Q.I have been told by three different agents that I will be able to sell my current property quickly, but I’ll struggle to buy an upgrade. Should I wait?
A.Sometimes the best time to upgrade your property is when prices start to fall. This is because the gap between what you want and what you have narrows. It’s understandable that most people want to find a new home before selling their old one. But when there’s an opportunity like this one, an alternative approach is necessary.
Too many people overpay and undersell in this situation. Do not let nerves sell you short of an excellent deal. It takes balls to take the alternative approach because you could find yourself renting for a while and nobody likes to be out of the property market entirely – even if it’s only for a short period of time.
Now really is the time to sell because I suspect we’re going to see the supply of property increase a little over the Autumn and given the scarcity of existing stock it won’t take much of an increase to see prices coming off a little in London. The demand for these homes is there, but it’s weak. Another reason for doing this – that didn’t exist before – is that mortgage rates appear to be staying low. So there’s no rush to get the best deal.