Potential sellers waiting for a Brexit resolution before putting their home on the market are being urged to act fast as the chances of a No Deal Brexit become more likely.
Property listings website, Placebuzz, said sellers should aim to complete their deal within the next four months rather than adopt a ‘wait and see’ approach in expectation of achieving the best price once Brexit is finalised.
The UK is due to quit the EU on 31 October and both contenders for Prime Minister – Boris Johnson and Jeremy Hunt – look set to leave without a deal.
Neil Tillott, business director at Placebuzz, said if a No Deal Brexit took place the outlook for the housing market could worsen considerably, with consumer confidence falling further, banks less willing to lend and a probable rise in unemployment.
He said: “Even if we leave with a deal, we’re likely to see three years’ worth of pent-up demand from sellers prompting a rush of properties hitting the market all at the same time, creating more competition and knocking prices.
“The market could go down in the next four months but it’s more likely to stay broadly at the same level, so savvy sellers who get their ducks in a row now, prepare their home for market and arrange their finances could be quids in and sold before a decision is made over Brexit.”
Here is Placebuzz’s sales strategy advice for anyone keen to get their house sale moving before the October deadline.
Choosing your agent
Placebuzz advises, when appointing an agent, sellers ask to see examples of comparable properties they have sold in the last three months.
It also suggests asking for their average time to sell and the percentage of asking prices achieved. Appoint an agent who gets deals over the line, not one who is good at winning instructions, it said.
Low price
According to Placebuzz, a lower price is more likely to generate a greater footfall and competition from buyers. It suggests starting with a slightly lower ‘offers in excess’ figure to help you get more money.
Picking your buyer
Strongly prioritise buyers who aren’t in a chain, says the property website. And the same goes for buyers who are already under offer and have their finances in place. Even if it means accepting a lower price, this is the best approach when you don’t have time to wait around.
Organise your own finances
By ensuring your mortgage is agreed in principle and getting all your paperwork – including guarantees and building regulation certificates – in place you can speed up the process.
Placebuzz suggests, if your property has skeleton in the closet – such as Japanese knotweed or past subsidence – be upfront. This will save time in the long run and is better than your buyer discovering it later on in the process.
Be flexible
When it comes to moving dates, be prepared to put your belongings in storage and stay with relatives, friends or in an Airbnb for a few weeks. Having a bit of flexibility with dates could be vital in ensuring you seal the deal.
