When is a good time to sell your property?
The answer to this question might seem simple – when selling prices are high.
But how do you know you won’t get a better price if you wait? It all comes down to supply and demand and how this is balanced right now and how it is likely to change.
To get the best price for your property you want to sell when demand is high and supply is low, and before it swings the other way.
Is now the time to sell my London property?
A number of factors have converged to make right now a great time to sell your London property. While spring is always a popular time for buyers, the activity this year has soared meaning demand is sky high.
Some factors that are pushing demand in London so high right now are:
- Traditional spring property buying season
- Pent-up demand following a year of lockdowns
- Rush to buy before the stamp duty holiday ends in June
- 95% mortgage incentive attracting buyers into the market
- Renewed buying confidence as the economy opens up again
All these factors coming together have made this spring the strongest sellers’ market in London in 10 years.
But could I wait and get a higher price for my property later?
While there are never certainties in the property market, the circumstances that make now an exceptional sellers’ market are undeniable.
We have just come out of what has been an unprecedented year due to the pandemic and people who put their property purchase on hold are now in a rush to buy before the end of the stamp duty holiday in June.
As the country opens up, more people will be willing to put their properties on the market, which will of course increase supply and ease the current shortage of properties available for buyers. This means there will be more properties competing with yours for buyers’ money.
Also, once the stamp duty holiday ends, this amount of the purchase price will then go in tax and no longer towards what you get for selling your property.
These influences on supply and demand, along with less money being available to put towards the purchase price, all points to this spring looking like a sweet point for selling your property.
Take advantage of the current seller’s market, talk to our London property experts
Contact your local Henry Wiltshire London office to see how we can help you get the best price for your property in what could be the best sellers’ market for some time.
Talk to our expert sales team today or arrange a free professional no-obligation valuation of your London property.
