Since Brexit, the state of the London property market has been a concern for both property buyers and sellers alike. There are still a number of risks for anyone who may be considering selling a rental property during the coming year. We will first take a look at some of the predictions that experts are making in regards to housing prices. Then, we will offer a few very targeted suggestions that will help you obtain the best value for your efforts. With a bit of forethought and knowledge, you can be confident that you’ll be able to make the most informed decisions when they matter the most.
Selling Rental Property: What Can We Expect in Terms of the London Market?
As many had predicted, the Brexit vote is expected to stall the prices within the London housing market in 2017. However, this is not a bad thing for sellers. Firstly, continually rising prices would have cut many potential buyers out of the equation. We must remember that some analysts were calling for the bubble to burst. The fact that the Brexit has curtailed this growth likely signals that any devastating bubble has been avoided.
Having said this, the other side of the proverbial coin has less to do with actual property values, as it concerns the number of returning buyers. The number of potential buyers leaving the city in 2015 was approximately 66,000 individuals. This was an increase of more than 30 per cent when compared to 2009. Unfortunately, this thirty-something age bracket also represented a significant chunk of the buying market. With prices falling or at least stabilising, we should expect to see a bit of a reversal in 2017. This is important when selling a rental property, for more buyers will equate to better chances of turning a profit.
Tips and Suggestions for 2017 and Beyond
If you are like most sellers, it is likely that you are selling your rental property in order to acquire an additional level of liquidity or to re-invest these profits into a different venture. In either case, there are a few important suggestions to keep in mind.
Always keep an eye on the current prices within your specific property market. it is critical to provide a tempting offer to the buyer while still enjoying a substantial profit margin. Never forget that taxes and other concerns are likely to have an impact upon the amount of money that you walk away with. Always use the valuation services of at least three independent professionals.
Remember to ensure you have all the documents that will be required for the eventual sale. Some of the basic forms include (but may not be limited to):
– The rental property title deed.
– A proof of identity.
– Form TA10 (fitting and contents).
– Form TA6 (property information).
– Any relevant leasehold or shared freehold documentation.
– Your Energy Performance Certificate (EPC).
Selling a rental property can sometimes be a long and complicated process. Keeping these steps in mind will help you to tackle it smoothly. 2017 could prove to be a profitable year for those who are aware of their obligations.
