Here are 5 reasons why homeowners in central London and the Wimbledon area could receive a higher offer for their property if they put it up for sale before Christmas.
1. First-mover advantage
January is traditionally the month when more properties in London are listed for sale than any other time of the year. Far fewer properties, on the other hand, go on the market in November and December.
This means homeowners selling their property in Wimbledon and Mayfair at the end of the year can take advantage of a shortage of desirable properties available and attract the attention of serious buyers.
Trade website Today’s Conveyancer recently reported that with a lower number of homes coming to market, competition among buyers is increasing, especially in locations outside Transport for London Zones 1 and 2 such as Wimbledon, Wimbledon, Southfields, Merton Park, Coombe Hill and Kingston Hill.
2. Online property searches peak over Christmas
Even if your home does not receive an offer before 25 December, it will be seen by the millions of people who search online for homes on Christmas Day, Boxing Day and New Year’s Day.
Property website Rightmove revealed that in 2014 over 1 million people took time out from unwrapping Christmas presents and eating turkey to go online and look for property on Christmas Day, with this figure increasing by 53% on Boxing Day. These figures sky-rocketed on New Year’s Day with over 2.2 million potential buyers searching for homes and by 2 January 2015 almost 3 million people were using the smartphones, tablets and desktop PCs they received as Christmas gifts to look at homes for sale.
Those figures are set to rise higher this Christmas after Rightmove revealed that the nation spent the equivalent of over 2000 years browsing its website in January 2016 alone.
3. Generate more local interest…
While online marketing gives your property global exposure, the majority of sales in Wimbledon are to buyers who already live in or know the area.
Placing a Robert Holmes & Co For Sale board outside your property will alert local viewers of its availability when they take time off work during the Christmas period.
This could be a missed opportunity if your property goes on the market after Britain returns to work in early January.
4. …And offers from overseas residents visiting London
Research shows when wealthy overseas visitors splash out on luxury goods during festive shopping sprees in London’s upmarket stores and boutiques, the chances of them buying property in areas such as Mayfair increases.
Britain’s vote to leave the EU has made property in prime central London particularly attractive to overseas investors because of the value of the pound has plunged against the US dollar and other currencies.
5. Grab the Brexit vote benefit…
The effects of Britain voting to leave the EU is not just encouraging overseas investors to buy homes in Mayfair and other areas of prime central London.
The Royal Institution of Chartered Surveyors has reported that confidence is now returning to the property market in the whole of London.
This is, in part, due to the reduction of the Bank of England’s base rate to a record low of 0.25%, which has led to…
- Ultra-low rate mortgages being offered to residential buyers and buy-to-let investors; and
- Cash buyers looking to place their money in property to generate a better return than savings rates currently on offer.
…While it lasts
But how long will the property market remain buoyant? The RICS says: “The incredibly low costs of borrowing have undoubtedly contributed to this more benign picture, though as we look forward a lot will be depend on how buyer sentiment ebbs and flows in response to how negotiations to leave the EU proceed.”
Still not convinced?
Many homeowners are put off placing their property on the market until after the New Year because they do not want viewers over the Christmas period.
When owners launch their property on the market with Robert Holmes & Co, we take care of every aspect of the sale. This includes instructing professional photographers, creating full colour brochures, drawing up floorplans, advertising on property search websites, sending out details of your property to our database of would-be buyers in the area, conducting accompanied viewings, notifying you of offers immediately and keeping you up to date on the conveyancing process.
Those viewings can only take place with your permission and if you don’t want a potential buyer to interrupt your Christmas holiday, we will arrange a time that is convenient with you.
For details of how Robert Holmes & Co can maximise the value of your property in and around Wimbledon or Mayfair, contact us today to arrange a no-obligation valuation of your home.