The United Kingdom’s property market is currently in turmoil. Online estate agents in London report uncharacteristically low interest among buyers, which has had a devastating effect on prices in the capital. Property sales have slowed down in many parts of the country.
No wonder then that most people are hesitant to make big investments at the moment. The economic future of Great Britain is unclear, and many people hope to maintain stability by holding on to their current assets.
However, this situation isn’t universal. There are regions, such as the North East or Wales, that are experiencing an unexpected property market boom. If you plan to sell property online in the UK, you should start with some region-specific research before you do anything else.
The Situation in South West England
In general, selling property in South West England isn’t easy. While the region went through some positive change in 2014, it is characterised by a low level of interest from buyers.
Here are a few key points to keep in mind if you’re planning to sell in the region.
1. Prices Are Stagnating
Like in many other parts of the country, prices have stopped growing. The end of 2018 was extremely disappointing, with a significant drop in sales.
The Royal Institution of Chartered Surveyors researched interest in the area, and the numbers were worrying. At the end of the year, around one in four responders reported that property prices dropped in the region. 30% of surveyors reported that appraisals have gone down.
In 2019, there have been no notable changes yet. While the improved prices may attract some new buyers, you may still find it difficult to sell your property there.
However, there are some ways you can improve your chances of selling a house online in South West England.
2. You Should Definitely Get a Valuation Before You Start
Considering the fraught current situation, you may have to sell for a lower price than expected. However, it’s crucial to gain a clear view of your situation.
Start with a valuation, and choose a respectable agency to do it. Once you know exactly what your house is worth at the moment, you can start planning selling it.
3. Selling Through an Online Auction May Be the Best Option
If you’re planning to sell your home online, an internet auction might be your best choice. With an auction, you don’t have to wait too long to get paid. In other words, if you’re worried about a property market crash in the near future, this is a safe route.
There’s another reason why auctions can be a great choice for sellers. This method often attracts buyers who like fixer-uppers. If you have a property in need of renovation, you don’t want to invest a great deal of time and money into making it more appealing to buyers. Instead, just put it up for auction and sell to someone who is willing to do the work.
4. It’s Important to Make Sure Your Marketing Is Impeccable
When you’re dealing with a frozen property market, it becomes exceptionally important to do good marketing. Buyers are currently indecisive and extremely cautious, but an eye-catching advertisement could be all they need to make a move.
Selling your house online becomes easier when you get some expert help. This can mean hiring a real estate photographer to make your property look as appealing as possible. But for most people, the best option is to hire an experienced agent.
Wherever you live, you’ll discover that it’s easy to find an online agent who has experience with South West England. They will know exactly how to set up ads for your property, making sure to attract as many eyes as possible.
5. You’ll Have to Stay Flexible
As mentioned above, you may need to resort to lowering your asking price. But there are other compromises to be made as well. Hiring a reliable agent is a good way to make sure you don’t lose too much ground in negotiations with potential buyers.
Is This the Right Time to Sell Property in South West England?
As a property seller, you should keep a close eye on changes in the market. Unfortunately, it’s harder than before to make an accurate prediction. You simply don’t know how prices will change in your region.
Here is the bottom line. Holding on to your property may be a risky strategy. If the market in South West England crashes, you’ll lose a great deal of money. So, if you’ve already made the decision to sell your property, it’s better to do so without delay.