09 Jun A successful property sale and a very happy client!
The evolution of a property sale
The property market in London has been a tricky one over the last couple of years, mainly due to the changes in tax brackets for those buying an additional home and also the political environment, namely Brexit.
This meant that there was delayed decision making about purchasing, buying and relocating. Even after the result of the referendum it took some months for confidence to reach the market and for those working in the property industry to see any change in behaviour of buyers and sellers. http://www.inhous.com/land-tax-brexit-uk-housing-market/
INHOUS was instructed on a property sale in Battersea in the early part of last year. We organised the professional photographs, approved marketing material and liaised with the tenants and the agents we had instructed to sell the property on behalf of our client.
After 50 viewings over a period of 4 months (pre-Brexit) people were reluctant to make an acceptable offer and also reluctant to make a decision. The uncertainty in the market clouding their confidence, a not uncommon circumstance in the property industry at the time. The market was flooded with property which was either over-priced, or not presented to the market effectively. Lonres key findings below show some interesting statistics of the period.
Quarter 2, 2016
- 33% of properties on the market were priced at £1 million or higher
- 19% of houses and 14% of flats that were available had been on the market over a year
- 26% of properties that were available had been on the market for more than six months
What did this mean for the property sale?
Consequently the property was withdrawn from the market and the sellers conceded that it was best to wait another year and continue to rent the property. Fast forward almost exactly a year ahead, after 6 weeks of marketing, just over 20 viewings in a more buoyant market. An offer was put forward, negotiated and accepted, The property has now exchanged and completed and our client is delighted with the result.
Many economic factors can make it difficult to transact in any industry.
However, Accurate pricing, presentation and marketing really do help sell property and that’s where the services of INHOUS managing this process can be so helpful, as our delighted client explains: “They worked extremely hard from the conception of thinking about selling the property, liaising diplomatically between the tenants, the rental agent and the selling agents. They organised everything from the dross of where the key was to the photo shoots and marketing the property to the appropriate estate agents and even to finding a solicitor who I would be able to work with at the end of the day”.