The asking price you pick can be the cornerstone of an efficient sale to the right buyer, or a hurdle to your property goals. Here’s your complete guide on how to set the best price.
The first thing to do is to book a valuation. You’ll make a more informed decision if you have an expert look around the property. They’ll provide insight on the current local market, what properties of a similar size sell for, how quickly they tend to sell and what the best strategy is for your property and timeline.
Home really is where the heart is. We often form strong emotional connections to our homes, so it might also help you set realistic expectations to have a third-party opinion.
Then, once you have all the facts, you make the decision. We recommend that you:
Do your research
Seeing what other properties of similar size have sold for in your neighbourhood, or what they’re on the market for right now, is a great indicator of how your own home will perform:
• Check average house prices in your local market
• On your My Foxtons account, see more information about your local area
Curious how the condition of your home could affect your asking price? Read our Sellers' guide to property surveys
Pricing strategy: find the right fit
A good valuer will show you your options, but it’s entirely your choice in how you want to proceed.
A valuer can recommend a reasonable maximum and minimum – setting the price too high can deter buyers and stagnate your sale, yet setting the price too low can make buyers suspicious and, of course, achieve less than your property deserves. Your valuer can also help you plan which price to start with and which to move to if you need to drop the price to avoid it sitting on the market too long.
Next, we'll talk about the local market and your property goals, which both affect on your price strategy.
Wondering who to choose to value your property? Read How to choose your estate agent: 5 must-haves
Consider why you’re selling
If you need to move quickly, you could choose a lower price to drive a faster sale. On the other hand, if you’ve got time to haggle, it may be worth aiming higher.
You should also consider, if you’re trying to move into a home that better suits your needs, how much will that new home cost? You might want to bring the valuation to a mortgage broker to see how that translates into your onward move.
Is it the right time to move? Read: Majority of homeowners live in a property that doesn't suit their needs
Understand the market
Some local markets have high demand for one-bed flats. Some have more than their fair share.
Some buyers are more likely to need a mortgage, and their plans could be impacted by changes in the mortgage market. Especially in London, where 46% of homebuyers own their property outright (The London Report, 2023), the mortgage market may not greatly impact the audience for your property.
Local markets are subject to constant change, so it’s important to have reliable insight into the current demand for properties such as yours.
Read: What changes in the market mean for your property sale
Discuss with an expert
An online valuation is a rough estimate using land registry data, but it will not account for your unique property or current market conditions. So, when you’re ready to sell, it’s best to get an up-to-date in-person valuation.
Our valuers are trained local experts. They have access to our proprietary London property data, industry insight into market changes and experience on what strategies work best to sell London homes. So when they come to value your property, ask questions and make the most of their expertise – from finding the right price to explaining the process, a Foxtons valuation will get your sale off to the right start.
Monitor and adjust
If you instruct Foxtons, you can review inquiries, offers and feedback from viewings on your My Foxtons account. It’s a great way to keep an eye on how your sale is progressing in your desired timeframe. If you need to adjust the price, you can see in the feedback and adjust it with the help of our dedicated local team.
If you want to discuss the right pricing strategy for your home, book a valuation.
How to sell a home:
You can see the whole sales process laid out in the Foxtons step-by-step guide to selling your property. You can also learn a bit more about the process in our articles –
• Booking your valuation: What local knowledge can do for a property sale
• Preparing to sell: The documents you need to sell a house
• Navigating viewings: 9 things sellers should know: what happens at a property viewing
• Accepting an offer: How happy is your buyer?
