Amidst considerable global uncertainty, and in anticipation of a domestic general election, we have noticed a trend emerge at the upper end of the central London market whereby buyers are seeking comfort from the herd before bidding for even the best homes.
We have been struck in recent months by how many properties have been available for sale for far longer than usual, only to then trade fast and competitively in a ‘best bids’ process once the first mover kicks off the proceedings! There is no particular pattern when it comes to the property type – we can think of examples large and small, in varying states of modernisation and in and amongst all the prime central neighbourhoods in North, West and South-West London. However, what does unite our examples is an initial reticence amongst buyers to take the plunge (with much circling and posturing for weeks on end) only to then leap straight into a frenzied bidding process as soon as the first contender raises their head above the parapet.
Sometimes, it is just a simple case of a property being overpriced and, once an adjustment is made, it has the rapid effect of encouraging circling buyers to come forward, bringing interest to a head. However, often the price itself is not the stumbling block – rather the simple need for peer-group validation. Indeed, there are plenty of recent examples where the final purchase price has been in excess of the original asking price, it just took strength in numbers and competitive bidding to establish market appetite.
A ’safety in numbers’ approach has its merits in many circumstances, and in these times of uncertainty, social proofing can be the comfort-blanket needed to trigger a whole host of decisions. However, for our buyers, there’s no need to stand diffidently in the wings and risk losing your dream property. The team’s knowledge, experience and intuition affords our clients the certainty to act, irrespective of the behaviour of other stakeholders to a transaction. Whilst we cannot influence the ebb and flow of the political, economic and social landscape, we can be absolutely confident when advising on the attributes and value of best-in-class homes in London.
A well-advised buyer shouldn’t need to wait for others to step forward and risk undermining their own position – potentially paying more than they need to, or worse, missing out completely.
Please do contact the team if you are seeking to disengage from the herd but uncertain how to navigate values and current market dynamics.
With warmest wishes,
…..and the RFR Team X
Amidst considerable global uncertainty, and in anticipation of a domestic general election, we have noticed a trend emerge at the upper end of the central London market whereby buyers are seeking comfort from the herd before bidding for even the best homes.
We have been struck in recent months by how many properties have been available for sale for far longer than usual, only to then trade fast and competitively in a ‘best bids’ process once the first mover kicks off the proceedings! There is no particular pattern when it comes to the property type – we can think of examples large and small, in varying states of modernisation and in and amongst all the prime central neighbourhoods in North, West and South-West London. However, what does unite our examples is an initial reticence amongst buyers to take the plunge (with much circling and posturing for weeks on end) only to then leap straight into a frenzied bidding process as soon as the first contender raises their head above the parapet.
Sometimes, it is just a simple case of a property being overpriced and, once an adjustment is made, it has the rapid effect of encouraging circling buyers to come forward, bringing interest to a head. However, often the price itself is not the stumbling block – rather the simple need for peer-group validation. Indeed, there are plenty of recent examples where the final purchase price has been in excess of the original asking price, it just took strength in numbers and competitive bidding to establish market appetite.
A ’safety in numbers’ approach has its merits in many circumstances, and in these times of uncertainty, social proofing can be the comfort-blanket needed to trigger a whole host of decisions. However, for our buyers, there’s no need to stand diffidently in the wings and risk losing your dream property. The team’s knowledge, experience and intuition affords our clients the certainty to act, irrespective of the behaviour of other stakeholders to a transaction. Whilst we cannot influence the ebb and flow of the political, economic and social landscape, we can be absolutely confident when advising on the attributes and value of best-in-class homes in London.
A well-advised buyer shouldn’t need to wait for others to step forward and risk undermining their own position – potentially paying more than they need to, or worse, missing out completely.
Please do contact the team if you are seeking to disengage from the herd but uncertain how to navigate values and current market dynamics.
With warmest wishes,
…..and the RFR Team X
