Sellers who delist ‘will return to the market’, research shows
Just under half of the vendors who decided not to sell their property in 2022 will instruct an agent within two years, according to Spectre.
Nearly half of sellers who took their property off the market in 2022 will relist them in the next two years, new research shows.
The data from estate agent prospecting tool Spectre reveals that 46% of the 653,000 properties that withdrew last year are likely to return to the market tdelisthis year or next.
Further analysis shows that last November saw a peak in withdrawal numbers, 30% higher than the 2022 monthly average.
Panic
Heather Staff, co-founder of Spectre, says: “It is unsurprising that last November saw an increase in properties being withdrawn from the market, as the mini-Budget and rising interest rates may have sent some sellers into a panic.
“However, the number of vendors who have already returned to the market shows they are now feeling much more optimistic and reinforces the future opportunities for agents,” she says.
Their motivation to sell is still strong, even if now is not the right time for them.”
“The data shows sellers are withdrawing their properties for a number of reasons, and that their motivation to sell is still strong, even if now is not the right time for them.”
Spectre has recently released a new feature that tracks withdrawn properties to help identify whether there were any lost fees that can be claimed back.
Previous Spectre research showed that property vendors were twice as likely at the beginning of this year to switch agents as at the same time in 2022.
Also, sellers who do switch agent after being on the market for over eight weeks are 34% more likely to sell than those that reduce the price at the same point.
