As we reach late spring, it seems that whilst Brexit continues to drag on, many buyers and sellers are becoming impatient to move. Estate agents around the Cheam, Banstead and Sutton areas have reported an increase in the number of properties they have valued over the past few weeks, leading to more properties becoming available for sale than has been the case for some time.
Our founder, Monica Bradley, explains why this could be a window of opportunity for those who are looking to purchase over the next few months, saying that, “More property coming to the market inevitably means increased competition for sellers. For those who need to move home – perhaps due to the need for more room as they have a growing family – rather than being ambitious with their asking price they are likely to be far more realistic in order to secure a quicker sale.”
Monica continues, “Over the past few months, we’ve seen something of a ‘Brexit bottleneck’ as a lot of sellers held off putting their home on the market. Now however, many just can’t delay moving any longer, so a significant number of properties have hit the market at a similar time. This is great news for those who are looking to buy, as not only is there now more choice of homes available, but prices have softened as a result.”
Monica adds, “For those who are selling in order to move home, whilst a buyers’ market means that you might not quite reach the price you first had in mind for your home, the good news is that you may find you’ll be able to negotiate a reduction on the price of your onward purchase. For those trading up, that represents a great opportunity to end up better off overall.”
If you’re thinking about selling and buying in the current market, it’s essential that you have a full understanding of the numbers involved so that you can negotiate effectively. Monica concludes, “Our advisers are experts at putting together moving budgets to outline exactly how much capital you have in your existing property, how much you will need to borrow to fund your onward purchase and also advising on other associated costs such as Stamp Duty and legal fees etc. With this information to hand, you can then assess any offers you receive on your existing home, as well as start to view properties that you know will be within your budget or negotiate to bring them into your price range.”