We know that demand is high for homes right now, but this doesn’t mean that prospective buyers will necessarily make an offer.
At Stones Residential, we are committed to helping Belsize Park homeowners connect with buyers. We know the things buyers want, and the things buyers don’t want when looking at property. We also stay in touch with the latest studies.
Why Prospective Buyers Don’t Make An Offer
A poll conducted by broker First Mortgage examines the key reasons prospective buyers walk away from a property deal, with 80 per cent of Brits saying they are picky.
Top 10 reasons for not making an offer on a home
1. Noisy neighbours – 47%
2. Loud area – 45%
3. By a main road – 44%
4. Thin internal walls – 43%
5. Near an airport – 41%
6. Hard to park nearby – 40%
7. Lack of storage options – 38%
8. Ceilings being too low – 35%
9. Steep stairs – 34%
10. Poor Wi-Fi – 33%
David McGrail, compliance director of First Mortgage, said: “When looking for a home, it is important to envisage what it is like to live there 365 days a year, if a dog in the neighbourhood is barking every day nonstop, this could become an issue. A property is likely to be the most expensive single purchase you ever make, being picky is essential. When considering where to live it is important to be switched onto the various factors that could affect your finances as well as your happiness in the home. A few chips on the paintwork isn’t the be-all and end-all, however structural issues could even result in a mortgage being denied.”
What are house prices like in Belsize Park?
According to Rightmove, as of the end of September 2021, Belsize Park house prices are as follows:
“Properties in Belsize Park had an overall average price of £1,174,475 over the last year.
The majority of sales in Belsize Park during the last year were flats, selling for an average price of £915,945. Terraced properties sold for an average of £1,875,218, with semi-detached properties fetching £4,031,000.
Overall, sold prices in Belsize Park over the last year were 2% down on the previous year and 5% down on the 2017 peak of £1,232,989.”
As we all know, Belsize Park is an exclusive area of London, and the property prices match this. While many parts of the country, and even the capital, have seen house prices rise this year, the average sold price for property in Belsize Park has slightly fallen in the past 12 months.
Of course, there are genuine reasons for this.
This time last year the housing market was in the middle of a feeding frenzy, with the impact pf the stamp duty holiday unfolding. Also, there is no denying prime property in the capital is in its own market, so it doesn’t quite move like the rest of the country.
Therefore, anyone looking to buy property in or around Belsize Park might find this is the ideal time to do so, which means demand is high. If you are considering selling your home in Belsize Park, this could be the perfect time.
If you would like to arrange an appointment to help you negotiate the local housing market, please contact Stones Residential today by calling us on 020 7483 0685 or emailing belsizepark@stonesresidential.co.uk.
