Navigating the UK property landscape can feel daunting for sellers, as expert Phil Spencer has issued a crucial piece of advice for those looking to move. The property guru and founder of Move iQ has shared one 'blunt' rule that he insists sellers must follow in the current climate.
The Reality of Today's Property Market
According to Spencer, the property world is currently dominated by one overwhelming sentiment: it is a buyer's market. He explains that the initial excitement of receiving an offer on your home is often 'short-lived' in the present environment. The conversation frequently continues with the less thrilling news that the offer is 'quite a bit below the asking price.'
This pattern is a direct result of the challenging conditions for sellers. With more homes for sale than buyers in many areas, prospective house hunters have the upper hand. They can afford to be selective, take their time, and negotiate aggressively on price.
Why the Highest Offer Isn't Always the Best
While you might assume that accepting the highest financial offer is the obvious choice, Spencer urges sellers to think more strategically. He states a blunt truth: 'Your home is unique and wonderful to you, but the blunt truth is that not all buyers will see it that way.'
In a market where buyers are 'spoilt for choice,' your property might be just one of several they are considering in the neighbourhood. Spencer advises that a buyer who is offering slightly less but 'ticks other boxes' can often be a safer bet.
He encourages sellers to be 'nosy' and ask plenty of questions about the people making the offers. The goal is to prioritise buyers who are less likely to change their mind or encounter problems with their own property chain.
The Critical Importance of a 'Proceedable' Buyer
The key, according to the Location, Location, Location presenter, is to always choose a buyer who is 'proceedable.' This estate agent jargon refers to a purchaser who has all their finances in order and is fully committed and serious about the purchase.
This is especially critical in England and Wales, where buyers can pull out easily at any point until contracts are formally exchanged. Until that legal binding moment, either party can walk away without facing penalties, potentially causing a seller to lose a sale and a great deal of time.
'This is more likely to happen when there are lots of homes for sale in your area,' Phil adds. 'The last thing you want is a buyer whose head might be turned by somewhere else.'
His final, powerful conclusion for anyone selling a home right now is this: 'Size always matters, but certainty matters more in the current market.' A committed, proceedable buyer may ultimately be a far better choice than an uncertain one offering a larger sum.
