Selling A Central London Property In The Autumn: A Guide
With temperatures and heatwaves breaking all records this summer, many of us are grateful at the prospect of cooler weather on the way. And, as things return to something of a more regular routine, your thoughts may be turning to re-evaluating your life. This may encompass how and where you live. You may be asking yourself, for example, whether your home still meets your needs, especially if your circumstances have changed or are set to change in the near future.
If you’re lucky enough to have a property to sell in central London, you’re no doubt aware of the challenges currently facing the market, which industry insiders say they expect to remain relatively flat for the rest of the year. The £5m+ market in particular remains often tough against a backdrop of global uncertainty. However, there are pockets of positivity – in Marylebone, for example, the sector has stayed remarkably resilient.
On the upside, if you’re selling up in the fall, particularly during the early part of the season between the start of September and mid-October, it’s historically the second-most popular season for doing so, since many would-be buyers are highly motivated as the summer draws to a close. Buyers are also acutely aware that, if they act now, they can be settled in their new abode by Christmas. So it’s a great time to list somewhere if, for whatever reason, you’ve missed the spring property sales peak.
However, current market conditions across central London in particular mean you’ll need careful, realistic pricing. Buyers are very price-savvy and sensitive right now, not last due to recent economic shifts and relatively high borrowing costs. Here are some of the other challenges to bear in mind:
· Keep an eye on the time: In the fall, you have a relatively shorter timeframe within which to complete your transaction. By late November, for example, the pace of the market falls off sharply, leaving little room for hold-ups.
· London transactions can be lengthier: London sales often take significantly longer than elsewhere in the UK, averaging almost six months from start to finish, according to Property Wire. This lengthier transaction period is sometimes down to leasehold complexity or local authority searches, which can face delays in turnaround times. Equally, London’s high-value markets and complex property chains can also sometimes lead to things taking longer. At the same time, lenders invariably apply rigorous checks and in-depth asset valuations for capital properties at the higher end of the market.
The benefits of selling your London home in the autumn
There are a number of rewards to be reaped, including:
Prospective purchasers tend to be more serious: As regular routines resume, there’s greater motivation and a strong sense of incentive as buyers look to seal their property deals before the end of the year.
Potentially reduced competition: Since there tends to be less competition than in the ‘peak’ property seasons of spring and early summer, it can be easier to grab attention from potential purchasers than at other times of year.
Favourable conditions: The weather is usually pleasant and comfortable during the season, especially in early autumn. So you can typically do viewings without rain or extreme heat and while it’s still light. Gardens and other outdoor areas, including leafy London squares, will also still look attractive at this time of year.
Tips for a successful autumn sale
Launch promptly: Your home should be listed by the middle of September at the very latest if it is to capture that peak post-holiday energy and excitement.
Price with realism: In a challenging marketplace, it’s important to list your home in a way that’s realistically priced.
Be organised: Time is always of the essence, but especially when conducting a sale in the fall. Instruct a good solicitor as soon as you can, and get your paperwork in order right away so that you don’t have any avoidable hold-ups.
Sell your home this autumn with McGlashans Property Services
McGlashans Property Services is an independent, boutique estate agency concentrating on central London, and we’ve been providing uniquely tailored, customer-focused solutions across our sector since 1988. We’ll be with you every step of the way throughout your property transaction, with our seamless, highly personalised service. Learn more about our approach to home sales.
Get in touch with us today and ask us to value your central London property. We’ll be honest and upfront about what we think it can achieve, and apply that openness to our own fees, too. We look forward to hearing from you.