I am not always sure at which stage the one thing becomes the other. People buy a house but fill it with famly, friends, flat-mates and belongings and in time it becomes a home. In the West End this is much more likely to be a flat than a house but the principle remains the same.
In our neighbourhood investment and growth potential usually play a major role and there has always been a strong interest in getting value and making a few pounds upon eventual resale. We agents understand this and it is usually easier to make a sale in a gently rising market which gives buyers that extra bit of confidence.
However, we now find ourselves in a period where prices are no longer rising. The figures suggest that achievable prices in our patch are off their peak somewhere between 10% and 15% depending on a whole range of factors. Transaction numbers are also off by about 40% across the WC1, WC2 and most W1 postcodes when you compare 2016 with 2015.
Without this hook of a guaranteed increase in value together with the higher tax costs of transaction, the pure investors have been looking elsewhere. The needs-driven buyer, who is more likely looking for something for themselves or their family will be attracted to a property that ‘feels’ good. And that includes the building, common parts, outlook and how the flat is presented. They not just looking for a square footage in a given location at a certain price or yield, they are looking for a home and are prepared to pass on properties that do not make the grade.
There is still an active market out there and the quality of the buyers is good. The preparation you can do, information you gather and the intelligence of your pricing will make the difference between a successful sale and no sale. We can help on all these points. I and my co-directors in the Sales Department have all been in this office for a minimum of 16 years. No other West End Agent can match this level of experience.
If you would like to tap into this deep well of market knowledge and discuss any aspect of selling or buying in this uncertain market, please do get in touch.
0207 240 3322