How to sell your home for the highest amount, despite falling house prices

It’s not a great time for sellers. Gloomy economic forecasts mean you’d be hard-pressed to find a pundit predicting house prices will rise this year.

It’s also taking far longer to go through the legal process of selling a house; just over half of sellers now fail to complete on their properties within 10 months of going to the market, according to figures from The Advisory, a consultancy.

Stretched budgets also mean some buyers are putting their plans on hold, and as a result banking trade body UK Finance expects the number of house sales to fall from 1.2m in 2022 to 1m in 2023. 

If you don’t want to delay selling, Telegraph Money reveals how you can get the best price for your home.

Plan ahead

Experts recommend that those looking to sell should prepare to put properties on the market in spring when gardens are in bloom and the days are brighter. 

If that’s not possible, a second window opens in September and October, with buyers seeking a move in time for Christmas.

Before putting your property on the market, have a rough idea about the next step – that could include plans to move into a rented house if nothing comes up for sale at the right time. 

That way, when the offers start to come in, there isn’t a what-next panic and each one can be considered with due care.

Adding value

Boosting the value of a property prior to sale is a risky business, with no guarantee that the investment will pay back – especially in an uncertain market. 

For those who want to give this a go, upgrading the kitchen can be the biggest win, but it’s also the most expensive. Zoopla estimates a full kitchen redesign, at an estimated cost of £45,000 (though obviously this figure can vary depending on location, size and type of finish) might add 15pc to the value of the property. 

A new bathroom, meanwhile, could add 3pc to 5pc to the property.

Leasehold vendors

While there are proposals to reform the system of leasehold properties, these are unlikely to impact existing owners any time soon. So, if the lease of the property has dropped below 80 years, buyers may struggle to get a mortgage – at this point it might be worth seeing what comes of the reforms before choosing to sell. 

All leasehold vendors should apply for a management pack at the outset, as this can be a cause for delay, recommends Robert Jacobs of Savills Tunbridge Wells.

Paperwork time

Once a buyer has instructed their solicitor, they will ask for all kinds of paperwork about the property. Do the homework before this happens and put together a file with the necessary forms, approvals, certificates, proof of ID and permissions. It can also be useful to put together the rough annual running costs. 

It’s a good idea to do this before going to the market to give time to smooth out any irregularities which could hold up – or even lose – the sale.

Conveyancing solicitor

Fees for solicitors and conveyancers vary, but according to the HomeOwners Alliance they fall between £850 and £1,500, on average. There will also be add-ons, including searches for title deeds and money laundering checks. 

Once a solicitor has been instructed, complete their protocol forms before finding a buyer to avoid any delay, recommends Mr Jacobs.

Make first impressions count

Every search starts online these days, so good photographs are more important than ever. 

In preparation for these, be brutal about decluttering; lots of storage companies offer the first month at a discounted rate, so you could take advantage and temporarily move some possessions out.

Focus on the kitchen and bathroom. Remove almost everything from the kitchen surfaces and make sure the room is sparkling clean. Hide away all bathroom clutter, including toothbrushes, toothpaste, soaps and shampoo and towels (unless they are freshly laundered and in good condition). 

Elsewhere, make sure the beds are made, and bedsheets are smooth. 

“Don’t repaint throughout, but if a kitchen ceiling is stained because the shower room above leaked five years ago, repaint it,” said Mr Jacobs.

Don’t forget the outside

A survey conducted by Savills in December 2022 revealed that 89.4pc of buyers regard the outside space as the most important amenity in a home. 

The front garden is likely to be the first thing a potential buyer will see, so consider tidying up the lawn, if you have one, and giving the front door a lick of paint. To appeal to the widest market, clear away any old sports kit from the back garden – even if that means taking down the trampoline.

Valuation day

Valuing a property was once the preserve of estate agents, but in most cases you can get a rough guide through some standard internet searches.  

To see what similar properties on the same street have sold for, check Nethouseprices and Zoopla. Most houses are valued on location and size, but the final figure will depend on condition, so bear this in mind when trying to find comparables. 

It’s worth trying to match up sold prices with the relevant advert on Rightmove to examine floor plans and see what else might have impacted the final price. Then, go armed with these figures to the estate agents and find out what price they think will generate the most interest.

In the case of one-offs and rural homes, this will be more difficult – especially since variables like amount of land, proximity to a busy road or other noise pollution can have a significant impact on the value.

Costs of selling

According to figures from MoneySavingExpert, the cost of selling a property worth £274,000 – including the agency and conveyancing fees, an Energy Performance Certificate and removals – lies between £935 and £3,215 for a private sale (with the vendor doing all the legwork of viewings); between £1,034 and £4,515 through an online agent; and £3,402 and £12,684 using a high street agent. 

Consider the pros and cons of each option carefully before deciding which kind of agent to use.

High street agents

Fees for high street agents typically range between 0.5pc and 3.5pc of the final agreed price, plus VAT. As a rule of thumb, the more established agencies will charge more than local independents because they reach larger markets, in theory. At least, that was once the case.

Today, every property (marketed openly) will be advertised on an online portal such as Rightmove or Zoopla, somewhat levelling the playing field. Agents work for the vendors, not buyers, so ask lots of questions of agents – such as what the steps are when things go wrong if a buyer pulls out, or solicitors don’t communicate. 

“Be wary of commissions less than 1pc,” says Ben Nicoll of estate agency Antony Roberts. “A quality agent charging 1.25pc should mean fantastic marketing materials and incentivised negotiators.”

Online agents

Online and “hybrid” agents – those that have limited physical presence – make up 7pc of the overall estate agency market. Opting for these kinds of agents means the onus is often on the seller to market the property on social media (the property will be put on the portals by the agents), host viewings and deal with interested buyers. 

Some online and hybrid agents charge a fixed upfront fee of up to £1,999, according to Paula Higgins of the HomeOwners Alliance, while some, like Strike, sell commission-free.

Specialist agencies

There’s a niche of agencies that sell in design-led luxury homes, including firms such as The Modern House, Inigo and Domus Nova. They specialise in selling houses to people who didn’t realise they were in the market to buy, attracting the attention of those who aren’t registered with any agencies. 

In a reversal of the usual process, the agencies choose which houses to market – bear in mind that where they spend lots of time on presentation and selling the lifestyle, some question their knowledge of local marketplaces.

Selling off-market

Also known as the “private market”, selling off-market involves appointing an estate agent to only approach buying agents or registered buyers. It’s seen as a discreet way to gauge interest and create a sense of exclusivity while whittling out window shoppers. It can also ensure the property has no digital footprint, which could negatively impact its value if it fails to sell. 

Dealing with a sticky sale

If the house has been on the market for a while and there have been lots of viewings, but no one’s biting, ask the agent for feedback from those who have visited to see if you can address any issues. 

It could help to go back to basics by neutralising strong colours (and smells), clearing clutter and making an effort with presentation.

The offer

Once an offer has been made, the agent should find out about the status of the buyer: cash, mortgage, chain-free, or dependent on the sale of another property. .

These variables can have a huge impact on the time it takes to finalise the sale, and the likelihood of the sale falling through. Another option is to ask the agent to ensure buyers have a mortgage agreement in principle. 

If you’ve received multiple offers, it’s not necessarily best to go for the highest one. The safest buyers to choose are chain-free cash buyers, followed by those who have sold and are renting, and finally first-time buyers. 

Completion

The road between accepting an offer to exchanging contracts can be bumpy, so prepare to be patient. To move things along as quickly as possible, be proactive with the conveyancing process, answering queries and providing the necessary paperwork.