London house prices could fall as much as 40%
In the aftermath of the Brexit vote, many homeowners in London are looking for a fast house sale before the value of their property plummets too far.
With a slew of varying opinions hitting the headlines since the referendum, it is easy to see why those looking to sell their home are beginning to feel concerned. In certain areas of the UK, stories from estate agents have detailed an uptick in sales activity within the property market, while industry professionals elsewhere proclaim that the country is surely headed for a recession.
For the majority of UK house selling experts, the opinion is the same – it’s too early to tell. In a market driven by consumer confidence, however, the prospect of falling house prices is enough to send the average vendor into panic mode, and nowhere is suffering from the feeling of ambiguity more than the capital.
In London, estate agents have been slashing asking prices in an effort to stimulate sales, leaving many sellers in a difficult position and potentially losing a large chunk of their investment.
In more recently developed luxury locations such as Vauxhall and the Docklands, analysts are projecting a fall of up to 40% in property prices, as buyers take a more cautious approach to purchasing. The online property portal Zoopla has found that one in six ‘reduced’ listed properties in the capital are as a direct result of the Brexit vote – possibly indicating that vendors would rather take a small loss in the present than waiting and risk seeing their home’s value plummet even further.
While many owners are hedging their bets that the market will stabilise in time and are therefore happy to wait, many homeowners have no choice in the matter and need to sell immediately for various reasons – but with continuously falling prices, many buyers are happier to wait for the market to bottom out. There are solutions for those looking to sell fast, such as property buying companies who are willing to negotiate a fast, efficient sale regardless of market conditions at competitive prices, avoiding the risk of further value being lost during the traditional selling process associated with estate agents.
In the capital, the general consensus is that all bets are off, and it will surely be a number of months before the situation calms and a definitive road to recovery for the market can be established.
Do you need to sell your home fast? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property