Tips on how to sell your home in a falling market

However, with tax rises and spending cuts expected in the government’s Autumn Statement on November 17, there is little doubt that buyers and sellers will have to readjust their expectations.

Mark Manning, Managing Director of Manning Stainton estate agents, says: “There is no point comparing this market to the pandemic induced boom markets of 2020 and 2021 when average property prices rose by almost £60,000. The comparison needs to be with what we might consider a normal market, like that in 2019.

“While we saw the number of sales in our region fall by five per cent in October, undoubtedly due to the shockwaves caused by the mini budget, we have seen the average price come back by just under one per cent.

“What is most noticeable is the volume of properties being reduced in price. In the early part of this year, 20 per cent of homes for sale had been reduced and this has now jumped to 35 per cent as sellers become more realistic about where their price is against the present market conditions.”

Mark’s prediction is that prices will continue to correct and he says: “Our priority now is to educate sellers not to list their property too high and chase the market down further.

“We have learnt from the past that the key is to ensure the price a seller lists at reflects good value against other properties available. Think of it as a beauty contest.

"Does a property look the best of the bunch? How is it presented against other properties available and is the price attractive? When we move into a changing market, it’s important to get this right.”

For those tempted to chance their arm, he says: “In a rising market, there is very little risk in pushing the asking price that bit further, as even if the property comes to market at too high a price as values will catch up and eventually, with patience, the price can be achieved.

“The danger in pricing too high in a market where values are starting to reduce is that you can end up chasing the market down with each reduction being made, never quite catching up to the market position at that time. Getting the best advice from good high street agents who know and understand the market is key.”

While prices are slipping slightly in many areas of Yorkshire, there are exceptions including the Yorkshire Dales. Tim Gower, Head of Residential at Robin Jessop estate agents says: “There is a degree of buyer caution but we haven’t seen prices dip. If properties are priced correctly, they are selling because the demand is there.

“We listed a cottage at £450,000 this week and within three days we had 15 viewings and two other properties went to best and final offers.

“That may change next year if we get a situation where there is more supply than demand.”

He warns that anyone needing a mortgage is likely to see the process from application to a final decision take far longer than usual and adds: The underwriters are much more cautious and that is a sign of a changing market.”

The Yorkshire Post’s mortgage expert Andrew Milnes, business principal at the Mortgage Advice Bureau Bingley, agrees and has this advice for would-be borrowers:

“Whilst Interest rates may be a little bit higher than they were two months ago and there is a small train of thought that lenders might reduce some of their fixed rate pricing over the next three to four months, it’s important to get the process moving as quickly as possible.

“It may well be that if you secure a deal with the lender and then rates fall slightly and the lender will allow you to transfer onto a different product, though they will most likely charge a fee for this.

“It could also be that if you are in a position where there is an elongated completion so it might be worth applying to a different lender, even though you already have an offer, if their products are more favourable for your circumstances.

“As ever there are lots of ifs, whats and maybes so it pays to take some independent advice to make sure your decisions don’t jeopardise your ability to complete on your purchase.”