That’s it. Summer done and dusted. The Brexit debate lingers and continues to be the universal explanation for whatever the Central London property market is currently doing.
That’s it. Summer done and dusted. The Brexit debate lingers and continues to be the universal explanation for whatever the Central London property market is currently doing. My own much repeated opinion is that the market was due a correction after seven up years and that the dramatic increases in Stamp Duty Land Tax were the main precursor. Brexit merely wondered into the frame at the inappropriate time and played to the market’s momentum.
I think we are now transacting at levels close to those seen in 2014. Fast footed developers of new-build, who are finding that the market for whom they were hoping to sell has gone elsewhere, are revisiting their pricing models and retargeting more towards the domestic market. Investors who have bought ‘off-plan’ hoping to sell on the contract and not take possession are being forced into awkward corners and we are giving some hard advice those investors who have been caught out and are having to take delivery.
The chances of successfully selling your property are highly dependent on getting the marketing price-point absolutely right. As well as this, presentation is becoming more important. The Agent’s favourite hook of ‘buy now before the price rises’ no longer applies.
It is important to take a good look at your property and play to its strengths. This may be the location, condition, outside space, aspect, micro-location and so on. If you get the marketing price wrong the person who may well have bought your property will look at it on line, make a snap decision and scroll on to the next property only to notice some week’s later that it is still there and therefore (subliminally at least) there must be something wrong with it. Many buyers search by price range so your buyer may never get to see it if it is punching above its weight.
The good news is that experience counts and we have it by the bucket load in this office. My Co-Director here, Rod Heffernan has 34 years under his belt and I am a mere beginner with 16 years. Most of our clients are wise enough to understand the signs and have a pretty shrewd view of the market which is not based on over-expectation.
If you are thinking of putting your property up for sale, now would be a good time to give us a call. We can give you an idea of what price you should expect your place to achieve and give you advice in order to maximize its sale price and the time taken to get there.
Please feel free to drop in or give us a call anytime.
Adrian Philpott and Rod Heffernan
0207 240 3322