A summary of the summer market from the perspective of a buying agent
Private Property Search, independent buying arm of national estate agent Strutt & Parker, has seen a record summer of client purchases. Purchases of property varying from principle homes in East Anglia to blocks of arable land on the South Coast have completed while distractions to the market by the Brexit vote and major political changes did not sway their clients desire or ability to proceed. Jessica Simpson, Head of PPS and specialising in Country Estates says ‘Buyers come to PPS for professional advice, on both what to buy and crucially when to buy. This summer we have found our clients relied upon sound market knowledge and sought us out as professionals experienced in complex negotiations more than ever. For our clients, this has been a very good summer to buy in, both in regard to price and lack of competition from other buyers.’ Jessica went on to say ‘No transaction has been straight forward as both clients and sellers have been understandably cautious, however by going beyond the standard purchase process by enabling clients to have access to all information they seek, we have been able to move the transaction forward without elevated risks – negotiating further reductions if appropriate’.
Prices exchanged on have averaged 8% below the asking price of openly marketed property, with some private acquisitions being agreed with great variances.
After initially very cautious forecasts, the property market has proved to be more resilient than many first thought. PPS comment that ‘This autumn’s market follows several years of increasing asking prices without necessarily having evidence of successful sales, selling agents and vendors are proving to be more realistic and seriously consider purchasers who can proceed with their offer. Having a buying agent has been proven to give buyers the edge as it assures a vendor that they are well informed and correctly advised throughout the purchase process.’