You can always tell when the market starts to change. Agents who haven’t been in touch for months suddenly start calling, asking if our clients are still looking. That’s usually the first sign that the balance is tipping back towards a buyer’s market.
We’ve seen it before, more choice, fewer competing buyers and agents beginning to work a little harder to get deals over the line. But this time, it’s felt like some agents haven’t quite realised what’s happening.
The Conversations That Aren’t Being Had
It’s fair to say there are still a few agents out there avoiding the difficult conversations with their vendors. Those calls where you explain that the price needs to come down because the market has moved on. They’re not fun, but they’re necessary.
We’re seeing properties that have sat for weeks or even months at inflated prices simply because no one wants to be the one to break the news. In some cases, sellers need a certain price to make their onward purchase stack up, but unfortunately, the market doesn’t run on “need”.
What many forget is that if they reduce by £50,000, chances are the property they’re buying will do the same. The whole chain adjusts together. That’s how sales start moving again.
Cash Buyers Still Have the Edge
Our clients tend to be in a strong position. Being a cash buyer carries real weight right now. Sellers are far more willing to take a slightly lower offer if it means a clean, reliable sale.
We’ve seen both sides of it recently. In one case, we had an agent tell us a property listed at “offers over £300,000” already had an acceptable offer. We submitted £305,000, but they decided to stick with their buyer. A month later, we noticed the property had come back to the market and subsequently approached the agent. Following discussions, we secured the property at a lower price than we had previously submitted.
In another case, we were told a property was getting offers close to its £950,000 asking price. We offered £890,000 and it was accepted. That’s the kind of movement that happens when confidence drops and buyers hold their nerve.
How You Know the Market’s Changed
There’s a simple test. In a seller’s market, agents don’t call you, they don’t have to. But in a buyer’s market, they do. They start trawling through their databases, checking if people are still looking, seeing who’s serious. That’s been happening a lot lately.
The stats back it up. The Negotiator reported in September that more than 214,000 home sales have fallen through this year – that’s a huge number and it reflects exactly what we’re seeing day to day. More caution, more negotiation and a bit more work required to get deals done.
The flip side of that is opportunity. We’re being presented with more options, less competition, and fewer rushed decisions. It’s giving buyers the space to make considered choices again.
Looking Ahead
The next few months are likely to continue favouring buyers. Some of that’s seasonal, but the ongoing cost-of-living pressures and tighter mortgage lending will play their part too. It’s a period of adjustment and that’s not a bad thing.
If you’re in a good position, especially as a cash buyer, there’s real value to be found right now. The key is timing, patience and realism. The best deals are usually done before everyone else realises it’s time to move again.
Final Thoughts
Markets always move in cycles. What feels slow now will speed up again soon enough. The smart approach is to recognise where we are in that cycle and act accordingly.
For buyers, that means taking advantage of choice and opportunity while they last. For sellers, it means being realistic and trusting that a well-priced property will still attract the right interest.
Either way, the message is the same: stay calm, stay informed and don’t wait for everyone else to catch up.
