Property Sales Poplar E14

Property Sales Poplar E14

To begin, we will cover the topic of property sales Poplar E14.

In Poplar, the property prices on average have increased 35.93% over the last year according to Foxtons.

They suggest that the average property value in Poplar is £515,833.

This average is 16.8% below the London Average of £620,038.

As a result, property owners in the area have seen a massive increase in value of their properties over the past decade.

For that reason, if property owners are looking to sell before a recession, this is the time to do so.

Property Sales Poplar E14
Property Sales in Poplar, Tower Hamlets, London.

Selling Your Property in Poplar

Are you considering selling your property in Poplar?

Do you own a leasehold flat?

You may want to read this article we previously posted called “Leasehold Concerns“.

If you own a freehold property, the article does not apply.

Regardless, Metropolitan and Crown Estate Agent Ltd is located in the E14 area of London.

As a result, Metropolitan and Crown Estate Agent Ltd can assist any property owners looking to sell their property or properties.

Is it Worth Selling Now?

As of writing this article, it has been reported that there may be a major collapse in the market.

When? This is uncertain.

However, if you look at trends, every 10 years there is a crash in the market.

The last market crash was in 2008.

There is only 2 more months until the end of 2018.

It may be risky to sell now because property prices will dramatically decline if and when a crash happens.

You can still put your property on the market and see if there are any interested buyers.

Make sure you do not have to pay any fees if you decide to pull out of a sale before any deal is made.

If you want to play it safe, you may consider a Guaranteed Rent option while riding out the coming financial storm.

If you want to know more, give Metropolitan and Crown Estate Agent Ltd a call on 02075388887.

Fastest Property Price Growth

The  Fastest Property Price Growth Areas in the UK 2018

First of all, we are going to discuss the fastest property price growth areas in the UK.

If you have been living in the UK for the last 10 years, you would have noticed a significant increase in property prices.

Some areas in the UK have not seen a significant increase, while the opposite has been true for other areas.

Fastest Property Price Growth UK 2018
Fastest Property Price Growth UK 2018

Variables Affecting Property Prices

There are many variables that can affect the property market price of properties.

Some of these variables are:

Planning Permissions

It’s worth checking your local authority for nearby planning permissions.

A school or major supermarket may boost your home’s value, while others could seriously decrease it.

The building of an industrial estate is an example where its development can detract the value of a property.

Above all, it is important to do your research, and contact the local autrhority of an area you are considering to purchase in.

Regeneration Plans

If a local authority is planning to regenerate a town or city centre, this is likely to boost the local economy.

For that reason, this may increase property prices in the future.

New Developments

New developments can go either way.

When new build homes are built, they can increase the value of the area and its properties.

However, take note that if too many properties come quickly onto the market in that area, it may cause the value to decrease.

 

Furthermore, there are other variables that can affect the value of properties. You can find out more on the Which website.

In contrast, a previous post on our blog was about falling house prices in 2017 named ‘House Prices Falling London‘.

Areas of Most Substantial Growth

In the UK, these are the top 5 areas which experienced the most substantial house price growth in 1 year, starting with the most affected growth:

(Data compiled in June 2018 by Your Move England & Wales House Price Index)

  1. Leicester (4.8%)
  2. Tyne and Wear (4.1%)
  3. West Midlands (3.9%)
  4. South Yorkshire (3.2%)
  5. Greater Manchester (2.9%)

Conclusion of Fastest House Price Growth

In conclusion, it is August 2018, and there are areas in the UK that are experiencing a significant increase in property value.

Most noteworthy, if you are looking to buy or invest in property in particular areas of the UK, you should carry out due diligence for variables that may influence a property’s value.

Joint Sole Agency

Comparing Sales Agreements

To begin, we have discussed the difference between Sole Agency vs Multi Agency, but what about a joint sole agency?

Let’s briefly recap about sole agency vs multi agency.

A sole agency agreement is when a vendor chooses only one agent to market and sell their property.

A multi agency agreement is when a vendor chooses more than one agent to market and sell their property.

Simple. Now let’s understand the basic meaning behind the third agreement option.

joint sole agency
Splitting the commission

Joint Sole Agency Explained

This sale agreement is when 2 separate property sales agents split the commission to market a property.

Two agents for the price of one.

Therefore, if there are 2 agents willing to split the commission, then there are 2 agents actively looking to sell your property.

Simple.

Things to Consider

It may be beneficial to choose this sale agreement to have 2 separate agents helping you to sell your property.

However, it is important to note the following;

If an agreement states “sole selling rights”, it means that you owe the agent commision.

This is within the set period of the contract, regardless if the agent introduced the buyer or not.

Make sure you read any contract before you sign it.

Although this can be a bit time consuming, you will be happy if you do your due diligence.

It always pays in the long run to ensure you are not getting stung with unnecessary fees.

Doing Joint Sales

Metropolitan and Crown Estate Agent Ltd have been involved in all 3 of these property sales scenarios.

Sole agency, multi agency and joint sole agency agreements.

We can always help to sell your property, so feel free to give us a call on 02075388887.

In a future post, we will discuss the benefits and disadvantages of this option.

 

Sole Agency vs Multi Agency

Sole Agency vs Multi Agency for Selling Your Property

To start off, sole agency vs multi agency are two options when deciding to sell your property.

Vendors are given these options before they commit to selling.

As a result, fees can range from 1% for sole agency to 3.5% for multi agency, sometimes more.

Do not forget to add VAT to the fee, as some agents forget to mention this.

There are benefits and disadvantages from both choices, but you will end up choosing one option.

Before you choose any options, thoroughly read the terms and conditions in the contract.

You can always negotiate the fees when discussing the agreement terms and conditions.

sole agency vs multi agency
Which will you choose?

Choosing Your Options

To begin, a vendor can choose 2 options for selling their property.

There are benefits and disadvantages to consider when considering one agent or more than one agent to sell your property.

We will go into more detail in another blog post.

Therefore, we will simply explain both options.

So, let’s start with the first option.

Sole Agency

Sole agency is when a vendor chooses only one agent to market and sell their property.

Therefore, this means that no other agent can be instructed under contract.

When sales prices went high in London in 2015 , many agents brought their fee down to 1%.

As a result, Metropolitan and Crown Estate Agent Ltd did as well. This was due to the competitive sales market.

Discuss the terms and conditions of a sole agency sales contract with the agent to understand the agreement before committing to it.

Moving on, let’s simply explain the second option.

Multi Agency

Multi Agency is when a vendor chooses more than one agent to market and sell their property.

This means that more than one agent are competing to sell your property, which can have its benefits and disadvantages.

This option typically comes with a higher fee, which can go as high as 3.5%.

It is important to discuss the terms and conditions with each agent to know the stipulations of each contract.

Again, we will get into more detail in a future post.

Conclusion

In conclusion, there are two options a vendor can choose to sell their property.

Sole agency or multi agency.

It is important to discuss these options with the agent to help with your decision to move forward.

Also, it is important to understand the benefits and disadvantages of each option, which will be added in more detail in a future blog post.

If you are considering to sell your property, contact Metropolitan and Crown Estate Agent Ltd for more details.