The Ruislip Property Market: The importance of realistic pricing (if you want to sell)

The UK's property market landscape has experienced a significant shift over the last couple of years.

In October 2021, there were 424,809 properties for sale in the UK. That now stands at 664,780, a rise of 56.5%. Looking at the number of property sales in the UK in October 2021, 111,229 properties were sold subject to contract (stc). In October 2023, that figure dropped to 88,737 properties sold stc, a reduction of 20.3%.

Yet, then I thought to myself, this drop in property sales could have just been an October 2023 thing, so I looked at the year to date (YTD) figures for both 2021 and 2023.

Looking at the number of property sales, the number of properties sold stc by the YTD to the end of 31^st October 2021 in the UK was 1,252,108. YTD to 31^st October 2023, the number of property sales reached just 933,690, a reduction of 25.44%.

With the number of properties coming on to the market for sale in the UK increasing, contrasted against a decline in house sales, we find ourselves in a peculiar environment regarding the property market.

Before I discuss that, I want to look at the picture closer to home to see if the same is occurring locally to see if the numbers match the national picture.

The Ruislip stats (HA4) are as follows.

In October 2021, there were, on average, 346 properties for sale in the Ruislip area.

In October 2022, there were, on average, 437 properties for sale in the Ruislip area.

In October 2023, there were, on average, 459 properties for sale in the Ruislip area.

That means there are …

32.7% more Ruislip homes are on the market today

than two years ago

Next, let me look at property sales.

In October 2021, 92 properties sold (stc) in the Ruislip area.

In October 2022, 64 properties sold (stc) in the Ruislip area.

In October 2023, 67 properties sold (stc) in the Ruislip area.

27.2% fewer Ruislip homes sold in October ‘23

than in October '21

So, what does this all mean for Ruislip homeowners?

The surge in available properties leads to increased choice for prospective buyers, which is a welcome relief from two years ago when there was limited choice for homebuyers. Yet, on the flip side, it's increasing competition among sellers, making it harder to stand out in a crowded market.

54.9% of Ruislip homeowners were successful in

selling and moving home in the last 12 months

(Interesting when you compare that with the national average of 54.87%).

Two years ago, that figure was 68.7% in Ruislip.

Ruislip, even with its rich history, transport links and great schools, has always been an attractive destination for families and professionals alike. But with the increase in available properties, our unique selling propositions could be overshadowed if we don't position our homes correctly.

The danger of overpricing your Ruislip home

Here's where it gets interesting. In the vast database of property insights I've accumulated over the years, there's a recurring theme. When homeowners price their properties too high, especially in a saturated market, it has dire consequences.

1. Fewer Viewings: Buyers, especially in today's digital age, are more informed than ever. They compare homes on the portals, and if yours seems overpriced compared to similar properties, they might not even give it a second look, let alone view it.

1. Longer on the Market: Overpriced Ruislip homes tend to stay on the market longer. And the longer a home is on the market, the more potential buyers wonder, "What's wrong with it?".

1. Property Becomes 'Stale': A Ruislip home on the market too long loses its appeal. It becomes 'stale', and even if you reduce the price later, the initial buzz around a new listing is lost. You're then playing catch-up, often leading to selling at a much-reduced price than if it was right from the outset.

1. Missed Opportunities: As the property remains unsold, homeowners might miss out on favourable mortgage rates for their next purchase or a dream home that's up for grabs.