Looking to sell or rent this year? You may need to get an up to date valuation then.
Estate Agents in Plumstead & Woolwich, Beaumont Gibbs- David Gibbs advises to get an up to date valuation on your home or investment property.
Watch this short video from David Gibbs, the director of Beaumont Gibbs.
Whether you are looking to sell or rent your property this year, you should get an up to date valuation on your home or investment property, as market conditions have changed quite a bit over the last year and especially the last 6 months.
If you are looking to rent a property out, you will be pleased to hear that rental prices have risen quite steeply in the last 6 months. Get in touch with us to discuss your options and what services we can offer you as a landlord.
If you are looking to sell, you will not be too surprised to hear that prices have dropped since they peaked at the end of the summer last year.
But it is not 'ALL' doom and gloom. It is easy to get caught up reading the papers and seeing sensationalist headlines about the market being in a recession and house prices falling for the third consecutive month. What you do not see from the headline, is that the price percentage drop is minute compared to how much value your property has gained in the last two years for example.
Yes prices in Plumstead, Woolwich and the surrounding areas have dropped from where they were, but that means there are also opportunities for some people to buy a good deal. It will not be as good for people who are selling only, as they just have to accept the loss in value and not pass on that loss into a gain when you buy again, but if you ARE looking to buy again and are looking to trade upwards, you will actually be MAKING MONEY.
For example if you were selling a property worth £320,000 6 months ago and now it is worth £300,000, that works out to be a 6.25% decrease in value. If you took a house at £550,000 and applied that 6.25% decrease, that works out at £34,375, in effect making you a profit of just over £14,000.
Of course I am not forgetting that Mortgage interest rates have risen and so your Mortgage repayments are going to be higher that what they were before, but (in this example) you would have over £14,000 in the bank saved up if you like.
So, if you would like some more information on whether now is the best time for you get moving or not, please do get back in touch with myself, David Gibbs on 020 8319 7601 or my colleague Tony Batchelor on 020 8319 7608.
Thank you for taking the time to read this article and for watching my short video.
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