Looking to sell property in London? Though post-Brexit uncertainty has plagued homeowners across the capital city and beyond in the 15 months since the referendum took place, new research has now revealed the best time to sell a home.
After analyzing when high-end homes in Mayfair were placed on the market in 2016 and when they sold, London-based residential and research firm Wetherell determined that September is the best time to sell a central London home. October to December and January to March are the strongest quarters for selling real estate in London’s West End, which means September is the optimal time to begin marketing and promoting a house.
“Our analysis of annual sales shows that September is the best time for vendors and developers to place their properties on the market since it gives them two windows of opportunity to market and sell during the strongest two sales periods,” says Peter Wetherell, the company’s chief executive. “A September placement enables vendors to benefit from both windows.”
Mayfair properties sold at the highest price in March, with an average of around $4,296 per square foot. The worst months of the year for sales were May and August—due in large part to bank and school holidays and summer vacations. Also, familiarity with the location sped up the process: Buyers who knew little about Mayfair asked to see five to 10 properties before deciding, whereas buyers who were more familiar with the area generally asked to see just three to five homes before picking one.
And as for the buyers’ demographic, 70 percent of Mayfair clients are British, followed by Qatari, Saudi, Chinese, French, and American individuals