- Compare local values on HM Land Registry, the official record of land and property ownership in England and Wales.
- Enlist a trusted and professional agent to value and market your home
- Decide on a selling strategy depending on how quickly you need to sell
When considering selling your home, one of the first questions you’ll ask is, “How much could I sell my house for?” In the last decade, house prices in London have risen by 119%, so it’s highly likely your property will sell for more than you bought it.
Whether you’re selling an investment property or your own home, pricing your property accurately is crucial when it comes to selling. Too low and you might lose out, too high and it might not sell or you’ll have to reduce the price.
How To Price Your House
From inviting agents and surveyors to searching for previously sold properties in your area, there are many ways to price your house.
Research local house prices
Investigate the local housing market to gain insight into property values both within your neighbourhood and on your specific street. Utilise resources such as the Land Registry website to delve into actual sale prices rather than listing figures.
Seek out properties that closely resemble yours in terms of size, outdoor areas, and room configurations. This comparative analysis will provide valuable guidance when determining the appropriate price for your own home. Keep in mind that housing prices are subject to fluctuations. Although there has been a general upward trend over the past decade, it's essential to recognise that market conditions can vary from quarter to quarter.
Get an estate agent valuation
When it comes to finding an agent to value your home, you need to find someone with an excellent reputation in your local area. The agent will look at your property and any improvements, analyse the location and research your home against other recently sold similar homes. From this, the agent will determine an accurate price.
Find the best agent to sell your property
Understand the fees involved, the average time it takes to sell a home like yours, how often they achieve the asking price or above, and their success with selling similar homes.
Invite multiple agents to value your house
This will help you understand if you’d enjoy working with them. The agent you choose will then decide the approaches for marketing your home, so learn about these, too.
The Perils Of Pricing Too High
When you first go to market, there will be interest in your property. If it’s priced too high, and you have to reduce it to reach more potential buyers, listing websites such as Zoopla and Rightmove will show a reduction. Buyers might then wonder why it is reduced, putting them off or encouraging lower offers.
If the property price is too high you might still come up against issues – even if you find a willing buyer. If the mortgage lender doesn’t agree with the valuation, they will not offer a mortgage on the property.
In the property market, there is usually room for negotiation. Considering this, you might price your property 5% higher than you are happy to accept.
Priced For A Quick Sale
If you need to release equity from an investment property quickly or have another property to buy, you might want to sell your house faster. For a quick sale, set the price at market value or just below. The agent might explicitly say “Priced to sell” in the advert. Cash buyers looking to move quickly might see this as a selling point.
A Slower Approach
If you're not in a rush to sell, beginning with a higher price point might seem reasonable. However, if your property sits on the market for too long and necessitates a price reduction, it could deter potential buyers.
Alternatively, starting with a lower price can generate immediate interest and possibly spark a competitive bidding scenario. This strategy particularly thrives in a seller's market, characterised by high demand and limited supply.
When contemplating the question, "What's the ideal selling price for my house?" It's crucial to assess the dynamics of the local market. Is it vibrant with frequent transactions, or does it exhibit sluggish activity? Stay informed about the fluctuations in the London market by regularly checking our news page.
Problems With Your Property
If you have a problem with your property, you must legally tell the buyer, as it may impact what they are prepared to offer. For example, if a survey has detected asbestos or subsidence, you should disclose it, as it may influence the buyer's decision. Buyers may choose to deduct the cost of the work involved in fixing the issues from the offer price.
When Is The Best Time To Sell A House?
Research from Rightmove shows that March is the best time to sell your property. During this time, listings increase, and the properties receive more enquiries. For a fast sale, October wins with an average of 62 days over the last seven years. The slower months tend to be November and December. However, on Boxing Day 2023, more than 10,000 new properties came to market, the largest number since the same day in 2011
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Contact our local experts for a free property valuation in prime Central London and to discuss the current market.
