London is obviously a thriving metropolis, and as such, property there is in high demand, which can be a double-edged sword – it means that you can get the best possible price for your property, but other properties often get snapped up super quickly, which can make it difficult to find a new home to move in to. Selling a house can be stressful at the best of times, but in such a bustling city, it can be even more so as we found out when we sold and purchased in London in 2022!
Let’s dive in.
The Housing Market in London 2023
The housing market in London is much the same as it is across Britain. House prices can vary wildly depending on several factors. Generally, there is more demand for bigger, higher-priced homes; there is definitely an increased desire for luxury. This isn’t to say that if your home doesn’t qualify, it won’t sell – it just might take a little longer.
It is important that you set the right price for your property. Its size and location are important, with central properties going for more than those on the outskirts. You will need to find a local estate agent or a couple and have your home valued. If you have more than one valuation, it will give you a good idea of the average.
Marketing the Property
Once you have found the estate agent that you want to work with, your home will then be photographed and maybe filmed as well, and they will also have floorplans drawn up. Your estate agent is also likely to ask you for the property particulars and certifications like an EPC, which is a legal requirement.
In addition to this, it is also recommended that you look at London’s EICR certificate, which is an electrical installation condition report provided by businesses like Hexo Electrical Testing. After that, your estate agent will likely mock up the listing, and you may or may not get final approval, depending on their processes. Your home may be listed on a number of websites as well as the estate agent’s site too.
Hopefully, after your property goes on the market, you will get some interest, and then the viewings will follow. You have to show your property in the best light to maximise your chance of selling. Look at your home, both inside and out, from the perspective of a prospective buyer. What are they going to notice, and what do you need to do? Try to increase kerb appeal, declutter and make sure that your home is clean and tidy too. All of this puts you in a good stead to get an offer.
A good estate agent will guide you through the process of selling your home, so don’t worry if you don’t know everything. Selling a property in London isn’t dissimilar from selling a property anywhere else in Britain – except the housing market is likely to be a little busier. In the end, it is all about trying to appeal to the right buyer.