Central London. Sell now or later?

[Mama7677]

We live in Central London and we want to relocate to another area due to schools and space, but the market has not been very good and we thought we ll wait a bit for the prices to go up again. The place we want to move to is similar, sluggish prices, but the market a bit active. I am a bit confused whether it’s a good time to put the property to the market now?

Spring is better for selling. The market is dead just before Xmas and you'll risk it hanging around for a while which will lead buyers to negotiate harder

How central are you? Don’t over price and give it a go.

That’s a great point, thank you Clemene.

TizseorFizz. We would say pretty central, a very busy area with tiny apartments.

Are you selling a flat or a house? Are there lots of properties like yours already on the market? Personally unless the market is flooded me nothing is shifting I would price realistically and go ahead and put it on the market. I don’t think you’ll get much more by selling in spring instead and at least you’ll be able to get going with your purchase.

We’ve just sold in central London and it took a few months and a£100k price reduction (10%). It’s not a great time to sell it seems - would leave it til the Spring if you’re not in a hurry

Some great points there.
@twiglets1 congratulations on the sale, and sorry you ah to reduce the price!
@StillTryingtoBuy it seems everyone is still leaving Central London, which is reflected in prices. Quite a lot on the market but very few sales.

It’s a tough time…I suppose it comes down to whether you see things changing that much by spring or would you have to price competitively to see then anyway. Or if you’re willing to stay put longer and ride it out you can chance putting it on higher knowing that you might not sell.

@Mama7677

Some great points there. *@twiglets1* congratulations on the sale, and sorry you ah to reduce the price! *@StillTryingtoBuy* it seems everyone is still leaving Central London, which is reflected in prices. Quite a lot on the market but very few sales.

Thanks @Mama7677 we're just glad to have sold it now

Thank you. It seems waiting out until spring is the best strategy for us.

Much later. We have a flat near Gloucester Rd and had thought we would sell in 2020 but will rent it out til the market recovers.

@WoodburnersRUs we wanted to rent it out too, but have been putting it off as we are worried the tenants will leave the place in a worse condition!

Sorry op. Tiny flats without a garden in central London are THE most difficult kind of property for trying to sell now. Hold on in there and rent it out.

I'm zone 1.

Rental market seems very active having listened to a conversation between agent and wannabe tenant in my building yesterday.

9 viewings for one flat. Tenant had already lost out on 3 local properties and is about to become homeless as his current contract is ending.

My friend who rents in this block has decided not to move (having been looking for somewhere with a balcony) as all the agents she has spoken to have been brutal about how lively the rental market is.

Thank you for your comments! We may have to rent out and rent elsewhere as we can’t buy before we sell!