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As
the property landscape in Huddersfield continues to evolve, many
homeowners who have been on the market for a while find themselves
navigating the complex decision of when and how much to reduce their
asking prices to attract buyers.
With
an increasing number of properties on the market in the Huddersfield
area, rising from 1,169 in August 2022 to 1,806 in August 2024, the
competition is becoming fiercer, making strategic price adjustments more
crucial than ever.
(Huddersfield
HD1-5, HD7-8)
Mastering Property
Portal Price Bands for Optimal Exposure
Understanding
and utilising price bands on the portals (Rightmove, Zoopla and
OnTheMarket) can significantly enhance the visibility of your property
listing. These bands are predefined price ranges that buyers often use to
filter their search results. Positioning your property’s asking price in
one of these bands will strategically draw more views, and thus more
interest, viewings and ultimately increase the chances of achieving a
sale.
The Importance of
Rightmove Alerts
A
critical factor in the timing of price reductions is their impact on
buyer visibility. Homeowners need to reduce their asking price by at
least 2% to ensure their property reappears in Rightmove and
OnTheMarket’s email alerts, while for Zoopla it is 3%, capturing the
attention of active buyers.
Current State of
Play in the Huddersfield Property Market
Several
Huddersfield home movers have said to me recently that they believe there
are a greater number of price reductions happening at the moment,
compared to a couple of years ago.
As
I explained in the initial part of the article, the number of properties
for sale has substantially grown in the last couple of years in the
Huddersfield area. If there are a greater number of properties for sale,
I would expect a great number of price reductions.
In
2022, there were an average of 125 price reductions a month in the
Huddersfield area, today it’s 224 per month. The average Huddersfield
price reduction in the last 3 months was 6.3%.
So,
the statistics for the Huddersfield area reveal that while the number of
properties for sale is on the rise, the number of reductions has
increased. In fact, the percentage of Huddersfield properties undergoing
price reductions has remained roughly consistent in recent years, with an
average of 1 in 9 Huddersfield homes (11.1%) reducing their asking price
each month over the last five and a half years.
The Ideal Pricing
Strategy for Huddersfield Homes
The
initial pricing strategy plays a pivotal role in the speed and success of
your property sale. Huddersfield properties priced too high at the onset
tend to linger on the market, eventually requiring more significant
reductions to generate interest. In contrast, Huddersfield homes priced
realistically from the beginning are more likely to attract offers
quickly, reducing the need for substantial price cuts.
For
Huddersfield homeowners considering a higher initial asking price, it’s
advisable to be prepared to make an adjustment swiftly. A reduction
within the first 2 to 4 weeks can prevent your property from stagnating
on the market, whereas waiting 2 to 4 months might diminish your chances
of securing a prompt sale.
Six Things to
Consider for a Price Reduction
1. A Lack of Viewings: If you haven’t received many viewings in the initial few
weeks, then look at your photographs and the write up on the portals and
compare them with other properties in your price range. If they are up to
standard, then it may be time to reconsider pricing and time to talk to
your agent in more detail to attract more viewings.
2. Viewings But No Offers:
The UK property market ‘viewings to offers ratio’ is between eight to ten
viewings per offer. If your property hasn't received any offers within
the first 30 days, yet you have had lots of viewings, that could suggest
the price is a sticking point. You could ask why they don’t make an
offer, yet research has shown many people don’t want to make an offer
that they perceive could offend. Therefore,
it could be time to consider a reduction and bring your asking price
closer to your bottom line.
3. Low Offers:
Homebuyers often make low offers for a variety of reasons, primarily to
secure the best possible deal. One key factor is market conditions; in a
buyer's market, where there are more homes available than there are
buyers, purchasers feel they have more negotiating power. Another reason
is property condition—if a home requires repairs or renovations, buyers
may offer less to compensate for the additional investment needed.
Sometimes, buyers also make lower offers based on their own budget constraints,
hoping to enter a negotiation where they can find a middle ground.
Additionally, uncertainty about the future Huddersfield property market
may lead them to make more cautious, conservative offers. If you are
getting low offers, it’s always smart to remember that a home is worth
what someone's willing to pay. Not what you think it's worth.
4. Market Saturation: Look at the number of
Huddersfield homes that are on the market like yours (e.g. if you have a
2-bed apartment, look at all the 2-bed apartments on the market and sold
stc). Look objectively at your home, do you stand out from your
competition? Those that are sold stc should have a greater influence on
your decision than those on the market. Also, ask your friends to do the
same. Ask them to be 100% honest with you. Adjusting your price to become
more competitive could help.
5. Seasonal Adjustments: Be mindful of the
seasonal trends in the Huddersfield property market. Periods of high
market activity might require different strategies from the slower months
of say November and December.
6. Feedback from Viewings: Consistent
feedback regarding the asking price of your Huddersfield home during
viewings is a clear indicator that adjustments are necessary.
Leveraging Expert
Advice
Given
the complexities of the Huddersfield property market, seeking a second
opinion from an expert such as ourselves can provide you with insights
tailored to your specific situation. It's essential to choose a
consultant who will offer honest advice, possibly telling you what you
need to hear rather than what you want to hear.
Are
you currently on the market in Huddersfield and contemplating a price
reduction? Or perhaps you're seeking to list your property soon? For a
no-obligation consultation and a fresh perspective on your property
strategy, feel free to contact me. Together, we can ensure that your home
is positioned effectively to attract buyers and achieve a successful
sale.
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