As A landlord, Should You Think About Selling?
In August alone, 60% of the Sales stock that came on the market with Greater London Properties were Landlords deciding to Sell. Here are the reasons why….
- The Market Is Moving
For the first time since Brexit, the market is moving in the right direction. Our Greater London Properties Sales team have taken on 40% more stock than this time last year. 50% of our properties in August went Under Offer in 14 days or less. The majority of purchasers are buyers moving out of the suburbs and into Central locations with more vibrancy, transport links and overall convenience. Other noticeable purchasers are buyers wanting a base in Central London as they move their family to uncommutable parts of the country. Prices are stable and the market is strong.
- Stamp Duty Cuts
Whilst the stamp duty cuts may not have such an impact on the higher priced Central London Property Market it has certainly impacted demand for our studio and one bedroom apartments. Whilst this tax cut continues until the end of March 2021, we can expect this demand to continue.
- Supply Versus Demand
Unfortunately, with the reduction in international travellers and students, the rental market has shifted with a huge amount of supply coming to market and less demand. Naturally this means rental properties need to be competitive either in price or modernisation. As a landlord, if you’re not happy to take a reduction in rent or spending money on refurbs, now might be a great time to cash in.
- Wealth Tax
Is it happening? Who knows. With rumours flying about how this government intends to claw back money to pay for the Covid19 deficit, there is a real chance that the easy way to do this will be to hit property owners with the bill. In what form, we’ll have to wait and see.
Rob Hill, Director of Greater London Properties “ We have seen a huge demand for Sales Valuations since lockdown, there are so many different views flying around about prices that clients are keen to see how the market has affected the value of their property. In truth, we saw such an increase in movement early on in the year (nicknamed ‘The Boris Bounce’) it came as no surprise to agents after lockdown, that this continued. Along with peoples priorities changing during this period, it just seems sensible to find out what your assets are worth so you can make an informed decision”.
Greater London Properties are currently offering 3 types of Property Valuations – for more information on these please visit our website. Else, please feel free to call a member of our Sales Team for more advice on 0207 113 1066.