Is It the Right Time to Sell Your London Property?
25 June 2015 9406 Views
As UK house prices reach new records and the price for an average London property crosses £500k, you might wondering whether it’s time to sell your long-term home for pastures new. After all, with the average price of a home in the rest of country standing at around £270k, your money will go far outside the capital. Selling your home is, of course, a big decision, so here’s a rundown of the key things you should consider:
Is It the Right Time?
When it comes to any act of commerce, timing is key. Real estate analysts are predicting that London property prices will flat line in two years, after rising a further twenty per cent by then. People have been sceptical that the London property could continue to grow like it has been doing for a few years now, however, and the bubble has instead proved itself quite resilient. Now that London has edged out Hong Kong as the world’s priciest city, though, perhaps now’s the time we it finally fall back.
The other aspect you want to consider is whether selling your property is right for you personally. It goes without saying that if you’re still working regularly in London, relocating could be a difficult transition. If you’re coming close to retirement, though, and have had thoughts about switching city life for the country or even moving abroad, the next couple of years could be a great time to make the change.
What Kind of Prices Can You Really Expect
That £500k figure is all well and good, but how do you know it isn't being bloated by properties selling for tens of millions in London’s most exclusive neighbourhoods? It has emerged that, terraced homes in Hackney and Peckham, two not traditionally sought after locales, for example, are averaging prices of just under £800k for the former and £550k for the latter. If you’re fortunate enough to own a similar property west of the city centre, real estate specialists such as Featherstoneleigh.co.uk, show that a similar property in Chiswick would likely break the million pound barrier.
How Can You Get the Best Price
If you do decide to sell your home, you’ll want to make sure you get the best price possible. Seek out several independent evaluators to give you a good idea on the current property climate in your area, and research the history of similar types of recently sold homes. Similarly, when you’re looking for estate agents take a look at several local options and compare their fees. Try to avoid lengthy lock-in clauses that prevent you from marketing the property with another agent if the first one fails to find you a buyer. If you’re looking for a fast sell, take a look at our guide on how to sell your property quickly.