According to Hometrack, the average time taken to sell a property is at its highest in six years, at over eight weeks. If you're selling your home, or buying a new property, be prepared for a more drawn-out process, as well as some new opportunities.
Prices slowing down
Since October 2007, when Northern Rock and the credit crunch came to a head and confidence fell out of the market, average property prices - barring some regional and local variations - have slowed down and even dropped. This has been exacerbated by a drop-off in activity, as some prospective buyers and sellers become less willing to operate in a less steady market.
Buying property
For movers looking to buy another property, a slower market offers a greater potential to negotiate a good deal, though there may be less choice of properties available.
It all depends on your local property market - including the housing stock available to buyers, and how many buyers and sellers are still active.
Selling property
Conversely, if you're selling, you may need to be flexible if you want a trouble-free, quick sale. But your property may be in demand if there are fewer similar properties for sale in the area. Check local sales and the latest property listings in order to evaluate the current market and decide on your asking price - a property valuation report, powered by the same data that mortgage lenders use - should give you a good guide.
Moving up the ladder
A slow market can be a good time to consider moving up the ladder. Smaller properties of one or two bedrooms are disproportionately more expensive than larger properties. If prices fall across the board, larger-sized homes will become within the grasp of prospective upsizers.
Anne Currell, director of Currell Residential estate agents offers this advice:
"In a slowing market, trade up, and trade up as much as you possibly can. But don't hold out for the price you could have sold your flat for last June."
How you could be affected:
In a slowing market, trade up, and trade up as much as you possibly can. But don't hold out for the price you could have sold your flat for last June.
Anne Currell, director of Currell Residential estate agents
Useful links
Jo (Oxfordshire) (Vale of White Horse), on 21/07/2008 at 22:16
I am currently trying to sell my house in Grove, Wantage, very good schools, great for families and commuters to Oxford or London.
Sold within 2 viewings 5 weeks ago but the sale fell through.
Anyone interested please let me know
Jo
John (Selby), on 19/07/2008 at 21:25
Amber (Ashford), on 05/06/2008 at 15:23
Sue (Bromham) (Bedford), on 23/04/2008 at 16:25
Mark (Harrow), on 20/04/2008 at 06:56
I am currently selling my 3 bed semi in Harrow (HA1) prior to moving to France. Despite the reported price falls across the country, according to the charts on this site Harrow seems to be bucking the trend slightly and prices are holding. There certainly is a reduction in interest from prospective buyers but that is hardly surprising given the doom and gloom in the press. Good properties still sell - it just takes a bit longer.
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Gillian (Liverpool), on 10/04/2008 at 13:32
Emma (Ealing), on 10/04/2008 at 13:12
Hi,
We're going to be putting our Edwardian 3 bed terrace in Hanwell, Ealing on the market in the next couple of months. Anyone interested, please reply here.
Jodie (Brighton and Hove), on 08/04/2008 at 16:14
im selling a two bed flat in brighton any intrest?
Dennis (Kettering), on 31/03/2008 at 16:54
i have been toying with selling my place,but holded off since summer of last year,no matter what the estate agents say and what the tv and radio say the country is in a slump and mortages will be hard to get hold off, i seen solicitors laying staff off all over the country.you will expect to lose upto 20% of the value, the trouble started with the govenment taken over northern rock,now they want to get rid of most there customers with mortages to pay back the money it owes. this will cause more other banks to close there deals, forcing northern rock mortagees (a) in to selling at really low prices or (b) bankrupt.
GN (Kent, medway) (Medway), on 29/03/2008 at 19:50
I am looking to sell my two bedroom purpose built flat in strood, kent at very compititive price. Anyone intrested, pls. reply here.
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