Housing Market Is Back With A Bang
“Housing Market Is Back With A Bang” screamed the headline in The Evening Standard on Monday night. “Knight Frank said last Saturday was its busiest ever for viewings with new buyer registrations in the second week of January almost double the level of 2018 and 2019.” Meanwhile “Rightmove said today that the average asking price rose by 2.1% in the month to January 11th, the biggest monthly jump ever recorded at this time of year”. I could go on, but you get the gist. The news is bullish! Now some will have read the article in the Evening Standard with great disdain. “Of course, they’re bullish, they’re estate agents”, they will think. But, interestingly, these very same people will have read the pessimistic articles the paper was churning out last year and agreed with the bad news and forecasts unquestioningly. But why give more credibility to the pessimistic articles when they were written by exactly the same journalists who are now writing the optimistic ones? I point this out merely to highlight our bias towards giving bad news far more importance and credibility than good news. This is something I have written about on many occasions. Do you think you are immune to falling into the same trap? I know I’m not. I may see through it when it comes to London property, but I have worryingly large blind spots when it comes to investing in equities, etc. Just something to consider, when you are hearing stories about London property. So, is the market really taking off? Well it very much depends on the property. As I wrote two weeks ago, properties that conform to our “Best in Breed” strategy will outperform while average and poor ones will lag significantly. This will not show up in the indices which will only show you the average and are therefore dangerously misleading. An example of this is an apartment in South Kensington that I inspected and recommended to a client last year. It was off-market, but had been priced to sell. We had the option to buy it at the asking price, but my clients decided to buy one of the other opportunities I had found for them. The same property came to the market last week, had multiple bids and is now under offer at well over the guide price – this highlights many things but two of the most important are: 1. You don’t always need to negotiate a price reduction to get a good deal, but you do need to have a clear understanding of valuations. 2. There is much higher demand now especially for the best properties So, how do you find these “Best in Breed” opportunities? Well the short answer is you replicate what we do for our members at Mercury Homesearch. Remember, you have one goal: To acquire your ideal home or investment property for the lowest price or best terms possible. To do this you need to leave no stone unturned. We have our “Dominant Buyer System” which is the process we use to ensure that we find the best opportunities. Most of the steps in the system you can follow yourself, although others you will find hard to replicate, for example we have a network of over 500 contacts for “off-market” properties. But, the sad fact is most people only see a tiny percentage of the properties available, because they only stay in regular contact with 5-10 estate agents, so they invariably miss out on the best opportunities (there are over 230 estate agencies in prime central London). Does this sound like an intelligent way of approaching a £1m+ transaction? So, if you are planning to acquire a property or have clients thinking of buying in London and would like to see all the steps of our Dominant Buyer System, you can request a copy of it by emailing email@example.com or calling 02034578855 (+442034578855 from outside the UK). This is the process we use to ensure that our members have first refusal on the best opportunities. It is also the system we use to spot the numerous opportunities that the average buyer misses; the great properties that are hidden in plain sight, but the typical buyer is blind to because they rely on the websites rather than undertaking the proper due diligence required. And you don’t have to take my word for it. Here is what one of our members says: “My main concern about choosing an expert to help me find a home in London was finding someone who would have my best interests at heart rather than just focussing on the transaction. I undertook a lot of research but they were all ex-estate agents who just wanted to ensure a sale was done to get their commission. However, Mercury Homesearch seemed to have a completely different ethos with the focus very much on protecting their members’ best interests, so we asked them to represent us. Fortunately, they more than lived up to their reputation. From the outset, they fully understood our reservations about the typical London house and didn’t waste our time with unsuitable homes. After a few months, a house that had been on the market for a couple of years became of interest as Mercury were aware that the seller had become more flexible and that it could now be negotiated to a good price which would bring it within our budget. We were keen to progress the negotiations quickly. However, they devised a negotiation strategy which they felt would give us the highest probability of achieving the lowest price possible. This involved moving more slowly than we would have liked but they managed to secure a significant reduction of £500,000 from the asking price which in hindsight we would not have achieved if we had tried to secure the property quickly. This proved that they had our best interests at heart because they could have secured the property quickly at a higher price and received a higher fee. Instead, they had the confidence and professionalism to give us the best advice. In short, they changed what would have been a time-consuming, stressful and expensive process into a highly enjoyable experience and we have acquired our perfect home at a favourable price. I cannot recommend Mercury Homesearch highly enough and you would be making a mistake if you did not have them represent you.” Pete Murphy (Royal Borough of Kensington & Chelsea)
I can provide dozens more testimonials, so please be assured that the system works. So, if you would like to see our Dominant Buyer System, you can request a copy of it by emailing firstname.lastname@example.org or calling 02034578855 (+442034578855 from outside the UK).
Mercury Homesearch Trusted advisers to the world’s most successful families and business people +44 (0) 800 389 4280 www.mercuryhomesearch.com Mercury Homesearch Worlds End Studios 132-134 Lots Road London SW10 0RJ United Kingdom +44 (0) 800 389 4280