Options for different types of property within London may seem endless and, at times, somewhat daunting for those looking to purchase. Beginning a property search with a succinct priority list is a necessity and quickly clarifies what is realistically available in a competitive market.
THE SKY’S THE LIMIT
Having lived in a ground floor apartment for many years, the client’s main priority was to move in to a brighter top-floor living space. At the request that the new property also be a period conversion with a roof terrace, we looked to turn the dream in to a London reality. Location also ranked high on the list of priorities; with the client enjoying morning dog walks in Kensington Gardens which was currently in close proximity to their home, it was requested that the new property remain within a similar distance. Alongside these factors, others included remaining within particular parking zone parameters and, of course, the building had to allow dogs.
The rapid increase in property values, together with the high demand for so few properties in London at the time of the search, especially those that boasted a terrace, meant Garrington were faced with a significant challenge. Utilising excellent local networks and connections with estate agents, Garrington previewed suitable properties to fit the client’s criteria. Having found a property which ‘ticked the boxes’ quite early in the search, Garrington asked the selling agent to keep them informed of activity on the property as it was priced significantly over budget. Arranging an accompanied tour for the shortlisted properties that aligned with the search brief, it became apparent quite swiftly that further in-depth discussions were needed with the client to correctly manage expectations on location options and the significant features they desired. Refining the search meant very few properties suited the specific requirements, especially in such a competitive market.
Having ensured the communication was frequent between Garrington and the selling agent, as soon as the vendor agreed to reduce the price by £100,000 the agent advised Garrington. Through an efficient relationship with the local selling agent, Garrington ensured that the client saw the property that day, before any other buyer became aware of the new and attractive asking price.
Securing the property for the client, after a successful viewing, was the next stage. In what many considered a sellers’ market, Garrington used their expertise in negotiation to secure a further £50,000 discount on the property. Accepting the offer on second-consideration, Garrington then ensured the property was retracted from the market, viewings were stopped and the property was no longer marketed through any means. Alongside the £150,000 reduction in sale price, the client also received several fixtures and fittings within the negotiation. Utilising experience within the industry, Garrington guaranteed the client calmly and logically purchased a property that fulfilled all of their requirements at a fair price, within what could have been considered a frenzied buying environment within the market at that time.
Always working closely with and listening to clients desires, one critical element for ensuring a successful outcome is Garrington’s continued strong relationships with Estate Agents. Presenting the subsequent opportunity to secure the property ahead of an unrepresented buyer, Garrington have their ‘ear to the ground’ on local property market movements.