The Hidden Trap of Overpricing Your Home in Thanet's Property Market

In an age of sensational headlines, the UK property market—particularly in Thanet—often finds itself misinterpreted. While we cannot ignore the challenges of higher mortgage rates and shifting buyer preferences, it is vital to appreciate the broader context to understand what's happening in the Thanet property landscape.

The UK housing market is currently at a junction, characterised by its lowest house price growth in 12 years and a rising number of homes for sale. Higher mortgage rates have made a sizable dent in market activity, affecting everything from buyer demand to the volume of property sales.

Don't get me wrong; Thanet properties are still selling (24.6% more Thanet homes sold per month in 2024 compared to 2023), but not at the rate or level they were in 2021.

The Importance of Correctly Setting an Asking Price for Your Thanet Home

Putting your Thanet home on the open market at an asking price that is too high can considerably deter potential buyers and limit the number of people who come to view it. Buyers always have a budget in mind, and if your property is priced above comparable homes in your area, it's likely to be filtered out of search results and ignored.

Even if your property gets some attention, the inflated price can signal that you're not serious about selling or unwilling to negotiate. This can result in your home languishing on the market, which could necessitate future price reductions.

Thus, setting a realistic, market-aligned asking price for your Thanet home is vital for attracting a broader pool of qualified buyers and facilitating a quicker, more lucrative sale with a higher chance of actually moving home.

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Focus on Thanet

In 2021, there were an average of 371 new Thanet properties coming onto the market and 331 Thanet homes sold (STC) each month. The average number of homes for sale in 2021 was 1,409.

In 2022, there were an average of 437 new Thanet properties coming onto the market and 255 Thanet homes sold (STC) each month. The average number of homes for sale in 2022 was 1,693.

In 2023, there were an average of 486 new Thanet properties coming onto the market and 223 Thanet homes sold (STC) each month. The average number of homes for sale in 2023 was 2,438.

2024 YTD, there has been an average of 492 new Thanet properties coming onto the market and 278 Thanet homes sold (STC) each month. The average number of homes for sale in 2024 was 2,619.

The Costly Trap of Overvaluing

Starting with a realistic asking price is the most sensible approach if you want to sell your property in Thanet. Overpricing (or, as it's called by some over valuing), where the asking price is set too high, may be tempting, but it often leads to challenges that can delay your sale.

In Thanet, we’re seeing an increase in properties priced way above their actual market value—a trend often driven by estate agents focused more on the number of listings than on making actual sales. This approach can harm many Thanet homeowners, initially setting their hopes high with a lofty price, only to later reduce it after losing valuable time and reducing the chances of actually selling their home and moving.

Outlook for the Thanet Property Market

While dramatic house price rises aren't anticipated in Thanet’s immediate future, there’s no significant drop expected either. Understanding these trends helps both Thanet buyers and sellers make more informed decisions. Though the market may seem under strain now, Thanet homeowners who set realistic asking prices will be in a strong position as the market looks to become more accessible in the near future.

If you're in Thanet and considering a move, reach out for a free, no-obligation valuation or market appraisal of your home. I aim to get the best possible price for your property, with advice tailored to give you the greatest chance of a successful sale in today's market.

About Cooke & Co

Cooke & Co Estate & Letting Agents has been providing expert services in Thanet since 1992, covering Margate, Ramsgate, Broadstairs, and surrounding areas.

Contact us:

• Margate Office: (01843) 231833
• Ramsgate Office: (01843) 851322
• Broadstairs Office: (01843) 600911

Visit our website at www.cookeandco.com or email us at enquiry@cookeandco.com.