The credit crunch has been a mixed blessing for Property Search Agents. Some Clients who are keen to buy, have postponed their London property search as they can’t sell their existing home for an agreeable price. Other Clients who are in a position to buy, are keen to do so, since they feel confident of finding a desirable home at a bargain price. For those wishing to clinch a deal, we’ve all read the usual tips don’t put in an obvious offer; don’t go on about how much you love the house; don’t phone the agent every hour to see if your offer has been accepted, but for some people, finding a property in the first place is proving to be a struggle.
Property Search Agents tend to have very particular Clients, whether they are home-buyers, developers or tenants just looking for a short let. To find them the property they want, Search Agents identify suitable properties and persuade the owners to sell or rent to them, rather than purely relying on the sales or lettings lists of estate agents and trying to shoehorn the properties offered to the Clients requirements. Clearly this approach is time-consuming for Search Agents and requires careful negotiating, but it results in better homes for the Clients, which fit their demands precisely.
Prospective home buyers and tenants are highly unlikely to have the time or inclination to devote the hours of work to track down a London home that Search Agents would. But those going it alone would be well-advised to consider both the sales and rentals list of estate agents they talk to as part of their search. In these times where cash is king, owners of empty property will frequently listen to a well-placed offer, even if it is from a buyer when the property is for rental only and vice versa.
Areas with a glut of property for sale or rent provide opportunities for bargains as demand outstrips supply. Tenants needing a good flat in an area with a great deal of similar property for sale should consider approaching vendors. Similarly, buyers with their heart set on a flat in a new development with a great deal of buy-to-let flats, may just find a vendor desperate to sell but who had given up hope of doing so.
Those who have been watching the market for some time have a clear advantage, knowing which properties have been available on the rental or sales markets for longest and therefore which owners may be most amenable to a low offer, assuming the properties offered are suitable.
Buyers embarking on a London property search at during the winter months should remember that as the days shorten, the property market quietens down for both sales and rentals, so November onwards is a very good time for a low offer as owners know that it may be the last until the Spring. Tenants in particular should be able to make timing a negotiation point. Cheeky buyers could suggest that prices are likely to be lower post-Christmas which might persuade a reluctant vendor. Another tactic is to sign a promissory agreement, agreeing not to gazunder on exchange day if the vendor agrees a lower purchase price now.
Whether renting or buying, this is one of the best times of year to embark on a London property search, if a bargain is required. If you have particular requirements, find properties which fit them rather than changing your demands to those homes which are definitely available. And if you don’t have time to do that and feel you would benefit from a bespoke search consider using a London Property Search Agent.
Rich Sale (Richard S Sale) for London based Property Search Agents Manse & Garret Property Search.
Visit London Property Search Agents for further information.
Or visit their blog at Manse and Garret Property Search
[tags]London Property search agents, Property search, real estate agents[/tags]
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