MANAGING DIRECTOR OF KAY & CO, CENTRAL LONDON ESTATE AGENCY
Q.I’m about to put my house on the market - how long should I expect it to take me to sell my home?
A.This is a tricky question to answer as time scales vary dramatically. However, on balance, in order to allow for a full and comprehensive marketing campaign, I would suggest that you allow for approximately 12 weeks to agree a sale and about a further four weeks to completion. Despite the current Eurozone crisis, demand in central London is still relatively strong and if the property has not sold in this time, I suggest that you review your asking price... or possibly your agent!
Q.I have made a substantial profit on the sale of my property and want to downsize in value. I am unsure whether to buy something smaller in central London or to buy a similar sized property further out?
A.This very much depends on your specific lifestyle requirements and it is very much going to be a matter of space verses location. If there is a minimum space that you require for your budget then this will dictate where you end up buying. However, as a rule, you will generally find that the central London market, if you can afford buy there, is more stable and will provide much better longer term capital appreciation, given the increased international demand that it commands over areas further out of the city. Whilst over the next year there is a risk that prices will drop across the UK, property values in London's most sought after areas known as "Prime Central London", including Mayfair, Knightsbridge, Belgravia, Marylebone and Kensington, will buck the trend and climb three per cent next year.