357 Properties For Sale in Edgware … is this a good time to sell?

2017 has started with some positive interest in the Edgware property market.  Taking a snap shot of the Edgware property market for the first quarter of 2017, the picture suggests some interesting trends when it comes to the number of properties available to buy, their asking prices and what prices properties are actually selling for.

Let us first consider the number of properties for sale, compared to 12 months ago:

 

Type of Edgware Property Number of Properties on the Market 12 months ago Number of Properties on the Market now % change
Detached 33 54 +64%
 
Semi 100 111 +11%
 
Terraced 16 25 +56%
 
Apartment 140 155 +11%

So when we add in building plots and other types of properties that don’t fit into the four main categories, that means there are 357 properties for sale today compared with 300 a year ago, a rise of 19%.

Next, Edgware asking prices, compared

to the same as a year ago, are 8% higher.

With that in mind, I wanted to look at what property was actually selling for in Edgware. Taking my information from the Land Registry, the last available six months property transactions for HA8 show an interesting picture (note the Land Registry data is always a few months behind due to the nature of the house buying process and so November 2016 is latest set of data). The price shown is the average price paid and the number in brackets is the number of properties actually sold.

 

Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16
Detached £910,000 (2) £1,035,500 (4) £783,333 (3) £730,000 (1) £650,000 (2) £987,500 (2)
Semi

Detached

£585,154 (13) £708,065 (13) £600,160 (13) £670,533 (9) £512,694 (9) £629,636 (11)
Terraced £368,350 (6) £451,250 (8) £418,653 (16) £393,955 (11) £381,333 (6) £411,857 (7)
Flat £372,388 (89) £336,825 (16) £345,571 (14) £356,400 (10) £290,500 (8) £334,195 (10)
All £407,087 (110) £545,025 (41) £471,489 (46) £472,977 (31) £421,049 (25) £504,198 (30)

So what does all this mean for the property owning folk of Edgware?

Well, with more property on the market than a year ago and asking prices 8% higher, those trying to sell their property need to be mindful that buyers, be they first timers, buy to let landlords or people moving up the Edgware property ladder, have much more price information about the Edgware property market at their fingertips than ever before.

Those Edgware people who are looking to sell their property in 2017, need to be aware of the risks of over pricing their property when initially placing it on the market. Over the last 12 months, I have noticed the approach of a few Edgware estate agents is to suggest an inflated asking price to encourage the homeowner and secure the property to sell on their books. The down side to this is that when offered to the market for the first time, buyers will realise it is overpriced and wont waste their time asking for a brochure. They won’t even view the property, let alone make an offer. So when the price is reduced a few months later, the property has become market stale and continues to be ignored.

Whilst the Edgware property-market has an unassailable demand for property – there is one saying that always rings true – as long as the property is being marketed at the right price it will sell.

If you want to know if your Edgware property is being marketed at the right price, send me a web link and I will give you my honest opinion.

If you are a landlord or thinking of becoming one for the first time, and you want to read more articles like this about the Edgware Property Market together with regular postings on what I consider the best buy to let deals in Edgware, out of the many of properties on the market, irrespective of which agent is selling it, then feel free to get in touch! Email me at Steve@benjaminstevens.co.uk

If you are in the area feel free to pop into the office we are based at 194 Station Road Edgware Middlesex HA8 7AT– the kettle is always on.

Don’t forget to visit the links below to view back dated deals and Edgware Property News.

Blog – http://www.benjaminstevens.co.uk/edgware-property-blog

Facebook – https://www.facebook.com/BenjaminStevensEstateAgents

Twitter – https://twitter.com/BenjamStevensEA

Website – http://www.benjaminstevens.co.uk

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