📉 Is it just you – or is everything taking longer to sell?
💬 Are buyers more cautious?
🤔 And what’s actually causing the slowdown?
In this blog, we break down the current state of the UK property market and what it means for sellers, buyers, and landlords – particularly here in North Devon.
🕰️ 1. Higher Interest Rates = Reduced Affordability
The Bank of England’s interest rate increases have made mortgages more expensive, especially compared to the ultra-low rates of recent years.
Even though rates are starting to stabilise, many buyers are still being cautious – and lenders are tightening criteria.
💡 What this means: Fewer people can afford the same homes they could 18 months ago, so offers are more conservative and decisions slower.
📦 2. Cost-of-Living Pressures Are Lingering
Utility bills, food costs, insurance – even if inflation is dropping, confidence hasn't fully recovered.
Many potential movers are holding off or opting to “wait and see” before taking on new commitments like a mortgage or larger home.
🏘️ 3. More Stock = More Choice
We’ve seen a rise in listings this year – particularly in areas like Barnstaple and Bideford. That’s great for buyers, but it means:
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Homes take longer to stand out
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Buyers feel less urgency
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Price sensitivity is higher
💬 The result? Properties often sit on the market longer and need stronger marketing and realistic pricing to attract attention.
🧊 4. Chains Are More Fragile
With affordability tighter and lending more complex, sales progression has become slower. More deals fall through due to:
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Mortgage offers expiring
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Surveys raising issues
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Buyers pulling out due to finance or job changes
This can cause long delays – even if your own sale is ready to go.
🤷 5. Uncertainty = Hesitation
Whether it’s stamp duty changes, economic forecasts, or global events – uncertainty makes people nervous. And nervous buyers and sellers tend to pause.
✅ So, What Can You Do?
If you're selling right now, you don’t need to panic – but you do need to be smart:
🎯 Price it right from the start
Overpricing is one of the biggest mistakes we’re seeing. In this market, reductions can raise red flags. Use evidence-based valuations (we can help).
💡 Choose an agent who markets properly
You need professional photos, floorplans, social reach, and someone who calls buyers, not just waits for Rightmove leads.
🧩 Have your ducks in a row
Solicitors, EPC, paperwork, mortgage-in-principle – get everything ready to reduce delays and show you're serious.
📍 The Collyers Approach
We’ve helped clients successfully navigate tricky markets before – and we’re doing it again in 2025. As a local, award-winning agent, we:
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Price with precision
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Market with impact
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Proactively match buyers
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Progress sales with hands-on care
Thinking of moving? Let’s have a no-pressure chat.
