Welcome to Tedworth Property
If you ask any estate agent “when is the best time to sell your property in London?” you will receive the same answer…during the spring months of March-May. The days are noticeably longer, the sun is (starting) to shine and there is a general feel-good factor as we emerge from the gloom of winter. For all these reasons, this period is generally considered to be a favourable time to sell and from our first-hand experience, this is certainly the case.
As we intimated last month, the year has got off to a fast start with a healthy number of sales and lettings being agreed and with the changes to SDLT (Stamp Duty Land Tax) coming into effect at the end of March (every little helps) along with an ever so slightly improved mortgage market, it’s refreshing that all parties are seemingly motivated to proceed without delay.
We are currently advising several new clients who are preparing to bring their properties to market in the coming days and one of the first questions that many will ask is “who is going to be the buyer of my property”?
Reviewing our current list of properties under offer, the purchaser profile is as mixed as ever, but there is one type of buyer notable by their absence…the buy to let investor. For many, the cost of purchase, holding costs, increasingly exorbitant service charges and tax implications means the opportunity is just not what it once was and indeed we are noticing a growing number of long-term investors who are now exiting the market.
So who are they being replaced by? Unquestionably London remains an exceptionally attractive city for the global elite, whether buying for themselves as a London residence, for family members who are studying in London, or simply as a long term Pied a Terre and in the past eight weeks, our buyers have originated from New York, Florida, Dublin, Sydney and Mumbai plus of course the United Kingdom.
For those looking to sell, there remains an active pool of buyers, but it remains absolutely vital to get the asking price and strategy correct when launching to market. As many buying agents who represent this global elite are reporting, an overly optimistic asking price will ensure a lack of interest, lack of viewings and footfall and ultimately result in arguably a lower selling price than if the property is positioned at the correct price in the first place.
We couldn’t agree more and as one of our clients commented recently…
”Thank you for delivering what you promised. I am really happy it worked out like this, you delivered exactly the right advice with the right asking price and the right pace to move and accept the right offer. It’s so easy for these things to drag on and given the market it looks like a really fair deal.”
If you’re considering selling, letting, or simply seeking advice, our team is here to help. We look forward to seeing what the coming months bring and, as ever, remain on hand to assist with any property-related matters.
