Almost half of withdrawn properties set to relist in next two years – claim

Almost half of sellers who took their homes off the market in 2022 will relist them in the next two years, research suggests.

Estate agent prospecting tool Spectre has analysed withdrawn and relisted properties from previous years and found that 46% of the 653,000 properties that withdrew last year are likely to return to the market in 2023/24.

Further analysis shows that the aftermath of the mini-Budget last November saw a peak in withdrawal numbers - 30% higher than the 2022 monthly average - providing even more opportunities for agents to capitalise on in the next two years.

Heather Staff, co-founder of Spectre, said: “It is unsurprising that last November saw an increase in properties being withdrawn from the market, as the mini-Budget and rising interest rates may have sent some sellers into a panic. 

“However, the number of vendors who have already returned to the market shows they are now feeling much more optimistic and reinforces the future opportunities for agents. 

“The data shows sellers are withdrawing their properties for a number of reasons and that their motivation to sell is still strong, even if now is not the right time for them.

“We are confident that many of these vendors will be ready to sell again over the next year or two and reaching out to them now with targeted communication will increase the chances of them choosing you when they decide to come back to the market.”

A recent new feature added to Spectre also tracks properties that have withdrawn from the agent themselves to help identify whether there were any lost fees that are able to be claimed back.

The technology generates bespoke and relevant messages, allowing agents to target those who have withdrawn properties in their area and bring them back to the market before their competitors.