There are many challenges when it comes to selling your home and one of the main ones is understanding the true facts about the housing market and how they could affect your move. There are Halifax and Nationwide reporting contrasting numbers, the media speculating and generalising about the whole of the UK and developers declaring strong profits based on the government Help to Buy drive.
How do all of these things change the price that can be achieved on your home? The simple answer is, they don’t. Whether you are in Berkshire, Hampshire or Surrey there are always micro markets that outperform others and the supply and demand in certain price brackets can vary from town to town. For example, for all properties currently being marketed in Maidenhead over £800,000 only 26.6% are under offer, in Camberley it is 33.3% and in Wokingham 34.7%.*
How does this help when you are going to put your property on the market? Firstly, if you are having valuations from estate agents, this local knowledge is invaluable and combined with the experience and track record are very important when trusting somebody with your largest asset. Secondly, understanding the demographic of what your buyer may look like is essential in a marketing plan to target the right buyers in the right locations, a prime example being the influx of buyers moving out of London to the Home Counties, especially with Crossrail on the horizon.
22% of new residents moving into Berkshire are moving from London, and in Surrey it is 40%.** These buyers are primarily looking for detached family homes between £800,000 and £2.5 million, with a wider search radius than a local buyer as many will commute back into London for work. So, thinking everyone will find your home because it is on the web couldn’t be further from the truth. Only 4% of buyers who enquire about a specific property from Rightmove actually go on to buy that home.
Spring seems to be getting earlier every year and buyers will be looking to be safely moved in time for new school term commencement in September. So, if you are thinking about selling your home, now is an excellent time to engage with a local, knowledgeable estate agent that specialises in the higher end of the market and has a vast marketing reach both locally and in London, to advise you on how to achieve the best price for your home.
I would welcome the opportunity to discuss how our Mayfair Office and London connections enhance our 10 office local network to showcase your home in the right way with the right service.
Written by Shaun Stevens, Director
*Figures from Rightmove Mar 18
**Figures from LonRes/Land Registry/ONS
We also offer to give £250 of our selling fee to your chosen local school upon selling your property. This is just one of the many ways we give back and help support the local community. If you'd like to learn more about our Back to Schools initiative and would like to discover more about what happens on a property valuation, please click here.