Selling Unmodernised Houses In A Falling Market
If you are the owner of an unmodernised flat or house and you are about to place your property on the market I hope this blog is of help to you. As with all products that are sold much depends on the state of the market you are operating in. If the market is bouyant and there are lots of buyers around you will be able to ask a cheeky price and get away with it. But you will not be able to do that in a stagnant market or a falling market where buyers are few and far between. buyers will have a lot of houses to choose from and unless you are realistic with the asking price you are unlikely to sell. In my humble opinion the two most important factors when selling an unmodernised property outside of central London is the agent you decide to sell through and the asking price.
Central London has it’s own rules and there are always buyers from overseas and investors that will always be looking to buy. In Central London I would say you can get away with a little more that you can in the suburbs. In the suburbs where there are more families you will have to be more realistic with pricing as there will not be as much demand.
There are obviously other options you can look at, for example you may want to have a go at selling your property through an auctioneer. Again in a busy market you will probably get a good price for it, you may even get more than a local agent would get. But in a buyers market property auctions tend to be where buyers go to find a bargain. You will have to pay around £500 + VAT just to have a quarter page entry in an auction catalogue and 2% + VAT of the sale price on completion. There are a few drawbacks with property auctioneers, one being if the house does not sell in auction you will struggle to sell it through a local agent. i was an agent for many years and would be very reluctant to take properties on that failed to sell in auction.
If you are selling a house that is occupied by a sitting tenant you may have more luck selling privately. There are many companies like mine that will make a fair offer for any tenanted investments that come up for sale. We are also looking to acquire freehold ground rents
The reason for this is that your property has probably gone across the desk of most property developers in your area along with any serious buyers that are looking for unmodernised properties in your area. Why should a buyer want to buy a house that nobody else wants to buy at auction??!! Also most properties that don’t sell at auction either have a problem or the vendor has been greedy with the valuation. This puts agents off and also put buyers off.
I am always looking for unmodernised properties across London and would be happy to have a look at your property from the outside before I make you a cash offer.