Selling your London home: A long journey or a short trip?
The most exciting part of moving house is the search for a new home, and having finally settled on your dream property, it’s a thrilling moment when you hear that your offer has been accepted.
But the owner’s agreement to sell to you is just the start of what may be a long journey when it comes to selling your own property. A wait of six months or so to sell is not just frustrating, it can also mean that you lose the property you’ve set your heart on buying.
Between January 2017 and January 2018, the average time taken to sell a property in London was 190 days: that’s a 10% increase on the previous year and a statistic that may rise again in 2018/19.
So what are the challenges to selling a property and how to overcome them?
1. Receiving an accurate property valuation - An honest and clear-sighted property valuation at this stage can save a lot of disappointment later, so it’s best to steer clear of estate agents who will estimate a high price just to get your business.
2. Getting your house ready for sale - Do all those repair, maintenance and re-decoration jobs you’ve probably been putting off. Peeling paint on the front door? broken tiles in the bathroom? Make sure you fix even these minor issues to avoid discouraging buyers.
3. Finding the optimum time to sell - There are a lot of myths about the best time of year to sell, with experts claiming buyers are more motivated in spring and autumn. However there may be neighbourhoods where different timings apply, so talk to your estate agent about when is the best time.
4. Finding the right estate agent - London is a city where property values can vary within the same street – or even within the same apartment block. Using an estate agent with deep knowledge of the local area – and who understands what buyers want - can make all the difference.