We analysed the largest London boroughs for those that have seen the greatest listings growth and have the most stock on the market. If you would like information on activity local to you contact us here.
Strong listing growth over the last two months has resulted in a large volume of stock on the market.
UK-wide this represents +8% stock available for sale over the last two months to almost 500,000 properties.
Prime stock valued £1.2m to £1.75m has seen a sharper rise with +20% increase in stock available to 11,700 properties.
The “Move to the Country” may have exacerbated this situation for West Londoners with Wandsworth, Battersea and Kilburn showing twice the amount of property coming to market in the £1.2m-1.75m price bracket over the last two months than the rest of the UK.
This has resulted in large volumes of stock available for buyers in those boroughs.
Buyers in the £1.2m to £1.75m price range in West London now have 200 properties in Battersea (SW11), 183 in Fulham (SW6), 111 in Wandsworth (SW18) to choose from. A total of 3,240 properties available for sale in this price range in W, SW, NW postcodes.
With recent relaxation of travel restrictions (BBC news), viewings, particularly in prime London, have fallen sharply as buyers head off for a holiday.
What this means for sellers, particularly in these busy London boroughs is that you have a lot of competition. Not just for buyer eyeballs and viewings, but also for estate agent time.
We recommend taking a “buyers eye view” of your property versus what else is available on the market right now and being realistic. If your property is compromised versus other similar priced properties you are likely to experience low viewing numbers as buyers have too much to choose from.
You must also consider that whilst your estate agent will have told you they have lots of buyers registered (they do) they also now have lots of properties registered for sale. Their job is to sell as much of their portfolio as possible, not specifically your property. Advertising your property might even generate a few buyers for the rest of their portfolio. So whilst they will of course show your property to their willing buyers, the best property at the lowest price they have listed will be first on their list to focus on. The easiest to sell. If you are struggling to get their attention, look at what else they are selling and why it is not yours.
As this market increasingly becomes a buyers market it becomes increasingly difficult for vendors. Be careful, don’t get tied into one agent, and be realistic about what you are selling in what is now a very well stocked market.
Do get in touch and we can help you review what is happening local to you and the implications for your sale.
Have a great weekend all.
The Movewise Team