Sponsored Editorial by Aldo Sotgiu, managing director of Wards

The current housing market could be described as a bit conflicted. Let’s face it, after the huge increases in property prices post-pandemic, it feels like a massive comedown for homeowners now with prices universally dropping

It’s therefore understandable that there’s a reluctance to drop prices - no one likes to see their investments falling.

However, as the adage goes – your home is worth as much as someone is prepared to pay for it – and with the pressure of higher mortgage rates and borrowing in general, it’s hardly surprising buyers are making cheeky offers.

We are increasingly being asked by sellers “what’s it going to take to get my property sold?” and other than instructing Wards to sell it (I would say that, wouldn’t I), my teams are giving pretty much the same advice to everyone.

The first thing is not to look at what your property was worth previously. If you’ve lived there for several years, you’d have enjoyed a big boost on the asking price and whilst it may not be as high as it was, it’s still likely to be a lot higher than you paid for it, so maybe you’ve lost some money that you never really had.

If an estate agent is proactive, their marketing is top notch and they are using enhanced marketing tools, like professional photography, floor plans, virtual tours and showcasing your property on all the big websites. The only other essential ingredient is making sure your property is priced correctly to generate enough interest.

This is where some estate agents aren’t helping, as for some winning the instruction based on suggesting a higher asking price is more important than the best advice to the seller.

Understandably buyers don’t want to feel they are paying over the odds, and you might be a seller and a buyer, so it cuts both ways.

This is very different from discounting your property below what it is worth, but there is a sweet spot and the best estate agents will give you good advice about where that lies. But let’s be honest, it’s not an exact science and if an agent gives you a price that sounds too good to be true, guess what? It probably is. My advice, is only trust an agent's price if it can be evidenced and supported by other similar recent sales.

Despite a lower number of buyers, there is still a core demand for property, so getting the pricing right, along with the other ingredients, will dramatically improve your chances of selling at the best price, it might not be the price you wanted but it’s the best you can realistically get.

One thing is for sure, the market won’t be like this forever and with mortgage rates seemingly starting to stabilise and some more attractive rates filtering through, some talk about adjustments in stamp duty and some very tentative green shoots in the economy, things are certainly looking better than the doomsters were suggesting back at the start of the year.

In terms of buying, is there any such thing as a bargain?

In all honesty, probably not. The wonder of the internet – Rightmove, Zoopla, etc - means every property gets a good airing on the market and, as I mentioned previously, there is still plenty of interest for well-priced properties.

One piece of advice I would give, however, is to not rely on just registering with Rightmove as your primary way of finding a property.

Get registered with as many estate agents as you can and build up good relationships with the individuals you speak to. In most cases, a good estate agent will work with you to source a home, even before the ink is wet on the contract signed by the seller.

Another good piece of advice is to make sure you put yourself in the best possible position as a buyer.

There is nothing more attractive to a seller than someone who has done their research in terms of their finances and mortgage needs, sorted out a conveyancer and knows exactly what they want in terms of timescales. Being able to act quickly and relay this information really does make a difference.

It would be mad to make long-term predictions about the housing market but I don’t see any big changes either way for some time – and that’s probably not a bad thing.

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