About Us

Market Updates

October Market Update

Posted: October 2015

****************

October has been a busy month across our buying, rental and property management divisions, plus we’ve had a lot of press coverage including quotes in The Evening Standard, The Daily Mail and The Sunday Times.

We’re also excited to announce the appointment of Oli Russell as the latest addition to our award winning buying team. Please see below for more information about Oli’s background and the expertise he brings across re-sale properties, new build developments and auctions.

With best wishes,

The SP Property Team
T: +44 (0)20 7244 4485

Transaction of the month: £2.8m property secured against competition of another buying agent

We have just exchanged on a superb duplex flat with direct access to exclusive gardens in Chelsea. We bought the property for a repeat client of ours who has used our buying and rental services three times now. We were in a bidding war for the property against another buying agent.

We advised our client to increase their offer to just above the asking price and, because we had bought through the selling agent previously, we managed to agree the purchase without the other buyer (who was represented by a competing buying agent) being given the opportunity to match our offer. This is a great example of how using a well-known buying agent adds credibility and a competitive advantage.

If we hadn’t been involved, our client would almost certainly have needed to enter a bidding war and paid above the price we secured for them.

One more month of activity left

The sales market is still very active and in the past few days we have seen a steady stream of some great properties being quietly offered to us or being instructed formally on the open market.

We expect another month of activity before the Christmas lull and we’ve signed up a number of new clients in the past week who are keen to make the most of this.

Oli Russell joins the SP buying team

We’re thrilled to welcome Oli Russell to our award winning buying team. Oli has spent 5 years successfully leading and developing an in-house property acquisition service for a top 25 City law firm.

His property career in central London spans 10 years and he worked for one of the leading international estate agencies before moving into buying advisory. As Head of Property Acquisitions in his former role, Oli advised clients buying for themselves or as investments across re-sale properties, new build developments and auctions.

Read more about Oli’s profile…

Chains – patience is a virtue

From Jo’s weekly Metro column:

Q: I’ve agreed a purchase but I’m waiting for my seller to find somewhere else to buy, how long should I wait around?

A: Chains are quite common and they occur when your seller needs to find an onward purchase, while also tying in the sale of their current home.

In terms of how long you should wait for the seller to move on, this can be a case of ‘how long is a piece of string’. For example, your seller may find a property to buy, but his seller also needs to find a property. The chain can get longer and longer, with more solicitors, mortgage brokers, surveyors and so on all playing their different parts. I’ve managed many chains over the years.

In terms of how long you should wait for the seller to move on, this can be a case of ‘how long is a piece of string’. For example, your seller may find a property to buy, but his seller also needs to find a property. The chain gets longer and longer, with more solicitors, mortgage brokers, surveyors and so on all playing their different parts. I’ve managed many chains over the years – the longest was 11 buyers and sellers in total! It requires meticulous overseeing of every sale and purchase in the chain and good communication between all parties. So, if you do get caught in this scenario, I would suggest bearing this in mind when your buying process eventually gets under way and once your seller does find somewhere.

If you are prepared to wait around for your seller, I would recommend you stay in close contact with the estate agent to receive regular updates on the seller’s progress. I am managing a chain at the moment and we get an update every Monday on how many viewings the seller undertook and any offers they’ve made.

However, being in a chain can be quite a delicate situation. You want to maintain a good enough relationship with the seller and show some understanding, but equally it’s possible to get to a point where you’ve waited for long enough and you make an ultimatum to the seller; either he can go into rented accommodation and not tie the sale into a chain, or refuse to be pressured and you move on. If you’re going to go down that route, you might want to find a replacement property before you start making demands.