Sellers Are KILLING The Housing Market! (UK House Price Crash 2023)

The UK Housing Market is grinding to a halt as SELLERS REFUSE to DROP their house prices, even though a UK house price CRASH is looking increasingly likely. House prices in the UK have been falling for over a year, yet there are still a large number of sellers continuing to incorrectly price their properties.

This is leading to a standoff in the property market as most buyers are fully aware that house prices are falling and they are refusing to pay these unrealistic asking prices.

Although this video is aimed at sellers, I don't blame them for trying to achieve the best price possible. They are often being advised by estate agents who are more interested in signing them as a client than actually selling their property.

Estate agents often overvalue properties in order to secure new instructions and then later persuade the seller to reduce the price. Unfortunately, this strategy often means sellers end up selling for even less than they would have done if they had priced it competitively to begin with.

The latest House Price Index report from Rightmove shows this is one of the biggest mistakes that sellers can make. New listings that are overpriced have a much lower chance of selling, even if they are reduced at a later date.

Are you buying or selling a house? Do you think house prices are going to crash in 2024? Let us know in the comments below!