Sell our rented flat in London now or wait until the spring?

[sloaneytiger]

Hi, we own a flat that we rent out in chelsea & south ken borough and have been assured by 3 estate agents that the market is now at a severe case of over demand and under supply. Consequently all 3 valuations have come in consistently at the same level and much higher than even valuations we had done in 2007 when supposedly this was the peak! Our tenants have a right to stay there until May 2010 as we have a fixed contract with them. According to our lease we cant make the tenants give access to the property until end of March 2010, unless of course we take the bull by the horns and ask the tenants if they would agree to letting people view the property with a view to us selling it now. I would like advice on that and Im in a real dilemma as to whether jump on the bandwagon now and get in there whilst there are still so few properties for sale and sell now or wait until spring 2010 as supposedly spring is the right time each year to sell, even though the estate agents dont predict this house price spurt to last ?? selling next spring would suit our tenants better but if we dont test the market now how will we ever know if we can really achieve the high price that we are being quoted for our flat? hope to get some advice. thanks

[rapidspeed]

Certainly there is a undersupply of prime properties in London. Only you are fully aware of your situation, but if you need to sell the property now, then why don't you ask the tenants if they would be prepared to let people view the property now.

No one can predict the future and although agents may say spring time is the best time to sell, they are probably right, no one can predict future house prices accurately apart from God. We can guess but how do we not know that house prices wont go off a cliff in February!

I would politely ask the tenants if they would agree to this and think of something nice to offer them. A rental discount perhaps? A chandelier? Use you imagination if you know your tenants. If you don't know them then speak to the letting agent who found them and ask.