Sell your empty property

What is it worth?

Many vacant properties in poor condition are worth more than their owners think. Prior to attempting to sell your property or obtaining a valuation it is useful to get an idea of the value of properties in the street.


Actual sale prices from the web

The price at which properties with a given postcode have been sold for, over the last 10 years or so, can be obtained from websites such as home track.

The selling price for each property is given together with the date of sale. Each price can be converted to its present day value by using the house price calculator on the Nationwide Building Society's website.

The present day value of several properties can then be averaged. It is important that the properties which you use are of a similar size and condition to the one which you intend to sell. Where major renovation works are necessary to your property the cost of these should be deducted from the average present-day value of typical properties of a similar size in the street.


Options for selling your property

• Private sale
• Through an estate agent
• At a property auction

Private sale

The option of advertising and arranging the sale without the use of an estate agent is becoming more common. However this requires more time and organisation on the part of the seller. In addition costs can mount up if the property is not sold quickly as the majority of buyers still tend to look for properties through estate agents and their websites.


Through an Estate Agent

This is the most popular way of selling properties. Details of local estate agents can be found through telephone directories, Yellow Pages and the web. The Royal Institution of Chartered Surveyors (RICS) website provides details of agents who are qualified chartered surveyors.

They also provide a useful guide entitled 'selling your home'.

It pays to shop around between different estate agents to compare their recommended selling price and commission rates.


At a property auction

The main advantages of selling through a property auction are that it is more suitable for unique or difficult to sell properties or where a quick sale is wanted. Often builders and developers attend auctions looking for run down or dilapidated properties suitable for renovation or conversion.

The disadvantages of auctions are: Auctioneer's costs will normally be incurred whether or not you sell the property. There is no guarantee that a bid will be made which is above your reserve price. All the documentation needs to be prepared prior to the auction. You have to pay for your solicitor to attend the auction to deal with the legal formalities. Completion of the sale usually has to take place within 20 working days. The fees for auctioneers are normally higher than those of an estate agent.

Again the Royal Institution of Chartered Surveyors (RICS) website provides a useful guide to property auctions.

Websites such as 'Property Auction Action' give details of many property auctioneers.

The main local property auctioneer which holds regular auctions in East London is Strettons. Visit the Strettons website here. However the Council does not recommend any particular estate agent or auctioneer.