If I had £1 for everytime someone asked me "what is the property market like at the moment?" I could pay off the mortgage for every friend and family member in the contact list on my phone!
The nature of the private housing market in Britain means that it is always changing and evolving, and the value of your property can change from month to month, and so called uncertainty surrounding UK politics has left many people unsure as to how this has affected the value of their home.
With the Pound (£) offering very good value for money against the Euro and US dollar, foreign purchases in Central London are reportedly on the up again, and as Molesey was more or less built for commuters, this has a knock on affect within our local market as many buyers who move to Molesey, do so after selling a property in London in search of more square footage, garden space and good schools whilst retaining the ability to get to work in London with relative ease.
So what does the property market look like now compared to this time last year? 2018 was our busiest year yet at Newton Huxley, and here is why we are confident that 2019 will be the same, if not better.
Now this does not mean that asking prices are down by nearly 20%! We have noticed more properties coming to market below the £500k threshold which shows more confidence from those looking to upsize from their first purchase. We also published an article last year explaining that over inflated asking prices were causing a slow down in the market (as commented on by The Times in their recent article about overvaluing) and that the eventual sale prices of properties had remained more or less the same, this shows that home sellers are adjusting their asking prices to be more in line with buyer expectations which will increase movement.
The number of new properties coming to market has been in decline for the past 2-3 years. In terms of real numbers, the difference is 73 new properties in 2018 vs 65 in 2019 and although this will help speed up a potential buyers decision making with slightly less choice to consider, we do not see this having any significant affect on pricing at this level.
This is ultimately a result of the above two market factors, with less choice and more affordable properties on offer, activity will naturally increase. We have also noticed increased interest in properties that have previously been struggling to achieve a sale, showing further increased movement within Central and SW London is having a positive impact.
For practical purposes there is no real change here, this does however mean that a higher percentage of buyers that are out viewing, are making offers. It is more important than ever to ensure that the number of feet through the door from potential buyers remains high as this will dramatically increase your chances of securing a buyer and will help create a sense of urgency that will help you achieve the best possible price. In essence you should price your property to entice viewings and leverage negotiation against other interest as opposed to just stating what you want for your property as a seller, as this carries a lot more weight!
If you are thinking of selling and would like an idea on the current value of your home, you can use our FREE instant valuation tool below for an instant estimation. Additionally, if you have been on the market without success and would like to discuss other available strategies for selling your property, please call our Molesey team on 0208 396 6717 or email firstname.lastname@example.org