Help! Panic! Head for the lifeboats! Prices in prime central London property prices are falling. In January “Values in Westminster slid 8.3pc, while those in Kensington dropped 6.9pc”. this was the message I received today in an email linking to a report on the housing market.
As it happens, these figures are based on asking prices so are questionable at best. The director for the website in question was then quoted saying: “The average asking price of property coming to market is having a pause after a pretty hectic year of heady rises…It’s traditionally a quieter time of year…London needs more properties for sale to lessen upward price pressure.”
Err, surely that statement and the “facts” he was providing completely contradict each other? Unfortunately this is not atypical but it does highlight the importance of asking the right questions. Ultimately, you are interested in one thing: acquiring your ideal home or investment on the best terms possible. Therefore you are only interested in the properties you see that you like. I know this sounds rather basic but bear with me.
So good questions to ask the agents are:
1. How many viewings have you done on this property?
2. How many buyers have you looking in this price range?
3. How many offers have you received?
4. What comparable properties have sold in this area recently?
Now this is just the tip of the iceberg when it come to the information you should gather. Nevertheless just asking these four questions will provide you with much more useful information than 50 pages of statistics on what is currently happening in prime central London.
As always, if you need any other buying advice or assistance with a purchase, contact Property Finders London as we’ll be pleased to help you in anyway.