Property viewing rules are rapidly changing in Central London prime areas such as Regent's Park.
May 23, 2014 (Newswire) - The property market in Central London is moving at its fastest rate for many years, say Sandfords Regent's Park estate agents. While trying to find the right property in prime Central London is half the battle, the timeframe between identifying a house or flat for sale in Regent's Park with potential and making an offer is now a crucial period.
A new set of viewing rules
Andrews Ellinas - Managing Director of Regent's Park estate agents Sandfords - says that new rules and viewing etiquette is developing as a result of exceptional demand for property for sale in Regent's Park: "Faltering worldwide markets, a positive set of forecast figures for UK growth and the historic performance of prime London property means houses and flats for sale in Regent's Park have an automatic and eager audience. It's a unique situation, with many overseas buyers snapping up homes without even viewing what's on offer. The safe-haven status of London property is at its peak, so buyers need to be aware of the speed at which transactions move from the time a property is listed as available to an offer being accepted. Gone are the days when a potential purchaser could go home and 'mull it over' for a week or two."
For those based in London and able to view property in person, conducting the perfect viewing could give buyers the edge in a competitive market. Here's some advice from Sandfords property experts.
Ask the right questions - although any reputable estate agent will have prepared an exacting set of particulars, meeting a vendor in person is a good way of establishing a relationship and perhaps earmarking yourself as a 'preferred' buyer. "Building a rapport with the seller is advantageous when you consider there might be five potential buyers in an equally strong position," comments Ellinas. "Asking questions like what the seller most likes about their property and what they're particularly proud off will get the conversation flowing."
Disclose the right information - cash buyers should make it clear to the vendor that they are mortgage free and therefore in a position to move with greater speed. Those buying with a mortgage should have an offer agreed in principle and should share this information with the seller. "Today's sellers want a reliable buyer whose finances are in order. As a Regent's Park estate agent representing many properties for sale in Regent's Park, we do advise all vendors on the financial position of potential buyers. However, reinforcing any advantages during viewings can only help," adds Ellinas.
View more than once but do it quickly - in normal circumstances, viewing a property more than once is desirable but considering today's conditions, completing two viewings in quick succession can be advantageous - it lets the seller know that buying intentions are genuine and that interest in the property is strong. Ellinas says that a second viewing presents purchasers with a chance to cement the seller/buyer relationship, as well as giving them the opportunity to ask more detailed questions: "Property for sale in Regent's Park won't be short of attention but sellers know that a speedy transaction relies on a committed buyer. If purchasers are certain they will make an offer, booking a second viewing gets negotiations off to a positive start."
Be decisive in your decision - it's fair that many people will have made up their mind about a house of flat for sale in Regent's Park within seconds of walking through the front door. With competition from multiple buyers from across the globe, it pays to make any buying intentions clear at the earliest opportunity. "Cash buyers who are prepared to make offers without even conducting a viewing are on the rise so there's not much time to pause for thought," says Ellinas. "If you love the property and can see yourself living there, ask your estate agent to make an offer on your behalf as soon as possible - that may mean the same day as you conduct a viewing. If there's any shred of doubt, then it's probably not the right property."