Is December a good month to sell?
For many estate agencies, December is a time when house sales start to quieten down, in fact, this is usually because there are a lot of festive events to attend, especially for the solicitors and conveyancers! However, for the team at London Residential, this is rarely the case because we delay our festive celebrations to a day in January and we ensure that our recommended legal teams are open as close to Christmas Day as possible, and back into the office between Christmas and New Year, in line with our office working hours. Of course, we cannot vouch for other parties in a sales chain, but we do our best to pre-empt any 'downtime' that may occur, and often take up the sales progressing slack for our counterparts in a chain.
The first Monday of December we have our first exchange of contracts, with many more lined up to follow throughout the month. November was a record month for 2018 with 9 exchanges, so that has kept us very busy and working long hours! Let's make hay while the sun shines, and ensure we get as many sales through before the implications of Brexit happen in March. As yet we have no idea what the outcome of that will be, but we have a philosophy to remain optimistic and not worry until we really need to.
While the Governor of the Bank of England has stated that house prices may fall by as much as a third in the event of a 'no-deal' Brexit (a situation which has only occurred once in the last 45 years), recent murmurings suggest that a 'no-deal' scenario is less likely than was though a few weeks ago. Therefore, based on HM Treasury forecasts, the average property price in the UK is likely to rise by over £27,000 in the next 5 years. Clearly, this will be higher in our London area!
The First Exchange of December
This is the story of Somerston House, which has exchanged today (3/12/18) and why the vendor is extremely happy with the London Residential magic service.
A spacious 565 sq ft one bed apartment with wonderful far reaching views over Regents Canal, across Camden and Kings Cross, situated on the fourth floor of a contemporary canal-side building.
- Large one bedroom apartment
- Overlooking Regents Canal
- Balcony with wonderful views
- 4th Floor with lift
- Excellent internal finish
- Walking distance to Kings Cross
Somerston House was on the market with 2 other London agents, and the vendor came to London Residential at the beginning of August after an aborted sale. They were very disillusioned at that time, but our Sales Director Liana quickly got onto the case and had an interested party in a position to proceed pretty quickly. However, as is the situation with a lot of properties in the current climate, the surveyor was conservative with his mortgage valuation and this caused a hiccup with the negotiations. Luckily, Liana is incredibly experienced in dealing with these events, and she swiftly negotiated a middle ground and got the sales transaction moving along. As with most property transactions, it was a tough journey with lots of hurdles to manoeuvre, but, as with the majority of our tied up sales offers, the property transaction got through the minefield to exchange of contracts (which is not the norm in many agency businesses)! Very shortly the delighted vendors are off to Devon for their next adventure and the buyers will be celebrating Christmas and New Year in their fabulous new apartment.