The housing market is hard to predict – almost impossible some might say. Bubbles come and go, market trends change, and prices rise and fall. On the other hand, that’s certainly not to say there’s no good time to ever sell your property.
Today, we’ll be taking a closer look into East London house valuation, the factors that can influence it, and when is the best time to sell your East London property.
Before we get into the specifics of East London house valuation, first it’s worth taking a moment to talk about the basics of house valuation.
Generally speaking, there are a handful of important factors that affect the value of a property but what they all boil down to is one simple question: why would someone want to buy this property?
Those reasons can include things like location, size, or even furnishing. What’s important to understand is that a property’s value is rarely, if ever, entirely based on one of these factors, though some can absolutely be more influential than others. Think of property valuation as an averaging process by which these various factors are weighed and the output is a result of what your main demographics are most likely to pay.
Of course, some factors are far more significant than others and when it comes to East London house valuation, location is naturally the biggest. London property prices famously come with a premium and although this premium appears to be on a downward trajectory as a result of modern work-from-home models, the value of living in the capital doesn’t look set to disappear any time soon.
In essence, any East London house valuation is still going to be massively affected by proximity to transport networks and major landmarks. This is because the primary demographics for London are work and tourism. Space is also a major consideration – as it is in any city – because London properties tend to skew towards the small side.
While there’s no one-size-fits-all answer to the question, there are some general guideposts to give an idea of when it’s best to sell.
In a general sense, now is possibly one of the best times to sell an East London property. London properties are at a high point right now, but the trajectory is – as already mentioned – decelerating. Although technically house prices are still going up year on year, relative to other parts of the country, the meteoric raise in London house prices appears to be slowing down if not coming to an end. Therefore it’s unlikely that property prices will go much higher than they already are.
That being said, if the property is in need of renovations then it’s absolutely worth holding off until those renovations can be completed. This is because although a drop in London property prices is likely at some point, it’s unlikely to be a major drop and it doesn’t look like it’s happening any time soon. The best thing to do would be to keep an eye on the market for East London house valuations while you work to improve the value of your property and sell when you think it’s at its peak.
