My clients, a successful English businessman and his family, wanted a pied-a-terre within ten minutes’ walk of Sloane Square. Two bedrooms would be acceptable but the ideal is three bedrooms.
While they knew the area well as they had spent a lot of time there over the years, his main concerns were:
- He knew he wouldn’t have access to all the properties available
- He didn’t know what would represent a good opportunity
- He was unsure of valuations
- He knew there was lots of choice but very little actually worth considering. He didn’t want to have his time wasted by the agents, who would show him lots of average or poor properties
- He wanted someone to negotiate on his behalf despite being used to handling negotiations in his businesses.
The mood in the property and stock markets has been nervous, to say the least, due to Labour’s tax policies, Trump’s tariffs, etc. and I asked him what his thoughts were on all of this.
He simply said: “It’s impossible to know what will happen. All I know is that whatever I do will have absolutely no effect on the markets”.
In short, he was planning to buy at a level that is comfortable for him, the flat will give the family a lot of enjoyment and he will be holding it for the long term.
The key as ever was to remain patient and selective until the right opportunity appeared. As it happens, the property we acquired had been on the market for several months and I had been monitoring it, because the price was too high but the property was ideal:
It had three bedrooms, a very sunny terrace, it’s in good condition and there was the possibility of adding an additional bathroom in some spare “airspace”. It was also just five minutes’ walk to Sloane Square in a quiet and pretty street.
Over the months that I was inspecting properties for them, nothing better became available in terms of the property itself, so we bided our time until it became appropriate to make an offer (this is why it is vital to speak to the agents on a weekly basis to understand when sellers become more motivated. You will never get this information by staring at a website).
Ultimately, we acquired the flat for 22% less than the original asking price and 5% less than the seller bought the unmodernised property for, i.e. before he did the refurbishment.
So, my client and his family simply took the view that we had found the right property at the right price, so why wait?
To see photos of the flat, simply click here.
And if you would like to acquire a property in London but are:
- Frustrated that you can’t find the right opportunity
- Worried about making an expensive mistake
- Concerned that you can’t negotiate a good price
- Simply confused by all the conflicting stories in the press
would it be a waste of time to request a complimentary 17 minute Strategy Session with me, where I will analyse your property plans and show you the mistakes you must avoid, so that you avoid becoming an “estate agent victim” and make an astute purchase instead?
If you are open to reserving one of the two remaining free Strategy Sessions for July, simply email me at jeremy@mercuryhomesearch.com or call 02034578855 (+442034578855 from outside the UK).
