The Romford housing market, like many others, has experienced a notable shift in 2023.
The percentage of home sales agreed and moved (completed) compared to those withdrawn from the market unsold has decreased relative to 2022.
Looking at independent data for the Romford area (Rm1 to RM7) …
In 2022, 68.6% of properties that left the books of Romford estate agents agreed a sale, exchanged contracts, and the owners moved home
(2,468 Romford area properties exchanged and completed vs 1,131 properties that withdrew from the agent’s books, unsold).
In 2023, 53.2% of properties that have left the books of Romford estate agents agreed a sale, exchanged contracts, and the owners moved home
(1,795 Romford area properties exchanged and completed vs 1,575 properties that withdrew from the agent’s books, unsold up to the 20th December 2023), meaning there has been a …
22.4% proportional reduction in the saleability of Romford homes between 2022 and 2023
It's interesting to compare that with the outer London regional and national stats for both years.
In outer London, 57.42% of properties were exchanged, completed, and moved in 2022, compared to 43.88% in 2023, a drop of 23.6%. Nationally, 65.55% of properties were exchanged, completed and moved in 2022 compared to 52.39% in 2023, a decline of 20.1%.
This could raise concerns among Romford homeowners and potential sellers. As a seasoned estate agent in Romford, I have observed these trends closely and offer insights into this phenomenon and strategies to enhance your home's saleability in 2024.
Understanding the Dip in Saleability in Romford
Economic Influences: much like the rest of the UK, Romford has been subject to financial pressures such as inflation and Bank of England interest rate increases. These factors have affected buyer affordability, leading to a more cautious approach to home purchasing.
Market Saturation and Buyer's Market: 2023 saw a surge in Romford properties on the market. This increase changed the Romford property market from a strong seller's market to a balanced market or even a buyer's market in some parts of Romford throughout 2023, where the availability of choices led to a more selective purchasing behaviour.
Changing Buyer Preferences: In Romford, buyer preferences have evolved. There's a growing demand for properties that offer flexible living spaces, energy efficiency, and modern amenities, which not all available homes meet.
Local Economic and Social Factors: Romford's local economic and social developments, such as job market shifts and community developments, have also played a role in influencing the housing market dynamics.
Six Tips to Maximising Your Romford Home's Saleability in 2024
Romford properties are still selling, yet not at the rate they were in 2021 and 2022.
Just under 11 out of 20 Romford people in 2023 have sold and moved (i.e., the 53.2% figure mentioned above). If you want to avoid being in the 9 out of 20 Romford people who were unable to sell and move this year, there are some things that you can do to stack the cards in your favour.
To start with, the saleability levels in Romford in 2023 are very similar to the saleability rates between 2014 and 2019.
1. Strategic Pricing: Understanding the Romford market is critical. Homes priced correctly from the outset are more likely to attract serious buyers. This requires a deep understanding of the local market trends, something a knowledgeable estate agent can provide.
2. Tailoring to Buyer Preferences: Align your Romford home with current trends. This could mean investing in creating flexible work-from-home spaces, upgrading energy systems, or modernising key areas like kitchens and bathrooms. However, before you start spending tens of thousands of pounds on this, please do pick up the phone so I can give you the best advice for the type of property you own in Romford. I have lost count of the number of times I've seen a Romford homeowner spend money on the wrong things without advice, only to find the money they spent did nothing for the value of their home nor made it more saleable.
3. Effective Marketing: Utilise a comprehensive marketing strategy that includes high-quality photography, possibly virtual tours, and leveraging online social media and portals. As experts in the Romford property market, we can target the correct demographic and present your home in its best light.
4. Preparing for Viewings: First impressions matter. Ensure your Romford home is well-presented, clean, and decluttered. We can offer personalised advice on the presentation of your home to appeal to potential buyers.
5. Flexibility and Negotiation: Be prepared for negotiation and show flexibility in terms of viewing times and conditions of sale. This approach can make your property more appealing compared to others on the market.
6. Capitalising on Local Knowledge: Romford's unique charm and amenities should be highlighted. As a local market expert in the town, I can help showcase these aspects effectively to potential buyers.
The decrease in the saleability rate in Romford reflects broader economic trends and evolving buyer preferences. However, with the right approach and strategies, selling your home in 2024 can be a realistic and successful endeavour.
By understanding the Romford market, pricing strategically, aligning with buyer preferences, and utilising effective marketing and presentation techniques, you can significantly enhance your chances of a successful sale.
As a Romford property market expert, I offer more than just transactional advice; I provide insights into what makes our local Romford market tick. By partnering with a knowledgeable estate agent, you can confidently navigate these challenging times and maximise your chances of a successful home sale in 2024.