If you are looking to sell your property in London then the hardest decision is to decide at what level to market the property. Estate Agents are clearly desperate for business and some will place a value on a property to secure the property on their books in the hope of then selling it.
However, the shrewd estate agents will not operate in this way as they need sellers to be realistic as to the value of property. Some estate agents are now simply refusing to market property outside of the valuation they are providing as nobody wants to work hard to secure an impossible sale!
The net result of the overall uncertainty in the housing market is a stockpile of houses on estate agents books and no quick house sales. According to the online vendor Rightmove.co.uk it now takes on average 85 days to secure an offer on a home compared with 78 days in June. This is an 8% fall in just one month. Research from Hamptons International reveals transaction levels as a whole are at just 65% of those recorded during the second quarter of 2007.
It is unsurprising that current vendors are not comfortable in marketing their property for less than they would have done 6 months and until this is the case or the economy significantly improves, which is not on the cards, there will be a disparity between buyers and sellers expectations. The London market is often at odds with the UK wide property market. As such many London boroughs have not been significantly affected.
Are London house prices now falling? Recent research from numerous estate agents has indicated that there is a sharp correction taking place in the market. The good news for those owning homes worth in excess of £10million is these remain unaffected and seemingly immune from the downturn! For the majority however, estate agent Knight Franks indicates price falls in the capital of 3.1 per cent in the last 2 months. This equals the largest recorded quarterly fall in the index since 2002. Whilst some optimistic estate agents feel that a correction has already taken place and the market is stabilising others such as James Hyman at Cluttons recently commentated: “A further ten per cent drop in prices overnight will bring value back to the market which will lead buyers to becoming more incentivised to commit to buy again.”
Either way it is a difficult market to secure a sale of your property. If you are interested in securing a quick house sale then Molae Properties may well be the answer. We are cash property buyers. We offer flexible terms such as delayed completion dates giving clients the flexibility to make the next move in their time frame with the security of a guaranteed sale to facilitate it.
“I approached Molae Properties in order to get a quick sale. They informed me they could exchange and complete within 7 days. This was achieved as promised and I was extremely pleased with the efficient service provided. They were professional at all times and a pleasure to work with.” Barratt Homes I
f you are interested in a quick house sale or require more information on our services please contact us on freephone number 0800 634 5892