The London property market
As you’ll know all too well, the London property market is complex which makes it difficult for both buyers and sellers to navigate. The area encompasses everything from commuter towns to city-centre boroughs, so property value and trends differ widely. This explains why Richmond upon Thames, Camden and Hackney among others recorded growth while London house prices fell by 3.9% overall last year.
This unpredictability has been exacerbated recently by the cost of living crisis raising inflation and mortgage rates and impacting house price rises. If the value and saleability of your property have significantly dropped, you could consider contacting London letting agents to rent out your home as a short-term solution while waiting for the market to recover. However, it is possible to sell for a profit in the current climate.
According to recent HMRC data, house sales are up, and prices are expected to rise over the rest of the year as larger numbers of properties are predicted to be on the market. This will be supported by the dropping mortgage rates which should settle below 4% for five-year fixes. So if you’re ready to up sticks, follow our top tips for a successful sale this winter.
Tips for selling your home
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Ensure accurate pricing
You must put your property on the market at the right price, or you risk losing out or your home sitting for a long time which can significantly impact its appeal and value.
Speak to experienced estate agents to get a professional valuation for your home and cross-reference the results against each other to find the average. You should double-check these estimates against the recent sale prices of properties in your area to ensure that they’re accurate.
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Show your home to its best advantage
First impressions count, so make sure your pictures show your home to its best advantage. Consider getting a professional photographer to take the shots: their knowledge of angles and lighting can vastly improve the results.
You also need to ensure your property looks good on closer inspection. Pay particular attention to kerb appeal as buyers often judge a house by its cover: mend any loose or broken paving, check the tiles on the roof and give the door a new lick of paint. Maintenance inside is important too, particularly heating system assessments and eradicating any damp.
- Be prepared for cost negotiations
- Decide your strategy for marketing your property and be prepared for negotiations on price.
One option is to put the house on the market for a slightly lower value and generate a bidding war for offers over a certain amount. The other option is to start at the price you would like to sell for and consider coming down if offers don’t come in. Either way, you need to be prepared to be flexible as a fast sale is important to preserving property value.
