A multitude of factors can be behind why a house might be challenging to sell on the market.
From consumer nerves over the economy, the future of housing and overall market conditions, it can be challenging to shift a property.
However, the latest polling from Find Out now for Good Move revealed that the top reason why people believe properties won’t shift on the market is because the asking price is too high.
In fact, more than 60 per cent of individuals were found to believe that this reason was behind their inability to sell.
More than 60 per cent of individuals were found to believe that this reason was behind their inability to sell
GETTY
Other reasons cited were down a property’s location (47 per cent), closely followed by the amount of work needed to update the home (44 per cent).
Meanwhile, 42 per cent believe it’s because buyers are unable to acquire mortgages, or the state of financing is challenging at the moment.
Others (17 per cent) have blamed poor-quality photos of the state of marketing, while nine per cent have blamed excessive competition from similar homes.
Some have speculated that it has to be the right time of year for a house to sell (nine per cent).
LATEST DEVELOPMENTS
A fair few (six per cent) have even blamed their estate agent, claiming that it’s down to their inability to do a good job.
Property expert Nima Ghasri said: "It's interesting to see that people are overvaluing their property, and as a result are struggling to sell."
When individuals overvalue their home, Ghasri said that they spend "much longer" attempting to sell it. As a result, sellers can be left in a "state of flux" leading to losing more money over running and maintenance costs. Additionally, it increases the risk of sellers managing to purchase their next property.
The expert emphasised that maintaining a property while trying to sell is crucial as plenty of buyers might be put off by an unmaintained home. Equally, some might be enticed by the property's potential, Ghasri admitted.
Further investigation by the same pollsters revealed that most homeowners overestimated the speed at which you can sell your home
GETTY
Further investigation by the same pollsters revealed that most homeowners overestimated the speed at which you can sell your home.
Some 25 per cent believe it takes around three to four months to sell a typical house. However, in reality, when those who had tried to sell a house were asked, it was found that only 13 per cent were able to sell off their home in that period.
What’s more, three per cent of those attempting to sell their home were unable to sell their property after six months of the property being on the market.
Most Read
