New to the market A D V I C E
W
e all, understandably, hope our homes are worth just a little more than they really are, yet there are some unscrupulous agents who will prey on this factor to gain instructions. However, this overpricing by agents is the main reason that properties fail to sell. An overpriced property will not attract as many applicants to register interest, which will reduce the number of viewings. That, in turn, will limit potential offers. Interest in overpriced properties will quickly falter and they then grow stale and overexposed on property websites. The only realistic option is then to reduce the asking price to match applicant expectations. However, this is often too little, too late. Unforgivably, over 40% of all instructions in Prime Central London experience price reductions. Overpriced properties that do finally sell often achieve less per square foot than those comparable properties which started at more conservative asking prices. The best way to avoid this is by ensuring agents pitching for your business supply relevant comparable evidence to justify their recommended asking price.
JOSHUA GRINLING
Director Winkworth Kensington 020 7727 1500 winkworth.co.uk/kensington
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CAMPDEN HILL ROAD W8 £2,250,000 Freehold –
A beautifully refurbished and interior designed Victorian terraced house. The property has incredible entertaining space with a large kitchen/ dining room on the ground floor and a double reception room with vaulted ceilings on the first floor. The three bedrooms are served by an enormous and stylish bathroom and shower room. –
Winkworth Kensington 020 7727 1500 winkworth.co.uk/kensington
GRANVILLE GARDENS W5 £675,000 Share of Freehold –
This beautiful two bedroom maisonette offers floorto-ceiling glass doors and windows from both the master bedroom and reception that lead out on to a private 30ft garden. There is also benefit of a bespoke eatin kitchen with centre island, as well as two bathrooms and a resident's parking permit. –
Winkworth Ealing & Acton 020 8896 0123 winkworth.co.uk/ealing-andacton
The Facts
2.4% The YoY average price increase of property coming to the market in Greater London
The London sales market at a glance*
26.4% 1.6% The number of sales agreed in London January 2020 compared with the previous year
Increase in the number of newly marketed properties in January 2020
*Source: Rightmove HPI February 2020
The importance of pricing realistically
THE WM ∙ 2020
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