The Bayswater property market in 2015 has been surprisingly busy thus far. We have seen a great willingness amongst buyers to register with us, see properties and make offers at acceptable levels. This is quite unusual as the property market traditionally builds up gradually over the winter months with the first few months of the year taking a little time to get going. This activity has encouraged vendors that we’ve been keeping in touch with to bring their properties to the market.
Because the last six months of 2014 had been widely reported to have ‘cooled off’ vendors have quite rightly had to be encouraged to bring their property to the market now. But where vendors have made the decision we have been largely able to prove them right. To give a few examples. We recently met with the owner of a 3 bedroom flat on Gloucester Terrace. He had valuations ranging from £870,000 to £1,100,000. We agreed to go to market at £950,000. We’ve now had multiple offers (8 actually) and it is under offer well above the asking price. Here the vendor listened to our advice on pricing correctly for the current market and the result speaks for itself.
In another case: there were two buyers bidding for what has previously been voted the Worlds Coolest Small Apartment in 2007. It is an ingenious first floor “loft studio” apartment designed with flair and imagination and located on a beautiful garden square in W2. We asked for a best and final offer from both parties in order for the vendor to make a decision as to which buyer to sell to. The property is now under offer in excess of the asking price.
In April last year I met the owner of two bedroom flat on Hyde Park Place. We discussed the market and values. The owner called me back last week to instruct us and we agreed on an asking price of £600,000. The flat is now under offer at this price.
For a final example. We have just taken on a one bedroom flat in Carroll House on Craven Terrace. The response has been good with a lot of buyers booking in to view it. An offer has already come in. We will see how this progresses.
These are all examples of properties that have come to the market with an asking price based on our advice. As is always the case a property priced correctly for the current market will sell! It is the job of a good agent to know where the market is and give a vendor the correct advice on pricing for the market. The General Election looming in May and ongoing mixed messages over the likely impact of proposed ‘Mansion Taxes’ are reasons enough for many, both buyers and sellers, to hold off making a decision. But we all need somewhere to live and for most of us there are only two choices – to rent or to buy. Now is as good a time as any to buy so if you are considering it, do give us a call to talk through your options.
Associate Director – Sales, Notting Hill & Bayswater
23 February 2015