The property market in Rickmansworth, and surrounding towns, has been especially strong over the last couple of years and during this time, prices have continued to rise. We are often being asked whether prices can continue to increase at such a speedy rate or whether the stamp duty surcharge of 3% if you are purchasing a second property, which was introduced this April 2016, will slow things down.
Our observations so far are that the market remains very busy, however, we do feel that prices have stabilised a bit now. We have also noticed that mortgage lenders and surveyors are really questioning the value of a property before signing off on a mortgage. Smaller properties, such as 1 and 2 bedrooms apartments and terraced properties, are still very popular amongst first time buyers, however, there are not as many investment buyers considering these properties at the moment, given the added stamp duty cost. What this all means, is that whilst there are still many buyers for properties for sale in Rickmansworth, Chorleywood, Croxley Green, Watford and the surrounding towns, and demand remains high, the market is sensitive to overpriced properties.
At Sewell & Gardner we have seen a trend of overpricing amongst some of the other local agents; this is on the back of few properties coming to the market and desperation to secure property listings. Our advise to all those considering selling their property at the moment, is to be wary of these high valuations; if the price seems too good to be true, chances are it may well be. If you find one agent provides you with a price much higher than the other agents, always ask for evidence to support their price, and don’t just accept property listings, what you want to see is under offer and sold prices of comparable properties in your area. If you are tempted to run with the higher marketing price, never sign into a long agency agreement with that estate agent, or agree to high multiple agency fees or penalties for giving notice. If an agent is confident in their sale price, they should be able to sell your property within 2- 4 weeks, and therefore a contract any longer than this is unnecessary.
Also bear in mind that property portals provide potential buyers will a lot of information about property listings, and in particular, buyers can see how long a property has listed for. If a house has remained for sale for several weeks, a buyer may assume the house is struggling to sell, as others have not jumped on the opportunity to purchase the property. Our advice would be to always price your property at a level that will generate a lot of footfall and good interest. If buyers know there is high demand for a property, they will be prepared to offer over the marketing price to secure it, and thus it is very hard to under sell your property if marketed the right way.
If you would like to know more about the property market in Rickmansworth, or any of the surrounding towns, please do not hesitate to give any of our local offices a call on the numbers below.
Rickmansworth 01923 776400
Croxley Green 01923 777704
Chorleywood 01923 285886
Watford 01923 252505