Do your research, look for quality and pitch your offer at the right level reports The Times.
Senior Buying Consultant Thea Carroll is quoted saying: “Property is a politicised, popular and highly prevalent topic at meal times — which has everyone falling into the trap of thinking they’re property experts.” So if you are after a bargain, she recommends doing your research before diving in.
Snapping up a property just for the sake of it being 5/10% under its original asking or 15/20% under its 2014/2015 value doesn’t necessarily mean you’ve got yourself a good deal. You need an expert to assess the opportunity as though it were an investment, as whether or not you’re buying as an end-user or investor, neither party want to have less money at the end of the process than they started with, which by definition is an investment. A professional will assess the quality of the property, potential for capital appreciation, potential rental yield, its genuine value, the surrounding area’s value in comparison to it, they’ll use market analysis of the area overlaid with the type of architecture to figure out how well it could do in a stronger market and they’ll do all of this to establish your objective negotiation position. This is so that when they do make that call to agent, not only is taken seriously, but due to the fact that it’s a B2B conversation, both sides know they’ve come prepared. Then it’s up to quality of buying agent to perform and achieve the best deal for their client, which will happen as they represent their interests.
In London a home with a price cut sells after 34 days on average, compared with 69 days without a reduction, according to Hamptons. In northwest England it’s 24 days compared with 84.
Separate figures illustrate the growing number of cut-price deals, particularly in the southeast. The percentage of sales above asking price in 2018 has dropped to 14 per cent in London from 20 per cent a year earlier — the lowest figure in the UK.
Read the full article here: https://www.thetimes.co.uk/edition/bricks-mortar/how-to-negotiate-a-brexit-property-bargain-dj5gvlgq8