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Valuation strategy is the key to moving


As valuations on properties in the South West rise and mortgage approvals remain quite low, the hosing market in the region can be a difficult one to navigate yourself through. InPlymouth looks at the pitfalls of selling in today's market.

You may or may not have read recently that for the sixth consecutive month (Jan – June 2011), sellers have raised house prices to the point where the average house price in Great Britain for a former Owner/Occupier property is a staggering £ 240,394, an increase of 1.1% on last year. Now it is obvious that a seller will want to get as much for their property as possible and increasing the price of the property over and above the Estate Agents evaluation can seem like a good idea at the time but can lead to possible reductions further down the line.

With house prices in the South West still increasing year-on-year, it is getting more difficult for buyers to get the financial backing to complete a sale.

We are still faced with mortgage approvals running at half the usual rate and with the aforementioned property prices still increasing, it is leaving a massive number of properties unsold and becoming permanent fixtures in Estate Agent's windows. If you find yourself in this position it is inevitable that you will have to keep dropping your price to get a buyer. When buyers see a property on the market for a long time, they usually realise there is a deal to be made and will then offer a rate way below the sellers initial expectations. As with all of this, it is the price that someone is willing to pay for the property that is important and not what you as a seller values it at.

So how do we get the momentum back into buying a property and get the price you want?

Well maybe we can take a look at those buying for the first time and selling to first time buyers (FTB's ) for some inspiration. With new builds such as Taylor Wimpey's Warleigh Village and The Limes developments and Barratt's Market Quarter and Brunel View sites you would think that those looking to sell an older property to this audience demographic would be left with the devil's own job to sell it. Strangely enough it is this market that has seen an increase in sales over the first half of the year.

Those sellers at the lower priced end of the property market have realised the need for a quick sale and to


market their property at a favourable value is the key. Regardless of if you are at the bottom or middle end of the scale, these days, finance is the biggest obstacle for most buyers and sellers. With mortgage companies offering less of a percentage and wanting more of a deposit, marketing your property at a sensible level will make it easier for your buyer to raise the deposit giving mortgage companies more confidence in approving a mortgage deal. Where some hike up the price at the start only to have to drop later due to the property going stale, this end of the market has seen deals going through quicker due to realistic valuations by the seller from the outset.

With the trend for house prices at their highest in June and then falling gradually throughout the year, buyers realise that what they may lose on their initial sale can be redeemed on the purchase of their new property further down the line.

With house prices in the South West still increasing year-on-year, it is getting more difficult for buyers to get the financial backing to complete a sale.


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