Timing and presentation are essential to clinching a sale. Hugo Rawlins has spent two months trying to sell his south London flat to cash in on inflated prices in the capital. After 30 viewings, however, his home has yet to attract an offer. Rawlins, who works in public relations, plans to buy a property farther out, in Kingston upon Thames, where prices haven’t escalated quite as much.
With tales of an under-stocked and soaring market in the capital, Hugo had hoped for a swift sale on his two-bedroom flat in Wandsworth. He says: “The flat was on the market for two months as of mid-May, during which there were a decent number of viewings but not one offer. Not even a cheeky one. I was pretty disappointed, having been geared up to sell. Most of the feedback was that the second bedroom was too small, but I just got the feeling that I had missed the boat in terms of the market bounce.”
Rawlins had the second bedroom set up as a study. Educating would-be buyers on how a room can work can be crucial, according to David Barker of James Pendleton estate agency, which was instructed for the marketing of the flat. He says: “The second bedroom was a cause for concern because it is a smaller room than many might like. It was being used as a study and, while a double bed fits easily in the room, many prospective buyers need to see how it would work as a bedroom.
“It wasn’t just about the layout of the flat, though. The timing of the instruction was tricky — it came on the market just as things were starting to turn.”
Rawlins is now preparing to keep the flat and let it out, as he is determined to move out of the centre of London. Using let to buy he can remortgageand, in the process, release equity for a deposit on his next home.
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He bought the property in 1999, so has built up a significant amount of equity which will allow him to capitalise on the gains London has seen and buy a new home as well as get an income from the Wandsworth flat. One of the main advantages of let-to-buy is that the owner can benefit from two properties potentially rising in value.
Robin Chatwin, director of Savills estate agency, says: “As in any market, buyers will have a ceiling on what they’re prepared to pay, as do banks on what they are prepared to lend.”
Kate Faulkner of Propertychecklists.co.uk, says: “Even in a busy market, pricing the property fairly is still a must. Professional traders know you should price slightly lower than it’s worth in the hope of getting more viewings and get two or more bidding for the property to push the price up. And make sure you have the right agent: one that normally sells £100,000 properties might not be up to it if yours is worth more than £300,000 as they won’t naturally have the buyers walking through their door.”
Tim Beattie of Kinleigh Folkard & Hayward adds: “Many sellers are reluctant to reduce the price of their property as they feel it can result in offers far below the value they wish to achieve. But we find that a good reduction which brings the property in line with others on the market will often achieve instant results.”
Miles Shipside, director of Rightmove, says: “This is the year to move, before the election is upon us which typically brings uncertainty and slow sales to the housing market.”
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A picture-perfect pitch
If you are thinking of selling later in the year, it might be a good idea to take some decent pictures of the outside and the gardens sooner rather than later, as they will look their best in the summer.
Many photos let sellers down, so make sure that you are happy with the images and, if not, ask for them to be redone. Windows should be sparkling, surfaces clear and there should be as much light as possible flooding into the property — natural light is preferable.
Replace light bulbs with more powerful ones, change curtains and trim any trees and bushes that are blocking the light from the outside.
Expert view
Miles Shipside, Rightmove
“This is the year to move, before the election is upon us, an event that typically brings uncertainty and slow sales to the housing market.”
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Robin Chatwin, Savills
“In any market, buyers will have a ceiling on what they’re prepared to pay, as do banks on what they are prepared to lend.”
Kate Faulkner, Propertychecklists.co.uk
“Pricing a home fairly is a must. The professionals know you should set a price that’s slightly less than a home is worth in the hope of getting more viewings and getting two or more buyers bidding for the property — which will push up the price.”
Tim Beattie, Kinleigh Folkard & Hayward
“Sellers can be reluctant to reduce their price as they feel it may result in offers far below the value they wish to achieve. We find a good reduction which brings the property in line with others on the market will often achieve instant results.”