London properties still selling at eyebrow-raising prices - guest article by Narendra Gandhi from Winkworth Ealing & Action
Narendra is a Partner at Winkworth Ealing & Action.
It would be fair to say more people than ever before will have an opinion on the housing market, whether buying, selling, letting, renting or even just staying put! With so many conflicting reports, many have opted to ‘sit on the fence’.
From an ‘insiders’ perspective who is dealing with property related matters on a daily basis, the word ‘caution’ springs to mind. As we fast approach the winter season after a glorious summer, sellers are becoming to realise more and more about the need to price realistically if they are serious about selling. Gone are the days of trying a much higher asking price and waiting for the market to catch up in the event the property does not sell in the first eight weeks.
In today’s market, it is more about pricing right from day one and considering serious offers very carefully, sometimes irrespective of how long the property has been marketed on the portals. It is then about giving the client best advice and guidance for them to be in control and make an informed decision.
It is not uncommon to receive higher offers from buyers who have yet to sell their own property or involved in a chain; whereas, buyers with nothing to sell and no chain with an Agreement in Principle may offer less in the knowledge they are arguably a ‘better’ buyer. This can be a dilemma for sellers, is a ‘bird in the hand worth two in the bush?’
What remains very evident is that quality properties in prime locations are still selling and achieving eyebrow-raising prices. More so, because of those buyers who may have sold in the past and now ready to pounce as and when the opportunity of buying their dream home arises. This is of course helped by the competitive mortgage market and the incredibly low interest rates.
The rental market seems to have gained momentum over the summer with a surge of activity which is showing no sign of abating. That said, the rental market also is price sensitive with tenants being quite demanding given the availability of properties to let on the market. Hence, presentation of rental properties is key when photographs of such properties are being uploaded on the various property portals.
I have so far resisted mentioning ‘Brexit’ but of course, it cannot be ignored as it has had and continues to have a significant impact on the mood of the housing market. Yet, taking into account the general uncertainty, we continue to witness a number of quality and motivated buyers who still believe in bricks and mortar as a sound medium to long-term investment.
Property for sale through Winkworth Ealing & Action.
To buy or sell a property in Ealing or Acton contact Winkworth on 020 8896 0123. You can also email ealing@winkworth.co.uk.
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