It’s always a busy month for our consultants as parents settle their children into a new school or return for the start of another academic year, and things were no different this time round – despite the ongoing market uncertainty. We completed eight deals during the four-week period, half of which were off-market.
Negotiating with a vendor when they’re not on the open market is notoriously tricky, but we shaved an average of 5% off the guide price across three of the four off-market purchases, ‘saving’ our clients a total of £400k. The other deal attracted ‘strong rival bids’ from other parties, which were eventually seen off, while we also negotiated an on-market proposition down by a chunky £220k.
But, flying in the face of the gloomy headlines, really good stock is still very much in demand, and we fought off 12 competing bids for another on-market property. Strategy is key – particularly when you’re up against other buying professionals says Middleton director Tom Hudson: “Our business has an important relationship with the private school market. We have a great deal of inside knowledge and information about the best schools in London and across the south and west of England, which our clients value when it comes to seeking out and purchasing the right family home. Education is a key driver for moving house. We know that identifying the right house in order to access the right school is at the top of the wish-list for many of our clients.
“With stiff competition from other buying agents, it’s essential to adopt the right strategy. One on-market deal that we completed had 12 bids in total, which highlights the importance of being well represented in such a competitive market place.”