TIPS FOR THOSE LOOKING TO MOVE IN 2023

with Liza-Jane Kelly, Head of Savills London Residential

For buyers

Be open minded: To be successful in your house hunt, it’s going to be important to keep an open mind regardless of whether you are choosing to upsize, downsize, or are in search of a lifestyle change or merely to be within walking distance of the school gates. Being flexible and recognising that there may be a degree of compromise will help keep your search open. Selecting a few ‘must haves’ and ‘dealbreakers’ without losing sight of what you want from your next move.

Position: Being in a position to transact quickly will allow you to take advantage of new launches as and when they come to the market. Ensuring that your finances are in order and that you have a reliable solicitor will stand you in good stead, as will having your mortgage agreed. Being a cash buyer will always play to your advantage, but it’s important to consider and factor in additional costs like agency fees and stamp duty.

You will also need to assess how much a larger property will cost to heat - the Energy Performance Certificate (EPC) will give some hints.

For sellers

Price Right: Pricing carefully and realistically in a sensitive market will also play dividends when achieving a sale, particularly given that some buyers’ budgets may already be stretched or less flexible. Ambitious pricing can deter buyers, especially if they are looking at multiple properties at the same level of the market. But those who are serious in their search or need to move quickly will realise that they need to be pragmatic when it comes to negotiating a sale.

It’s also important to choose an agent that is experienced, understands the local market and that can offer you good comparable evidence - not just an agent offering you the highest price for your home.

Kerb Appeal: Before photographs are taken and your property is bought to the market, take time to consider your property’s kerb appeal. It’s common knowledge that first impression counts and are the first step in attracting potential buyers to book those allimportant viewings.

Your aim should be to show off the space in your home and give a potential buyer an insight into the lifestyle that your home offers. Having a good sort out and tucking clutter out of sight will create opportunities for buyers to imagine their own belongings in the space. Tidying up paintwork and fixing and superficial cracks or stains are usually inexpensive to remedy.

Looking forward: Despite price falls forecast right across the UK, prime central London and outer prime London are set to fare better than the UK mainstream markets, where average prices could fall by 10 per cent.

By contrast, London’s prime markets (broadly the top 10% by value), will be cushioned from some of the affordability concerns due to much higher levels of equity and cash buyer numbers. Prime central London and outer prime London are predicted to drop by just 2.0 per cent and 7.0 per cent respectively.

However, recovery is expected from 2024 with prices in central locations set to increase to +13.5 per cent by 2027 - the highest growth of all markets over the five year period - and by 6.0 per cent across outer prime London locations.