The London property market has changed since you bought your property and a fresh approach is needed when it comes to selling up. Here are Gordon & Co’s top 5 tips for anyone going on the market this year.
1. Forget about Brexit
We know that 38% of you are looking to sell after Brexit (round of applause), thanks to the result of our online poll, but that leaves 62% of you with no immediate plans to move. If you’re put off by a political fall out, don’t be. The property market is in rude health, underpinned by a super-competitive mortgage market crammed with low-interest rate loans and lenders desperate for your business.
2. First-time buyers are your friends
If your property falls within the ‘starter home’ category - perhaps you have a studio or bijou apartment - there is good news. First-time buyers are the most active group in the market right now and first-time buyer mortgage rates have fallen to a record low, which is stimulating the entry-level segment of the market. Gordon & Co has a waiting list of first-time buyers who are keen and ready with mortgage agreements in principle, so what are you waiting for?
3. Play the stamp duty game
Price wrongly and you can put off buyers who are looking to pay the smallest stamp duty bill possible. There are different thresholds for first-time buyers, existing homeowners and those buying a second property, so strategic pricing will ensure your property has overall affordability and falls on the radar of most buyers. Gordon & Co will advise on a selling price that not only realises your home’s value but also sits within the right stamp duty bracket.
4. Be aware of overpricing
Overpricing can be a seller’s worst enemy, especially if the figure is head and shoulders above similar homes in the area. Each property has an individual value, affected by local and wider market conditions, its own condition and what buyers are willing to pay at that moment in time. Gordon & Co will give you an accurate value designed to create a buzz, generate viewings and, ultimately, get you a secure offer from a buyer able to commit to the purchase.
5. Manage your timescale expectations
There are plenty of purchasers active in the market right now but it is taking slightly longer for properties to sell and reach completion. Familiarise yourself with the concept that a sale might not happen overnight, as the average time it takes for a UK property to go under offer is over 14 weeks*. Take comfort, however, that Gordon & Co is comfortably beating that timescale for many of its sales.
If you’d like selling advice that is tailored to you and your London property, contact Gordon & Co. We’ll tell you what’s selling in your area, how quickly and for how much.
*Source: Centre for Economics & Business Research (CEBR) / Post Office Money