Fewer people bought property in March 2024 compared to the same period in 2023. According to government data, the “provisional seasonally adjusted estimate” for the number of residential transactions in March 2024 was 84,200. That’s 6% lower than March 2023. This is simply a snapshot of the UK housing market, but it demonstrates a trend that’s been observed for the last few years.
Indeed, an article in The Standard from 2022 reported that fewer millennials (people aged between 26 and 42) are buying homes. Citing data from analytics firm Outra, writer Prudence Ivy noted that millennials accounted for “just a quarter of property transactions in 2021). There are many reasons why people, particularly in certain demographics, aren’t buying properties.
The point we’re concerned about is what the lack of transactions means for sellers. Although it would be incorrect to say that selling a property in the UK is hard, it’s harder than it’s been in recent years. From rising mortgage rates and inflation to prices being beyond the reach of many buyers, market conditions have made it tougher to buy and, therefore, sell properties.
Technology Saves the Day
For those who want to sell, technology has, in at least some way, saved the day. Enterprising individuals have found ways to streamline the process for sellers when market conditions aren’t favourable. Sold is one such company. Similar to auto-focused companies, such as We Buy Any Car, Sold has the means to close transactions within seven days.
As an online estate agent, Sold offers a guaranteed sale on any property. Essentially, the company can buy a property for cash. It then has the means to sell this property at a later date to a database of buyers. This means that sellers and buyers get a streamlined service, even if the property market as a whole is struggling.
Another digital asset sellers can use at times when the property market is inactive is social media. We live in a time when people have more control over their fate. Scroll through Twitter, Instagram or any other social media platform and you’ll see people promoting all manner of services. You can do the same if you’re selling a property.
Use Digital Tech to Get More Eyes on Your Property
There are legal processes you need to go through when you’re selling property. However, if you want to get more eyes on your property, post it on social media. You could even do a walkthrough video and publish it on YouTube so potential buyers get a better sense of what the property is like.
This brings us to another innovation that’s helped struggling sellers: virtual tours. Estate agents now offer video walkthroughs and, with the help of specialist software, virtual tours. As well as clicking your way around the property and viewing 360-degree images, you can look at floor plans and measurements.
Convenience sells. The less work buyers have to do, the more likely they are to view your property. That’s the power of digital technology and the reason why so many innovations have sprung up in recent years. From startups such as Sold to virtual house tours, there are ways to get ahead of the market if you’re a seller who’s willing to embrace new technology.
