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To ask about experiences of selling property in London now?

(155 Posts)
gardenangels Sun 06-Nov-16 15:11:10

Conflicting reports from estate agents. ..

Topseyt Sun 06-Nov-16 15:20:39

A bit more information might help, but here goes.

My only experience was about 12 years ago, when we sold our two bedroom flat on the Isle of Dogs.

We had actually moved out of London several years previously and decided to rented the flat out as it was in negative equity at the time when we needed to move.

Then, a few years later, the flat had climbed out of negative equity, doubled its original value and we sold it when buying our current house to make the mortgage affordable.

The sitting tenant at the time was notified that we would be selling and he wanted to buy it, made us a realistic offer and it all went through in a few weeks without the need to involve estate agents. We just went straight to solicitors for conveyancing.

Lucky, I guess. Probably doesn't answer many questions though.

gardenangels Sun 06-Nov-16 15:29:25

I need to sell my place asap but market sounds dire at the moment. ...but that is from estate agents.

TronaldDump Sun 06-Nov-16 15:29:37

Slow. Two friends selling in west London - one took 10 months and a 17% price drop before they got an offer. The other is still on the market after 6 months with a few viewings but not much interest. Things things have changed a lot in the last year!

Anicechocolatecake Sun 06-Nov-16 15:31:21

It's not a great time of year anyway for house sales (maybe London is different) but I do think Brexit is having a major impact

ivykaty44 Sun 06-Nov-16 15:31:37

The market has slowed a lot on the last 6 months

TheCatsMother99 Sun 06-Nov-16 15:35:11

Since the Brexit vote I've noticed the housing market slowing down a considerable amount not just in London but elsewhere in the UK, it seems to be a widespread thing.

witsender Sun 06-Nov-16 15:36:27

I know a few commercial groups have put a hold on their London transactions for noe, just due to Brexit worries.

PigletWasPoohsFriend Sun 06-Nov-16 15:37:48

I agree with pp about slow.

flowersandsunshine Sun 06-Nov-16 17:47:04

Oh good. Well, fingers crossed for a big price crash.

Soundandround Sun 06-Nov-16 17:50:06

Ours is on. Central. 3 months no cigar. Similar ones went like hotcakes pre-brexit.

soundsystem Sun 06-Nov-16 18:02:25

It's slowed where we are (trendy-ish East London). Friends have had their flat on for a few weeks and it hasn't sold yet. (It's a nice flat and not over-priced.) A year ago everything was group viewings on a Saturday and sealed bids on Monday.

It seems like things have calmed down a lot, which may not be a bad thing. Two houses on my street have sold for asking price or more since Brexit, they've just taken longer to do it. It feels like when we bought our first flat in 2010 and buying in London wasn't so different to buying anywhere else/how it is on telly: you got a chance for a second viewing and sensible offers were considered.

Good for buyers but not great for you if you need to sell ASAP sad

MatildaTheCat Sun 06-Nov-16 18:49:14

Friend is selling 4bed period house in zone 5. Agents lying bastards swore there were queues of excited buyers just dying to snap houses just like hers up. One month and 2 viewings later she is feeling totally demoralised. Now the agents are saying that people are put off by the parking, or the road, or the local church.

Or actually, the market is stone cold dead right now. hmm

TronaldDump Sun 06-Nov-16 18:50:35

Sorry you're in this position OP! I'd say that there's a Mia-match between valuations and what people think they 'ought' to get and what stuff is actually selling for now. My advice would be to price it sensibly from the off as most people seem to be pricing at pre-Brexit prices then getting disheartened and having to drop after several months (and also having to rethink their onward purchase). Best of luck finding a buyer!

reup Sun 06-Nov-16 18:51:56

1 friends sale fell through and 2 others had very few viewings and only one low offer each. They've all given up for a while.

Vixxfacee Sun 06-Nov-16 18:55:23

We have just bought a house more than 10% less than what it was up for. There are 2 others for sale on the same road. One has just been dropped by £25000.

blueturtle6 Sun 06-Nov-16 19:00:36

Property in se London is selling like hot cakes,next door sold in 4 days, hour we down the road in two weeks.
Maybe west London has become unaffordable?

lalalonglegs Sun 06-Nov-16 19:58:01

My friend has just accepted an offer on her house in SE London after 7 months on the market and an asking price drop of c. 13% (I don't know what the final price she accepted was). Here in SW London, it has definitely slowed unless properties are out and out bargains. Even auctions aren't selling very much compared to a year ago.

London prices have been very much buffered by an influx of wealthy overseas buyers and a booming financial sector (and booming allied trades such as commercial law, IT etc). Now that those foreign buyers are worried about the UK's loss of FoM and the City may be contracting as firms are rumoured to be planning moves to other EU countries, the market has run out of puff and we're all waiting-and-seeing.

If you want to get a true picture of the market don't speak to estate agents, speak to conveyancing solicitors. My one says that it is tumbleweed quiet at the moment wink.

gardenangels Sun 06-Nov-16 20:03:34

Thanks everyone.

Blue turtle where in se London is selling like hot cakes?

Baylisiana Sun 06-Nov-16 20:11:37

We rent in SE London and having just dealt with a lot of estate agents I would say the market here is very slow. I heard one agent telling a seller to expect at the least 80,000 below asking which was probably around 10% from what I gathered. She said many sellers are complaining and they have many more properties than usual sitting on their books. I tried to get more info but she just said it is a very strange market right now for sales and rentals.

blueturtle6 Sun 06-Nov-16 20:58:11

Have pm'd you as don't want to out myself with specific location.

FourToTheFloor Sun 06-Nov-16 21:32:07

House across from us in SW London in on for crazy money and we heard the estate agent ask the couple looking around 'so what do you think it's worth'.

justwanttoweeinpeace Sun 06-Nov-16 21:36:34

Tried to sell earlier this year. Then Brexit happened. Pulled the sale because I wasn't prepared to drop the price by 10%

Rental market is okay but assume someone will fuck you over and budget accordingly.

justwanttoweeinpeace Sun 06-Nov-16 21:37:55

Zone two north London by the way.

volume37number5 Sun 06-Nov-16 21:43:38

We put our house in east London (but not a trendy part!) on the market a week ago. Agent was rather pessimistic as bad time of year/market slower etc. We had low expectations but need to sell. We had 4 viewings in a few days, and 4 offers and we accepted an offer of significantly over asking. I think it's very unpredictable op, but don't be too disheartened. We were hugely surprised (& now waiting for it to all fall through!!)

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