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Is it Wise to Sell Your Flat Now in Preston? A Comprehensive Guide

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Is it Wise to Sell Your Flat Now in Preston? A Comprehensive Guide
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For the past few years, the property market in Preston has been booming. This is due to the ever-changing landscape and the new developments in the city. When dealing in the Preston property market, you won’t have to worry about the supply and demand or the average prices and time it takes to sell a property.

Therefore, there is no better time to make the decision to sell flat fast in Preston. Thousands of buyers are looking to buy the property and settle here. In order to fully understand the market, it is imperative that you speak with local estate agents or do your own research.

Current Housing Market Conditions in Preston

According to the statistics, the average house price in Preston in January 2023 was £159,000. Regarding sales volume, data from HM Revenue & Customs suggests that the number of property transactions in Preston has steadily increased since the beginning of 2021. The property market soared even during the COVID-19 pandemic. Preston’s housing market conditions and economy appear relatively stable and resilient. The property prices show modest growth and increased sales activity with a constant supply and demand.

Factors to Consider Before Selling Your Flat

Selling your flat can be a life-changing decision. When deciding to sell your flat in Preston, consider the following factors.

Reason for Selling

First, you must question why you are considering selling your flat. Are you looking to downsize? Are you moving to a different location? Are you looking to cash in on a property investment? It is important to consider your financial goals and how selling your flat fits into those goals. You should proceed only when you think that this decision supports your future goals.

Your Personal Circumstances

Your own personal circumstances will also play a role in your decision. For example, selling may make sense if you struggle to maintain the flat or just inherit one you don’t need. Ultimately, the decision to sell your flat in Preston is a personal one that depends on your own unique circumstances. You should speak with property experts for more information and advice on the best action.

Potential Future Developments

Planning and development in a city have a tremendous impact on property values. If you plan to sell your property when a major development project is due around your locality, it’s better to wait for some time. This will ensure that you get maximum value out of your property. Regarding Preston, the City Council has launched a major regeneration project for the city centre. It aims to create new homes, offices, and leisure facilities and improve public spaces and transport links. 

The project also includes plans for a new cinema, a new market hall, and the transformation of the historic market. There are several transport improvements underway or proposed in Preston. It includes the construction of the Preston Western Distributor road, which will connect the M55 motorway to the A583. Also, the reopening of the disused railway line between Preston and Longridge is proposed.

Financial Ramifications:

If you choose to use a property dealer or estate agent to sell your flat, you must pay estate agent fees for their services. Also, you must pay legal fees to a solicitor to cover the sale’s legal aspects. These include the preparation of contracts and the work involved in transferring ownership. Other costs you might have to bear are removal company fees, purchasing packing materials, and paying for storage if necessary.

Consulting an Expert

It is recommended that you consult a property consultant before taking major decisions. These professionals have extensive local property market knowledge. They can provide insights into the latest market conditions, pricing, and demand. They can also advise you on presenting your property to attract potential buyers in Preston. 

Pros and Cons of Selling Your Flat in Preston Now

Selling your flat in Preston is not an easy task. While focusing on the benefits of selling your flat, many disadvantages may be overlooked. Below, we will discuss the pros and cons of selling your flat in Preston: 

Pros

There is currently a strong demand for flats in Preston. Flats are popular among first-time buyers, young professionals, and those looking to downsize. You can get a good price if your flat is in good condition or a desirable area. Considering the easy access to the motorway network and direct train service to London, Preston is an attractive city for commuters. 

When you own a flat you don’t need, you must keep paying ground rent and service charges. Also, you might have to bear costs related to repairs or refurbishments. By selling your flat, all these costs can be avoided.

Cons

Considering the booming property market in Preston, there has been a significant amount of new flat developments. When selling your flat, you may face increased competition from new builds that offer modern amenities and facilities. If your flat is in poor condition, the buyers might not be interested in buying the property because of the better alternatives. 

The COVID-19 pandemic has significantly impacted the UK housing market, with changes in buyer behaviour, government policy, and economic conditions affecting housing prices. During the pandemic, many people reevaluated their housing needs. With more people shifting to work from home, the demand for larger homes with more outdoor space was created. This led to decreased demand for flats since they had limited space.

Alternatives to Selling Your Flat in Preston

If you have second thoughts about selling your flat in Preston, you can consider renting the property out, making improvements to increase its value, or holding onto it as an investment. Renting your flat can provide a steady income stream, allowing you to hold onto the property and potentially benefit from future price appreciation.

If you no longer need the space or are struggling with the costs of maintaining your current property, you can consider downsizing to a smaller property. This could release equity you can utilise to fund your retirement or other expenses. If you need to access funds for a specific purpose, such as home improvements, you may be able to remortgage your flat to release some of the equity. This would allow you to access the necessary funds while keeping your property.

Conclusion

Following the guidance in this article, you can assess whether your decision to sell the flat in Preston is wise. If you still have doubts, we recommend you consult the best property dealers in your area. They have access to a wide range of marketing channels, including online listings, local newspapers, and property portals, which can help to expose your property to a larger pool of potential buyers. 

Also, they are skilled negotiators who can help you get the best possible price for your flat. They can handle negotiations with potential buyers and help you to navigate any offers or counteroffers. However, it’s worth noting that not all property dealers are the same. Therefore, it’s important to research and choose a reputable and experienced agent with your best interests in mind. Looking to sell your flat fast? Reach out to us and learn how we can help close the deal in just a week.

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