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Best way to sell your house in the UK – 2023
Strike's handy house selling guide includes handy "dos and don'ts" so you can sell your house as fast as possible and for the best possible price.
There is no “right” way to sell your house. Every seller has their own way of doing things, with varying needs and demands. But here at Strike we think that there are a few “selling process guidelines” to follow. Having these “dos and don'ts” in place should keep you on the straight and narrow throughout the selling process.
So, what are these guidelines?1. Don’t waste your time.
2. Do work with people you trust.
3. Don’t waste your money.
4. Do make some changes to the house (if you need to).
5. Don’t overprice the property.
1) Don't: waste your time
When selling your house, you want to minimise your energy output and your stress levels. If you want to make a fast sale (most people do) then once your house is live you’ll want to avoid going on holiday (particularly somewhere without WiFi!) Do weekly checkups with your estate agent and your solicitor - keeping your foot on the pedal definitely speeds up the sale. And remember - sign and return all your paperwork quickly and correctly to avoid delays. You’ll also want to make sure your finances are all where they should be. Have you thought about what you’re doing with your current mortgage? Take action on this now, to avoid delays later down the road! You have two main options when thinking about your current mortgage: Payback your mortgage and get a new one: when you move you may want to just pay off your mortgage and start fresh. The main thing you’ll want to be aware of if you’re going for this option is early repayment fees. This is basically a penalty you’ll pay for repaying your mortgage earlier than your lender has set out for you. This is usually between 1-5% of the total mortgage; so on a mortgage of £295k (the national average at the end of 2022), you would be looking at anywhere between £2,950 (1%) and £14,750 (5%). It can be hefty, but it might be worth it. Porting: porting your mortgage means you’ll take it with you when you move. The advantage to this means the admin is already mainly done (you’ve been approved etc.) and you won’t have to worry about early repayment fees. If the house you’re moving to requires you to borrow more money, then you can either extend your current mortgage or you can get an additional loan on top.
When looking to make a speedy sale without any time wasting, it can be tempting to use routes that promise “quick cash deals” for your property. Though there are some instances where these cash-for-property companies can be useful (if you’re in an urgent situation and are happy to take a much lower price for your home) we generally recommend that they’re avoided, if you want to come close to your asking price. Most of these companies only offer around 75%-80% of your property’s value, so if you’re looking to come close to your valuation, you’re wasting your time here. You don’t want to linger on the market unsold, so you’ll want to choose your time to strike wisely. Avoid putting your house on the market at the wrong time in order to avoid wasting time. Though there isn’t a definitive “right” time to sell, we do recommend the spring or, if that doesn’t suit, the autumn. The winter probably isn’t the right time to list your house, especially around the festive season as viewings are less frequent, and estate agents tend to close up shop for a while. Whilst minimising the time on the market is not only good for your mind, body and soul (they do say that moving house is one of the most stressful times in a person’s life…) it’s also good for the price of your house. Figures show that the longer your house sits unsold on the market, the more the price tag decreases. Why? It’s more of a psychological obstacle than anything else - a product left on the shelf when everything else around it has sold appears much less appealing to prospective buyers. So, let’s avoid wasting time so we can get your property sold promptly.
2) Do: work with people you trust
You will need some professional input during the sales process, like a solicitor or conveyancer (they’ll do the same job, so it’s an “either/or” situation). This is the person that will do all the paperwork for your sale, so you want to check that they’re reputable and efficient. You can find a solicitor through friends, estate agents and via online reviews. The quality of your solicitor will dictate how fast your property is sold, so don’t just go for the cheapest one - they will often be over-worked and therefore slow and hard to get hold of. Not what we want! Unless you’re planning on selling your house yourself, then you’ll also want to find an excellent estate agent that’s going to give you an accurate valuation, effectively market your property and negotiate you the best price possible. You can find an estate agent through research online, by looking at local “for sale” signs or by asking friends and family. You’ll want to ensure whoever is selling your house has done their research about the local market and about your home specifically. Firstly, think about whether you want to work with an online agent or a traditional/high street agent.
Online estate agents charge a flat fee, rather than a commission. A purely online agent means you (the seller) has total control over the sale — from planning viewings and taking the photos, you’re in the driver’s seat. A traditional agent charges a commission, and has a brick and mortar office which appeals to some buyers. This may be the way that your parents sold their house, but it doesn’t necessarily mean that this is the right way. Their high-street branches are expensive to maintain, which is reflected in the chunky bill that sellers get left with. It seems that online is the new normal — especially in the housing market, with 97% of prospective buyers searching online. The hours racked up on property websites are a good indicator of our growing desire to buy and sell from the comfort of our homes.
3) Don’t: waste your money
Sure we’re a bit biassed, but we really do believe Strike is the best option when you’re looking to sell your house. Not only do we offer you great flexibility over the sales process, our biggest USP is that we don’t charge commission, or a flat fee. That’s right – our estate agency service is totally free. You can then pay individually for add-ons that you’ll need (like hosted viewings, or movers etc.) – but you don’t need to. You can sell your home totally free of charge. We don’t want you to waste your money on estate agent fees – keep hold of that cash and go on holiday! Or, if you’re sensible, spend it on the deposit for your next property. For a home worth £295k (the UK average), we estimate that you’ll be saving £4,425 by using Strike as your estate agent.
4) Do: make a good impression
Redecorate
When you’ve been in a home for a while, you stop noticing the bits and bobs that could do with a bit of love, but try looking at it with fresh eyes. You may think the crayon marks over the walls in the downstairs loo is simply charming, but a buyer probably won’t share those feelings. If you’re struggling to see the cracks you can ask your estate agent for some guidance, or even a friend to come round for a stiff glass of kombucha and a healthy dose of honesty. The house should look bright, light and uncluttered, but not totally soulless.
Dress it
Dressing the house is basically allowing it to put its best foot forward. Polish it up and send it into the world, for a viewer to fall in love with. This could include soft furnishings and plants to add character, whilst mirrors and well proportioned furniture (i.e. not overly large) can make a space seem bigger. Also - it may seem like a small detail – but making the house smell nice has a very profound effect on visitors. Estate agents say one of the biggest turnoffs for prospective buyers is a bad smell in the house – easily avoidable!
5) Do: price it right
Research shows that 70% of estate agents say the number 1 mistake people make when selling their home is pricing it too highly. Your estate agent should guide you through this part: trust their expertise. The best way to get your house sold in a timely manner is to get the price right. It’s tempting to go above your valuation, but overestimating the property’s worth could alienate your target market. If you get a valuation but it doesn’t match up with your expectations, then you’re welcome to try getting a few more, and going with whichever feels the most informed and reasonable (i.e. don’t just shop around until you find someone that agree you should put it on the market for £4 billion).
70% of estate agents say the number 1 mistake people make when selling their home is pricing it too highly."
Whilst it’s good to have a bottom line and not go below it when you’re negotiating, as a rule, if you’re unwilling to part with the house for less than a certain amount (which is much higher than the valuation), and isn’t get any nibbles on the market, you probably don’t want to move out that much. So, be realistic about what your property is worth.
This isn’t an exact rulebook for selling your property. Instead, here at Strike we want to offer you clear and concise guidance and advice, so you can go into the selling process with your chin up and shoulders down.
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