Why
19,115 Medway Homeowners tried to move since Covid…
Yet
never did. Here is why.
If you have ever
thought about selling your Medway home, you will know how tempting it
can be to stretch the asking price. After all, it is your biggest
tax-free asset, and those extra few thousand pounds can feel like a
sensible cushion. Yet in the Medway property market, ambition can
sometimes cost more than it earns.
Over the past five
and a half years, 19,115
Medway homeowners have come away from the market without selling.
Many of them started with high hopes, only to find their homes
withdrawn months later, unsold and unloved by buyers who had moved on
to better-priced options.
The
Data Behind the Frustration
To understand how
this has unfolded, let us look at what has actually happened across
Medway (ME1-5, ME7-8) since 2020.
Before I start, a
property sale is only legally binding when the home’s exchange and
completion is finalised. Only then can the homeowner move. Therefore,
I will only look at that.
-
Of
the 7,576
Medway
properties that left estate agents’ books in 2020, 52.1%
exchanged
and completed. The other 47.9%
of
homeowners, a total of 3,631
homes,
withdrew from the market unsold. -
Of
the 8,345
Medway
properties that left estate agents’ books in 2021, 63.0%
exchanged
and completed. The other 36.0%
of
homeowners, a total of 3,004
homes,
withdrew from the market unsold. -
Of
the 7,157
Medway
properties that left estate agents’ books in 2022, 63.0%
exchanged
and completed. The other 37.0%
of
homeowners, a total of 2,648
homes,
withdrew from the market unsold. -
Of
the 7,337
Medway
properties that left estate agents’ books in 2023, 49.4%
exchanged
and completed. The other 50.6%
of
homeowners, a total of 3,715
homes,
withdrew from the market unsold. -
Of
the 7,314
Medway
properties that left estate agents’ books in 2024, 51.9%
exchanged
and completed. The other 48.1%
of
homeowners, a total of 3,520
homes,
withdrew from the market unsold. -
Of
the 5,474
Medway
properties that left estate agents’ books in 2025 (so far), 52.6%
exchanged
and completed. The other 47.4%
of
homeowners, a total of 2,597
homes,
withdrew from the market unsold.
So, over the last
five and a half years, 19,115
Medway homeowners, who
had spent months and months marketing their homes, only finished back
where they started.
The main reason?
Overvaluing.
Why
Overvaluing Happens
When an estate
agent visits your home, the valuation conversation can feel like a
performance. You might hear one agent suggest £385,000, another
£400,000, and then someone confidently says £425,000 without
hesitation. It is flattering. It is exciting. It is often a trap.
Some Medway agents
know precisely what number will win the instruction. They do not need
to sell the home straight away; they only need to list it. In many
cases, sellers are tied into sole agency contracts lasting 20 to 26
weeks, during which the price is quietly reduced until it reaches
reality.
By that time, the
most motivated buyers have already dismissed it.
The
Consequences of an Inflated Asking Price on Your Medway Home
An overpriced
property sits on the market longer than it should. Buyers start to
ask questions. Why has it not sold? Is there something wrong with it?
When a home lingers unsold, it develops a stigma. Even after the
price is reduced, newer listings look fresher and attract more
interest.
Independent data
from Denton House Research and TwentyEA clearly shows the impact.
41.8% of UK homes
that do go under offer (i.e., sale agreed/sold stc) do so within 28
days, and 70.9% of sales agreed, do so within 63 days.
And even if you do
take longer to sell, the chances of actually moving drop like a
stone. You see, UK homes that go under offer within 25
days of
coming to the market have a 94%
chance of
subsequently exchanging and completing (i.e., you moving). Homes that
take over
100 days to
find a buyer subsequently see their success rate of getting to
exchange and completion (i.e., move) drop to just 56%.
So, not only does
overvaluing waste months, it also slashes the odds of your moving.
The
Medway Property Market Has Changed
During late 2020
and all of 2021, the Medway market was fuelled by record demand,
cheap borrowing, and pandemic relocation. Agents could list almost
anything, and it would sell. That period created unrealistic
expectations that still linger today.
However, since the
middle of 2022, things have normalised. The average time on market
has lengthened, price reductions have risen sharply, and buyers have
regained negotiation power. The average
property now sells for around 98.6% of its final asking price,
compared with nearly 102% during the boom. That shift may not sound
dramatic, but on a £500,000 home, it is almost £17,000
less in the seller’s pocket.
Overvaluing only
widens that gap and reduces the chance your home will sell (and you
move home).
Why
Medway Estate Agents Keep Doing It
If overvaluing
hurts homeowners and agents alike, why does it continue?
Pressure. Some
larger estate agency firms still judge performance by listings, not
completions. Staff bonuses are often linked to how many homes they
put on the market, not how many they sell. As a result, the
motivation shifts from accuracy to acquisition.
Telling a Medway
seller what they want to hear wins more listings than telling them
the truth. It also allows agents to appear “busy” in their
marketing updates, even when most of their listings remain unsold.
It is a volume
game, and the homeowner pays the price.
The
Emotional Toll for Medway Homeowners
For many,
overvaluing does more than delay a sale. It destroys plans. Medway
families who wanted to upsize, Medway retirees looking to downsize,
and couples moving for work have all been stuck in limbo. The months
spent waiting, re-photographing, reducing, and re-listing add
emotional fatigue on top of financial frustration.
By the time an
offer finally appears (if it ever does), many homeowners are
exhausted and willing to accept less to move on. Ironically, that
often means they sell for less than they would have achieved if the
home had been priced right from the beginning.
How
to Avoid the Trap as a Medway homeowner
-
Seek multiple
opinions.
Invite at least two
or three Medway agents to value your home. If one figure stands out
as much higher, ask for evidence. Question: What percentage of their
listings actually reach completion? Be very careful about tying
yourself to a long sole agency agreement.
-
Research sold
data, not asking prices.
Use portals to
check homes marked as “Sold Subject to Contract” or “Sold”.
These reflect what buyers are really paying, not what sellers hope
for.
-
Track the local
ratio of listings to sales.
If more than 40% of
homes on the portals are sold STC, it is a seller’s market. If that
figure falls below 30%, buyers have the upper hand.
-
Work with an
agent who values trust over flattery.
A good agent
focuses on the end goal: your exchange and completion, not just a
board outside your home. Avoid anyone asking for 20-to-26-week
commitments. Confidence should come from competence, not contracts.
The
Truth About Overvaluing
Overvaluing feels
harmless at first. It sounds optimistic, even clever, bonus money in
your back pocket. Yet in practice, it costs homeowners time, money,
momentum, and, actually, you moving.
The data does not
lie. Since January 2020, 24,088 Medway homeowners have sold and
moved, yet 19,115
Medway homeowners have
withdrawn from the market without selling, most due to unrealistic
pricing. These are not failed homes. These are frustrated people.
If you are planning
to sell, do not chase a fantasy number. Price your Medway home where
the market is, not where you wish it were.
Remember,
you
only get one chance to make a first impression when your home hits
the market. A realistic price attracts serious buyers quickly and
gives you the best shot at moving successfully.
If you are thinking
about selling and want an honest,
evidence-based opinion
on your Medway home’s actual market value, with no fluff, no bull, no
pressure, and no nonsense, I would be delighted to help.