Vendors urged to sell now as prospect of no deal Brexit looms

Property sellers have been urged to list their properties now in the hope of selling their properties for maximum value within the next four months. 

Listings website Placebuzz says sellers who have been holding tight and waiting for a resolution should act now as the risk of a no deal Brexit on October 31 is increasing.

The call comes after both Conservative leadership candidates, Boris Johnson and Jeremy Hunt, have indicated that they would be willing to leave the European Union without a deal at the next deadline.

Placebuzz says sellers need to adopt a particular sales strategy to achieve the best price for their property before the next Brexit deadline in October.

It advises sellers to 'price to sell'. "A lower price will generate greater footfall and competition from buyers. Starting with a slightly lower 'offers in excess' figure could get you more money," says Neil Tillott, Placebuzz's business director.

The website also encourages sellers to ask agents for examples of comparable properties they have sold in the last three months, with the average time to sell and the percentage of asking price achieved. 

"Appoint an agent who gets deals over the line, not one who is good at winning instructions," says Tillott. 

Placebuzz also advises sellers to get all their paperwork ready, ensure any mortgage is agreed in principle and to be flexible on moving dates.

"The prospect of a no deal Brexit is looking more likely than ever and if it does happen, the outlook for the housing market could worsen considerably, with consumer confidence falling further, banks less willing to lend and a probable rise in unemployment," says Tillott.

"Even if we leave with a deal, we’re likely to see three years’ worth of pent up demand from sellers prompting a rush of properties hitting the market all at the same time, creating more competition and knocking prices."

"The market could go down in the next four months but it’s more likely to stay broadly at the same level, so savvy sellers who get their ducks in a row now, prepare their home for market and arrange their finances could be quid’s in and sold before a decision is made over Brexit," he says.