We never take our foot of the pedal here in Central London. We continue to work hard for our clients right up to Christmas but I always keep in the back of my mind that November is the last month without an interruption.
We never take our foot of the pedal here in Central London. We continue to work hard for our clients right up to Christmas but I always keep in the back of my mind that November is the last month without an interruption. It is therefore a great time to wrap up deals, chase exchanges and cue up the stock that will be presented to the market early next year before the inevitable December distractions.
There is no doubt that the market is more subdued than it was at this time last year and there has not been much in the way of November Fireworks here. The more onerous stamp duty regime coupled with the strong British Pound and high capital values are dampening oversees enthusiasm. There has also been a conspicuous lack of a post-election bounce. There is good domestic demand about 10% to 20% below these current levels and this brings into focus the disconnect between (some) vendors’ or developers’ expectations and buyers’ more cautious approach.
In the good old days (i.e. a year or so ago) a strong incentive to buy was the fact that the property that interested you may well be snapped up by someone else and that the next one will be more expensive. Today, without that certainty of a rising market, buyers are more selective and more cautious. They are happier to let properties go in the belief that there will be similar or better ones along in due course and that prices will not be any higher.
In demand at the moment are well presented properties with few issues or properties with potential. I never tire of saying that they must be properly priced. Registered applicants are thin on the ground, but we know that buyers are out there and the asking price is a vital marketing tool to get them to click the button on their keyboard that sends us the message that asks us to contact them to discuss and view the property. Get the pricing wrong and that keyboard button is never hit. Your launch will go off like a damp squib rather than the promised mass firework display.
Equally important as the right asking price is the right agent. Our sales teams in Central London have seen this all before and there is no substitute for our depth of experience, local knowledge and thorough grasp of the market conditions when it comes to choosing who to handle the sale of your asset.
If you are wondering what the state of play is at the moment and want to discuss the market or your property, please do call us. No bonfires, no lighting the blue touch paper and retiring, just good advice.
0207 405 1288