What can potential purchasers do to find those elusive properties? All the best houses can be found on Rightmove, right? Well, actually no and anyone who relies on the main property portal websites will be missing out. Recently one of our members said that over the 6 months, 68% of their houses over £1.2m sold without coming to the market. 1) Organise your affairs so you can proceed quickly, this may include selling your property, putting finances, mortgages, bridging loans in order and choosing a solicitor. 2) Ensure that the agents know you. It is important to identify those agents, and get to know them, who sell the type of property and in the geographical area you are looking. If an agent knows you are serious, ready to move and understands exactly your requirements, you are more likely to be first in through the door on new listings. An increasing number of vendors do not want their property to be marketed publically and unless the agent knows you, you will miss out on these properties. A good local established agent will also know of properties which would suit you and can approach the owner on your behalf to see if they would consider selling. 3) Use a buying agent. Purchasers can easily forget that Estate Agents and the portals property sites are acting for the vendor, not the buyer. The price of a property is determined partly from advice by the agent and sometimes with the wishes of the vendor taken into consideration. Whilst most buyers pick up a good feel for what a property is worth, by comparing properties they have viewed or using comparative £ per sq. ft, quite often they are left in the dark and simply make an offer based on what they can afford and the asking price. It is actually a very imperfect market. Britain is fairly unique, in that, the vast majority of property sales only have an agent on one side. Whilst it is slowly changing, more potential buyers should employ a buying agent. They can help to bring clarity to a confusing market. Finding a property can be time-consuming, complex, and challenging. Their knowledge of the market conditions and local areas can ensure you aren’t paying above the odds and justify their fee many times over. Quite often local buying agents are invited to view properties before coming to market and regularly secure the property for a client off market. 4) Consider writing letters to the owners of properties in the area you looking. This tends to have a better response in the urban areas. Contact the owners of any suitable local Airbnb’s. It works quiet well for lettings but it did also work for a couple I spoke to recently.
The residential property market has so far defied the laws of gravity and a remarkable level of confidence remains however the performance of the housing market is inextricably linked to the health of the wider economy. We cannot predict the full impact of the war in Ukraine on top of Brexit and the Pandemic. Some potential buyers will be dealing with the prospect of higher interest rates, although this will have minimal effect on the almost 9 million homeowners who are mortgage free and those with fixed rates. Higher costs of living will affect everyone to a greater or lesser degree. Some have been fortunate enough during Covid to put some money aside but others are already struggling. The Government needs to help more of those who have to choose between food or heat. With affordability metrics already stretched, these factors combined with an increase in supply could lead to a gradual slowdown in the house price inflation over the next year. This would create a more normal balanced market and be welcomed by all of us. Bob Bickersteth The London Office has acted on behalf of high calibre Chartered Surveyors and Estate Agents for over 29 years. Our role is to provide our members with an extra dimension to the services they offer. This enables their clients to receive the best local expertise, supported by national and international marketing. Operating from our central London office in St James’s, we are in a strong position to provide advice to prospective purchasers or vendors. Our large prominent window displays, show properties throughout the regions and act as a magnet to passers-by who stop and browse. We have successfully introduced buyers to some of these featured properties. Whether you are looking to buy, considering selling, contemplating renting or simply requiring general property advice we would be delighted to help. We hope you will enjoy the selection of properties from our members on the following pages.
What is going to happen? The UK’s inflation rate reached in 6.2% in February and the indications from the Bank of England is that this could rise further to 10% later in the year putting further pressure on people’s finances. As part of trying to keep prices in check, The Bank of England has raised the official bank rate to 1.00% increasing the cost of borrowing. Rising interest rates have begun to push up the cost of mortgage finance but debt servicing remains low in a historic context.
The London Office 40 St James’s Place, London SW1A 1NS T: 020 7839 0888 E: bob@tlo.co.uk www.thelondonoffice.co.uk
