Overpriced UK homes take more than four times longer to sell, study finds

A new study reveals that overpriced homes in the UK are taking significantly longer to sell—more than four times as long as realistically priced properties. The research, conducted by property analysts, highlights a growing disconnect between seller expectations and market realities. As interest rates remain elevated and affordability pressures mount, the housing market is experiencing a notable slowdown. The study tracked thousands of listings across the country, finding that homes priced above market value stayed on the market for an average of 120 days, compared to just 28 days for those priced in line with comparable sales. This trend is particularly pronounced in regions where prices surged during the pandemic. For sellers, the message is clear: overpricing can lead to prolonged marketing periods, potential price reductions, and missed opportunities. Buyers, meanwhile, are becoming more selective, with many waiting for price corrections. Estate agents report that realistic pricing is now the key to a swift sale, as buyer demand has cooled. The findings come amid broader economic uncertainty, with the Bank of England keeping interest rates high to curb inflation. Mortgage approvals have fallen, and house prices have edged down from their peaks. The study underscores how the market is recalibrating after years of rapid growth. For anyone considering selling, the advice is to research local comparables and price competitively.