This week, national headlines reported that three in five homes listed for sale since January remain unsold.
At first glance, that's quite a worrying statistic.
You could easily conclude that there simply aren't enough buyers or that the property market has ground to a halt.
But from what we're seeing every day here in North Devon, I don't think that's the full story.
Yes, mortgage rates are higher than they were a few years ago.
Yes, buyers are more cautious.
Yes, the wider economy and political uncertainty all play a part.
But in my opinion, the single biggest issue facing today's housing market isn't a lack of buyers.
It's pricing.
đź’· Higher Mortgage Rates Change Everything
One point that often gets overlooked is how mortgage rates affect buyers' perception of value.
When interest rates rise, buyers don't suddenly stop wanting to move.
They simply become more conscious of what they're paying every month.
A house that might have seemed affordable when mortgage rates were 2% suddenly looks significantly more expensive at 5%.
That doesn't necessarily mean buyers have disappeared.
It means overpriced houses suddenly look even more overpriced.
📉 The Cost of Chasing the Highest Valuation
One of the biggest mistakes we still see is sellers choosing an estate agent purely because they've quoted the highest valuation.
It's completely understandable.
If one agent says your home is worth ÂŁ375,000 and another says ÂŁ350,000, it's only human nature to want to believe the higher figure.
But buyers don't know—or care—what an estate agent promised a seller.
They decide what a property is worth.
If the asking price doesn't reflect the current market, viewings slow down, enquiries dry up and the property begins to go stale.
Eventually, price reductions follow.
Ironically, many sellers end up accepting less than they might have achieved had the property been launched at a realistic figure from day one.
đź“Ť That's Exactly What We're Seeing in North Devon
The national figures are interesting, but they reflect thousands of different markets across the country.
Here in North Devon, we're seeing something very similar.
Buyers haven't disappeared.
They're simply more selective.
They're comparing more properties.
They're negotiating harder.
And when a property is priced correctly, they're still prepared to move quickly.
We've found that realistically priced homes generate more enquiries, more viewings and, ultimately, stronger offers.
One phrase we've used before—and still firmly believe—is this:
The best offer is usually generated by competition, not by leaving room for negotiation.
If multiple buyers are interested in a property, they focus on securing it.
If a property appears overpriced, buyers focus on how much they can knock off the asking price.
It's a subtle difference, but one that can make thousands of pounds' difference to the final sale price.
🏢 Why Flats Are Taking Longer to Sell
The report also highlighted that flats are taking longer to sell than houses.
That doesn't surprise us.
Whilst affordability plays a part, we also believe many first-time buyers have become increasingly cautious about leasehold properties.
Years of media coverage surrounding service charges, ground rents and leasehold reform have understandably made some buyers think twice.
Given the choice between a leasehold flat and a freehold house—and if their budget allows—many will naturally choose the freehold option.
It's another example of how local knowledge helps explain the headlines.
🤝 Our Philosophy Hasn't Changed
At Collyers, we've made a conscious decision.
If our valuation doesn't align with what we genuinely believe the market will support, we'll explain why.
Sometimes that means difficult conversations.
Occasionally, it means walking away from an instruction.
That might sound strange for an estate agent.
But we'd rather lose an instruction than knowingly market a property at a price we don't believe will sell.
Because our job isn't to list houses.
Our job is to sell them.
There's a big difference.
đź’¬ Final Thoughts
National headlines can be useful.
They highlight trends and spark conversations.
But every property market is different.
What matters most is understanding what's happening on your doorstep.
From what we're seeing across North Devon, buyers are still there.
They haven't disappeared.
They've simply become more discerning.
Homes that are realistically priced, professionally marketed and proactively managed continue to sell.
The challenge isn't finding buyers.
It's giving buyers a reason to choose your property over the dozens of others available.
Because in today's market, price isn't just important—it might be the most important marketing decision you make.
