Is the market in London good for sellers now?

[karmi2010]

We have a 3 bed house in Ealing, we didn’t sell it when we moved to our current house as had plans to possibly move back, so it’s rented now. Now for personal reasons we need to sell it (not ideal as the mortgage is fixed until 2024 so will need to pay the fine, but not much we can do).

So just looking for people’ experiences really- how is the market at the moment?

Oh, and if anyone is on a hunt for a 3-bed end of terrace with garden, off street parking and internal garage (which could be converted into a fourth bedroom - most neighbours did), 10min walk to West Ealing station and just under 20mins walk to Ealing Broadway, please PM me 😀

I haven’t got a property link yet as the real estate agent appointment is only on Wednesday, and don’t know how much they will price it now, but assume it will be in the region of 700K...

www.theadvisory.co.uk/propcast/

You can enter the postcode here to find out what the local market is like. I’d probably try to list it ASAP so a potential buyer can take advantage of the stamp duty holiday.

Family sized houses in our area of S London are selling well.

Thank you JoJo! Yes, hope to put it on the market this week

Not selling myself, but I've heard the general consensus is people are keen to buy houses with gardens and less keen on flats at the moment, so all sounds promising to me!

We are selling two flats, both took between 6-8 weeks to receive offers and are now going through. We have kept an eye on the market for houses in the area we want to buy (SE London), and while houses were flying off the shelves in the early months of the summer things have slowed considerably now - most houses that come up are then reduced, but do seem to be selling eventually. An estate agent I spoke to said sellers want to list high, but buyers are more realistic especially given issues getting mortgages etc.

We went on market at £650k and sold at £590k in 5 weeks and market appeared pretty good - viewer numbers dipped as lockdown measures increased but very serious and around 1 house a week being sold by us closeby. The bigger the garden, the easier to sell. You can get stats on yourlocal area at home.co.uk and I also searched estate agent stats. Ones with big gardens generally sold in 3 weeks, ones with smaller like ours 13 weeks and a price cut. I speeded ours up by cutting price quickly. Average goes for 95% by us but would imagine its split between those with big gardens getting say 98% and those with small say getting 92% of original asking price. Our EA reckons market is still strong for sellers.

Transaction times are slow at the moment esp searches though ours started mid/end Oct and shoud complete mid/end Jan if all goes well - search takes 6 weeks by us. We are London borders. Mortgages if high deposit can be very fast, our buyers took 1.5 weeks but if low deposit can drag on / get refused. Think about a third are falling through.

Both a buyer and seller here and the market is vibrant, so selling was much easier than buying. Lots of people are moving out from inner London to get gardens and extra bedrooms at the moment while still being on the local train and tube network.
Our EA says the issue now is supply, not demand.

Just to illustrate this our house sold at asking price on the first day of viewing.

In my part of London houses seem to be flying off the shelves. I think it’s because we have large gardens in my area!

Hi, thank you so much everybody! Your responses are really appreciated!