BUYING
MANAGING PARTNER
AT BLACK BRICK
Q.Dear Camilla, I am thinking of selling my property but I am concerned that it is summer and there are fewer buyers around. When is the optimum time to put my property on the market?
A.Summer tends to be quieter in the sales market, especially in August when many people are away.
But the decision of when to sell depends on what you are selling and where. For buyers selling family homes in areas like Wimbledon, Richmond or Barnes, now is probably not the best time because these areas tend to appeal more to the domestic buyer.
But you should still be talking to local estate agents, making them aware of your plans and choosing which agency to work with – you never know, they may have a buyer for you. Realistically, September is probably the optimal time to be listing your home in these types of locations.
The situation is different in parts of central London. For anyone thinking of selling a lateral apartment in a portered building in prime parts of London, – ie, Mayfair, Knightsbridge and Belgravia – now is an excellent time. There is a shortage of good quality stock in these areas, particularly for apartments. August is also a peak month when buyers from the Middle East, Asia, India and Africa come to London seeking a cooler climate. Our advice to anybody thinking of selling in these locations is to take advantage of the foreign buyers’ market and the shortage of stock.
Q.Dear Camilla, now that home information packs (HIPs) have been abolished, has more property come on to the market?
A.Far fewer properties have come on to the market as a result of the abolition of HIPs. The reality is that even when HIPs were required, we were offered properties before the HIP had been completed and were gaining access to off-market properties.
The central London market is still incredibly tight on supply. The key is to either have the capacity to spend time searching the market and building relationships with estate agents or employ the services of a good buying agency. A buying agent should have access to properties that are not being openly marketed – for example, we have a database of more than 50 such properties.
Camilla Dell is the managing partner at search and acquisition consultancy Black Brick. www.black-brick.com.