BUY
Managing Partner at the independent London buying agency Black
Brick Property Solutions
Q.I’ve heard that the market is beginning to turn in the buyer’s favour. Is this true and if so, how should I take advantage of it?
A.The prime central London market is certainly not turning in the buyers’ favour at the moment. Our experience is that there are too many buyers chasing too few properties. And in many cases, competitive bidding is rife. But outside of this market there are fewer foreign buyers pushing up the prices and properties are taking longer to sell. But be warned, credit is still relatively hard to obtain. Unless you have a large deposit, of course.
Q.I have seen a property in central London I want. But I’ve been told that it would be better to wait until the holiday season because vendors will be more flexible in the quieter period. Should I wait, and if so, how should I present my offer?
A.I wouldn’t wait to make an offer if you have found the property that you want. There are too many buyers at the moment and the sooner you can get the deal agreed the better. On the contrary, the holiday period attracts more people to the area and more competition. When making an offer, you should have your financing and solicitor already in place in order to act as quickly as possible.