, as you can sometimes knock them down.

• Find out more: estate agent fees and contracts

2. Don't set the asking price too high

Getting the asking price right is crucial to landing – and completing – a sale quickly. With budgets tightened due to increased mortgage rates and the cost of living crisis, it's key to not out-price your market.

That's not to say you need to wipe off a significant chunk of your intended price, but make sure you take the current climate into consideration. You don't want the property becoming stale on portal listings for months on end.

Even if you do secure an offer, if it's for more than the property is really worth things may fall through when the mortgage lender values the property – they won't lend if they think the buyer is paying too much.

The best way to gauge your home's value is to research how much similar homes have sold for in your area and get valuations from at least three local estate agents. 

3. Instruct your conveyancer or solicitor early

It's a good idea to instruct a conveyancer or property solicitor before or at the same time as putting your property on the market.

You'll need to provide ID to help with anti-money laundering checks, and also provide a range of documents about yourself and your property.

Getting all your paperwork in order can take time, so the sooner you have a solicitor advising you what you need, the better position you'll be in to push through a potential sale quickly.

• Find out more: conveyancing when you're selling

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4. Complete the property information form

When selling a home, you'll need to fill out a property information form, in which you'll have to answer a series of questions about the property to the best of your knowledge.

These include details of any notices or proposals involving the council, alterations made to the property,  disputes or complaints and key documentation such as certificates for renovations including double glazing, damp proofing and electrical work.

An agent will also require this information to complete the Consumer Protection from Unfair Regulations documentation.

Getting this form sorted as soon as possible will help you speed up the selling process.

5. Make your home look its best 

It sounds simple, but tidying up your property for photos and viewings can make a world of difference. 

Ensuring the home is clean and clutter-free will give potential buyers a blank canvas to imagine how they would use the space. 

As it is a slower market, buyers are more likely to have multiple viewings before making up their mind. This means there's an increased likelihood they could spot problems – so you may want to consider some home improvements to help give your property an edge.

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6. Consider renting to become chain-free 

Being chain-free can significantly speed up the selling process, as your sale isn't dependent on your purchase of your next home.

So if you're willing to move into a rented home, this could boost how appealing your home is to potential buyers who are also in a rush.

If you're chain-free, make sure your agent advertises this fact as it could increase sales enquiries.

• Find our more: how to manage a property chain

7. Seek cash buyers

If you're in the luxurious position of having multiple offers to choose between, cash buyers who don't need a mortgage or chain-free buyers who don't have a place of their own to sell are the best bet to help with a quick sale. 

According to property portal OnTheMarket, cash buyers accounted for 35% of UK buyers in February – so they're not as rare as you might imagine.

• Find out more: mortgage repayment calculator