One of the most frequently asked questions at the moment are ‘should I be buying, selling or just holding tight onto what I have at the moment’.
What is quite interesting is that I am asked this question by all types of investors and vendors, from the seasoned pro with over 150+ units right down the single home owner with no interest in the property industry.
In order to answer the question effectively, a couple of questions must be asked.
1. Why are you selling?
2. Do you NEED to sell?
The answers to these questions determine my answer. And remember, it is just my opinion, and my answer. Ask someone else (and maybe any other estate agent) and they may very well tell you the polar opposite because they are just interested in your money.
If you are selling out of necessity, maybe you need the money for personal reasons, or you want to extend your own home, because your family is growing for example, then the answer is quite simple – YES, sell. Your personal lifestyle is, in my opinion, the most important factor.
If, on the other hand, you are thinking now is the best time to sell because “everyone is saying it is a sellers’ market”, then… my opinion is that you do not sell your property just now. Is that what you were expecting me to say? Didn’t think so.
The property market (the Croydon property market that is) is in recovery. And as we all know, we have only just come out of the recession (or Bottom / Decline as some call it), and there is plenty of time for recovery. PLENTY. So why is everyone selling? Because they can. Is it the best thing to do right now? I don’t think so. Please remember I am talking about Croydon (the CR postcode) specifically. Sellers are achieving high prices, and rightfully. There is a bit more money floating around, Croydon is a current hotspot, so it is, in that respect a good time to sell.
However, extensive regeneration in towns like Croydon, do not come around very often. There are very few towns left in London and surround areas that need, and more importantly, have, such large investments. Croydon currently has over £1bn investment. I am talking to investors almost on a daily basis who tell me they are in discussion with the council in investing £10m – £20m more into Croydon.
So as I manage to gather all of the information, as a landlord and a property agent, I can see that now is not a good time to sell anything in the CR postcode.
Hold on to your investments if you can.
I estimate properties in Croydon (specifically the CR0 postcode) to double in the next 7 years. With Westfields round the corner, and 40+ new developments completing in the next 5 years, it can’t possibly make sense to sell right now.
So there you have it. My genuine, unbiased opinion on what you should do with your property in the current Croydon property market. I can tell you now, almost every other agent will tell you otherwise. Ofcourse they want you to sell so they can make money off you. I am here to just give you an honest market update and my thoughts. And that’s all they really are, just my thoughts. IF you don’t agree, I don’t really care. 🙂
Now, in the case that you do have to sell your property for personal reasons, please do give me a call. I will sell it for you, at market price, for FREE. Yes… FREE. All I want is a curry from my current favourite restaurant / bar Crown and Pepper (Aja Lounge).
If you want any more advice, please do not hesitate to call me on 0203 761 4332 or 07957336999 or firstname.lastname@example.org