Two Important Questions Answered
As an estate agent for many years, there are 2 questions which I am constantly asked – “What’s the market like?” and “When is the best time to sell?”. Both good questions and both very dependent on various circumstances, but let’s see if we can answer them today…
What’s the market like?
So, what is the market like… in one word “consistent”. We review various pieces of data as a business to monitor what is happening up and down the country, but overall the market is consistent. Of course, there are pockets in the country where the market may be greater or slower than elsewhere, take central London for example. We have an office located on Baker Street in Marylebone and the sales data from that branch “bucks” the trend for most of the UK, with rising prices and generally cash purchasers (many of which are buying from abroad), but generally speaking it is pretty consistent everywhere.
Back in the “pre-recession” days, each year (for many years) there would be somewhere between 1m and 1.2m house sale transactions going through the UK economy, but since 2006 this number has been roughly half, with somewhere around 500-600,000 per annum. But from tracking this sales data it is clear that property marketed correctly (dare I say with a decent proactive estate agent) at the right price (now that’s a whole blog in itself so I won’t tackle that one today!) WILL sell. But that’s leads us nicely on the 2nd question, “when is the best time to sell?”.
When is the best time to sell my house?
This question is normally answered differently depending on who you speak to. Yes, there is a spring market when activity increases slightly, but once again the truth of the matter is that there is no real “best” time. This is because the consistency in the housing market is such that property properly marketed and properly priced SELLS! So chose an estate agent who will demonstrate how they will pro-actively market your home and how they have come up with the price they have (comparable properties and decent research is the answer) and you are half way there!