2-Bed London Apartment: Time On The Market
So…
You have found a 2-bed apartment in London that you really like and would like to potentially call your new home…
Why is knowing how long the 2-bed apartment has been on the market for, important?
Very simply, it can show you how much interest (or lack of interest!) an apartment has or has had and whether the seller could be asking too much for it.
If a 2-bed apartment has been on the market for a good amount of time - typically 3 months or longer - then it could suggest that the property is overpriced in the current market.
It could also mean that it needs renovating or that the interior design is not what is wanted by potential buyers.
Please do ask the estate agent how many offers they have received and how many viewings they have had over the course of the past few weeks.
“If a 2-bed apartment has been on the market for a good amount of time - typically 3 months or longer - then it could suggest that the property is overpriced in the current market.”
If it has been on for 3 months or longer, I would absolutely suggest making an offer under the asking price…
I would typically use between 2 and 5 comparable properties to back up my lower offer as well as an estimation (get professional reccomendations/ opinions where possible!) of how much the refurbishment was going to cost me as I would factor that into my offer also.
On the other hand, if a 2-bed apartment is new to the market - 4 weeks or newer - and it is clearly popular on the portals and has had lots of viewings, it is unlikely that you will be able to have an offer accepted that is below the asking price due to demand.
Pricing on London apartments is typically to do with supply and demand and the amount of interest that a property has, as well as the affordability of money.
The more interested parties, the higher the price.
The less interested parties, the lower the price.
Finding out how long a 2-bed London apartment has been on the market is one of the first things that you should find out as it will guide the likely interest in it and how much you can offer…