The central London residential sales sector continues to remain short of stock and buyers are often having to compromise in order to successfully achieve their objectives. The Marylebone office, in which I am based, has had an unprecedented first quarter, having sold a variety of properties, mostly in under three viewings, since astute buyers know that they have to be decisive in order to avoid disappointment.
Current conditions are what is commonly referred to as a sellers’ market with vendors often being fortunate enough to have a number of competing offers from buyers. Clearly, this translates into price growth and, since interest rates continue to be historically low, vendors are understandably often unmotivated to sell strengthening assets.
The message to buyers is that you will need to be flexible in order to buy in today’s climate and also, more importantly, you will need to act quickly once you have found a property to your liking. The shortness in supply means that there is generally a greater risk of being gazumped by another buyer after an offer has been accepted and this risk can be mitigated by appointing a competent solicitor to handle the conveyancing process.
Vendors on the other hand may feel that the time is right to take profits and it is always best to sell into a strengthening market since market conditions may change in the future.
Neil Cheney | Marylebone Branch Manager
Featured Image Attribution: Kathleen Tyler Conklin