Shop Property-How to Ensure Valuations Reflect a Fair Sale Price
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If you are putting your shop property up for sale, you will want to know what the fair market value is in today's troubled market. To do so, you need to be aware of the position of buyers in the market, right now - are they piling into a market on the cusp of a rise, or are they skirting warily around a potential pit of a slump?
There are also many reasons for you to be selling your shop property. Maybe you need a change in lifestyle, either planned due to retirement, or due to an unexpected need to cut down on your work load, because of ill health. You may be worried about the future prices for your shop property, and so wanting to sell to realise any gains made over the years. Quite commonly now, many owners are under pressure from their banks, who are becoming stricter in enforcing the terms of their loans, and threatening foreclosure. There is a total lack of confidence in the economy and the continuing decline of retailing in the UK is denting commercial property values of shops.
Whatever the reason, the price you will get for your shop property must have a bearing. But from the point of view of buyers, the performance of the retail property market, which includes shops like yours, has been pretty dire, over the last few years. Many purchasers of shop property have been hit hard by the wild swings of the commercial property scene, as property boomed and then bust spectacularly. We may be at a turning point, but can the half hearted recovery earlier in the year be sustained?
Unfortunately, it doesn't look that way - it does look like buyers are pulling back again, as rental incomes remain low, and banks pressure them over their loans. The trade body for insolvency practitioners recently revealed that the property industry has recorded the highest number of insolvencies during this recession, higher than any other industry. Furthermore, IPD have just published figures to show that retail vacancies have risen from 7.6% in 2005 to 13.3% in 2010 (this figure is thought to be higher as many retailers today are occupying shops on a temporary basis).
With worries looming about a return to recession, the much discussed double dip, and with investors staying away, shops property prices could see further falls over the medium term. So it could be that you need to get on with the valuation of your shop property, before prices drop. But who will you take on to value your shop property? You could ask a commercial estate agent, but then you risk a slow and expensive sale.
A far more attractive option may be to get direct buyer SellMyCommercialProperty to do the valuation for you.
We are an investment company with a dedicated team of professional valuers, who operate nationwide. We can make an initial assessment of your shop property within 48 hours. SellMyCommercialProperty don't charge fees, and if the price looks good to you, we can buy your shop fast. We have substantial funds to put into shop property, so the sale will be a quick process - no middle men, no fees, and no hassle.
So get in touch with us at SellMyCommercialProperty now, and we can help you get hold of the value locked up in your shop property faster than you think.
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