UK property prices have dipped an overall 2.3% last month according to the House Price Index. The capital has been the worst hit, with a 3.1% drop in the price of a typical home for sale in London. Our estate agents in Nine Elms have been looking at what the figures mean for buyers and sellers in the London market.

Price drops for a typical home for sale in London and nationwide

Regional trends across the whole country show a price drop for August. The smallest drops in England are in the South West region with a drop of 0.9% and the West Midlands with a drop of 1%. London has the highest price drop in England although not in the UK. Scotland’s 3.8% drop beats London’s 3.1% by a few notches.

Price reductions can speed up property sales

Our Nine Elms team have seen that price reductions help to sell properties in SW8 more quickly. Some people have time on their hands and can wait for the price expected but for many time is of the essence. It can sometimes makes sense to reduce the price and entice a buyer to your property quickly.

If you want to have your deal closed by Christmas now is a great time to sell!

With the average time to sell a property in London coming in at 67 days this is a wise move for many sellers. If they are trading up then they will also see a price reduction in the property they are buying. This will even things out for that sector of the market. Not everybody is in the same boat, however if the time is right to sell then the market will do the talking for you.

Christmas is coming

Another thing to consider is how far into the year we are. With the season of goodwill just three months away and the average sale taking roughly twelve weeks to close, it is time to get that Sale Agreed. This will be a factor for many buyers and sellers and if bringing the price down a fraction can get that property sold then it is worth considering. If you have all of your paperwork in order and are ready to go then it really is possible to be in by Christmas.

Thinking about selling your home in SW8?

If you are looking to sell property in East London, give our team at Nine Elms a call. We have the know how and expertise to help you out.

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