If you are either selling or buying a property in Docklands, there are a few reasons why it may be taking some time to sell your Docklands home or find that perfect place to call your new home. It may be taking longer than you thought to find a buyer for your home because of the current state of the property market or finding that perfect Docklands home may be taking too long because of a lack of properties to buy.
So, taking everything into consideration, all of these factors invite an obvious question; how long is too long to persist in the Docklands property market?
If you are looking to sell your Docklands property, it may have become infuriating when your home has been on the market for longer than you anticipated. Perhaps the property market is purely in a position where it's challenging to get a property sold quickly, or sold at the price you want to achieve for it. If you do live in a Docklands home that is towards the upper reaches of the price band, you have to be open to the idea that because it's worth so much more than the average property in Docklands and so more than most individuals can afford, you will have to wait longer to get it sold.
Your Docklands home might be taking longer to sell because your asking price is simply too high. Even if you are prepared to take a realistic offer, if you have an unrealistic asking price your overpriced Docklands property will undoubtedly turn off potential buyers from even being inclined to book a viewing.
Looking at the market in Docklands compared to a year ago makes very interesting reading…
When it comes to the average length of time on the market, it’s the detached homes and apartments in Docklands that appear to be taking longer to sell, yet the length of time Docklands semi-detached and terraced homes seem to be on the market has dropped.
The overall average length of time a Docklands property remains on the market has risen by 17.9%, from 102 days a year to 120 days today
The question that remains is, if you are having no luck selling should you leave your Docklands property on the market or not? This is basically down to your personal circumstances - a big decider has to be if you are moving up market or downsizing.
Buyers will compare your Docklands property to all the other homes on the market using the portals such as Rightmove, On the Market and Zoopla and even if your asking price is realistic, if your marketing (brochures, pictures, even video walk through) isn’t top dollar, they will dismiss your property.
Remember, the average buyer only views 4.5 properties before they buy and on average, each buyer will only spend just over 25 minutes viewing each home …
The more properties that are on the market, the greater the choice for buyers (yet more competition for house sellers), so we wanted to look at how many homes were for sale in Docklands now, compared to 12 months ago.
As you can see, there are some differences between the property types in Docklands.
As for buying a Docklands property, searching for that dream house can take time as you have to consider the needs of your spouse, children, schooling, etc., what you can realistically afford and whether your current location can accommodate you until you find that perfect Docklands home.
Don’t forget that upwards of 10% of homes do not make it to the portals (the portals are Rightmove, Zoopla and On the Market), so don’t just rely on the portals to let you know what is coming on the market. The number of times I speak to disappointed buyers who missed out because other buyers registered directly with the agent for property, whilst they relied on the portals.
When it comes to buying a Docklands home, and so you do not make any decisions you will regret later on, taking your time is always the more practical option. The amount of money that is involved in buying a home and all the costs connected with it means that you should not rush into buying or selling without due consideration.
One place for more information is my Docklands Property Market blog. 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 Docklands property market together with regular postings on what I consider the best buy to let deals in the Docklands area, then it is well worth reading. You can also email me at email@example.com
If you are in the area feel free to pop into the office which is based at Landmark Estates, 264 Westferry Road, London, E14 3AG