Wanstead, Wanstead, Wanstead

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With a 10% drop in property sales across Wanstead in the year to date, Michael Molloy, owner of local estate agents Martin & Co, offers some insight into the local market and his tips for selling in 2018.

Over the last 12 full months, there have been 151 property sales in the Wanstead area (with postcodes beginning E11 2). This is a 10% drop from the previous 12-month period. The average sale price was £568,142.

Some 40% of those sales over the past 12 months were flats, achieving an average sales price of £343,996. Houses achieved an average price of £792,170. The total value of sales was £85,908,201 and the highest value recorded by the Land Registry was £650,000 for a flat and £2,113,434 for a house.

Now, this shows that transactions are down on this time last year; however, it's not all doom and gloom and it doesn't mean that prices being achieved are necessarily down. Transactions being down is a symptom of fewer buyers hitting the market and that's for a number of reasons, some of which include restrictions to lending and a general feeling that prices have hit something of a ceiling, along with looming Brexit fears.

Family houses are still holding up well; two-bed flats have been the ones to suffer most out of all properties and this is due to the sheer volume of two-bedroom properties that enter the market. Wanstead is a family area and always has been; therefore, it stands to reason that demand for good quality, three- and four-bedroom homes will remain strong, and this is supported by strong average selling prices over the past 12 months of £734,000 for terraced houses and £866,000 for semi-detached homes.

The key to selling in a 2018 market is to listen to your agent. Pricing your property correctly from the very first day it hits the market is paramount – the average time on market has increased significantly and so has the dreaded 'price reduced' label we see on Rightmove. Price correctly from the start, listen to the agent's rationale and present it correctly –buyers simply have more choice at present so make sure you're doing everything you can to make yours stand out.

There has been a correction to prices in the Wanstead market over the past 12 months, that much is clear, and it may be the case some sellers don't actually know the true current value of their property. So, before you decide to think about moving and start searching Rightmove, it's always best to get a valuation from a local agent so you know the worst- and best-case scenarios for what your home might achieve.

Martin & Co is located at 13A High Street, Wanstead, E11 2AA. For more information, call 020 8518 8099


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