During times when demand for residential property in Belgravia exceeds the number of homes for sale in prime central London, flats and houses attract offers at or above their asking price in a matter of weeks – or days – after going on the market with Best Gapp.
Why? Because our valuations specialists use their in-depth knowledge of the local market to give every home an accurate valuation based on a number of factors. These include its type, location, condition, whether it is a leasehold or freehold and even whether it has parking or not.
However, there are 3 things to consider when picking the best time of year to sell a property in Belgravia.
1. Political calendar
Confidence is the lifeblood of the property market and political events can cause short-term uncertainty among buyers.
Just as the property market bounced back to full health when it was announced the Conservative Party had gained an overall majority after the 2015 general election, transactions could return to their seasonal norm following the EU referendum on 23 June.
Other events affecting the UK’s political and economic health can stimulate the property market. There was a spike in completed transactions in the run up to 1 April this year when stamp duty charges increased for buy-to-let investors and any fall in the value of the pound makes homes in central London cheaper – and more attractive – for international buyers.
2. Seasons to be cheerful
Spring is traditionally seen as the best time to sell a property in Belgravia because the weather typically brightens up between February and June, gardens come into bloom and buyers are more active.
But while buyers with children are often keen to complete transactions before the start of the educational year in September and the market typically goes into hibernation during the final two or three weeks of the year this should not influence when to list your property with Best Gapp. We sell houses in the winter, spring, summer and autumn.
3. Local factors
Research shows that when wealthy overseas visitors splash out on luxury goods in London’s upmarket stores and boutiques, the chances of them buying property in areas such as Mayfair, Knightsbridge and Belgravia increases.
It is also well documented that residents from the Middle East fly into London for pre and post-Ramadan luxury shopping trips.
While listing a property with Best Gapp during times of the year when a larger number of potential buyers are in the area can help increase the number of viewings, long-term construction work taking place nearby can turn potential buyers off – particularly if it has an impact on road traffic or transport routes.
365 days a year
As there are so many factors to consider, there is no single best time of the year to sell a property in Belgravia because of the large number of factors to consider.
Since the advent of online marketing and a more globalised economy, traditional times to buy property in London are no longer clearly defined. In the last decade, Best Gapp has seen exceptionally busy markets right through to Christmas Eve.
Buyers are looking 365 days a year, and with time off over the summer holiday period, many people find they have less distractions and more chances to look at properties in July and August.
If you are considering selling your central London property, contact Best Gapp today for an up to date assessment of its market value. You could be surprised how much it is worth.