HOW TO SELL YOUR HOME IN A SLOW MARKET
No one likes to lower their asking price, but pitch it right and you may end up selling for what you wanted in the first place - or more. “We recently had a three bedroom house near Sloane Square which we reduced from £2.595m to £2.495m, putting it in the £2-2.5m price bracket on Rightmove, rather than the slightly higher one” says Christian Warman from Tedworth Property. “It had an instant impact, with three offers received withing 10 days. The ultimate buyer had an initial budget of £2.2m but found a way to come up with the rest to make an asking price offer. I asked them why they were only enquiring now and it was because they’d set their maximum price search to £2.5m on the search engine and weren’t aware of the property until the price was reduced.”
Country and Town House
Situated between Knightsbridge and Sloane Square station, this mews house on Pavilion Road is perfectly convenient for south-west London life. Its interiors are elegant having been recently refurbished, and the house has a particularly spacious drawing room on the first floor, perfect for an afternoon of cocktails and canapes. Available through Tedworth Property for £2.495m
Experts say that any reservation agreement would have to be drawn up carefully to ensure there was little wriggle room, or it could hinder sales. “An inordinate amount of time could be spent sorting out the terms of the agreement,” says Christian Warman, a director at Tedworth Property.
THE TIMES - MONEY
Christian Warman, the director of Tedworth Property, an estate agency, says that he had two buyers competing for a property where one was in a chain and the other was chain-free. “The vendor took the chain-free offer even though it was lower, because they felt it was more certain to proceed.”
There are many who feel that the warnings, rather than the actual impact of Brexit will slow the market by causing people to put off buying a home.
Simon Tollit from Tedworth Property, a central London agency, suggests “Perhaps we should consider a best-case scenario for a change rather than the doom and gloom we are accustomed to hearing”
In London it can be difficult to integrate properties: "You would need to amalgamate the leases, which is potentially complicated," says Simon Tollit, co-founder and Director of Tedworth Property. "In London, especially, integrating two houses is usually reserved for those with deep pockets and plenty of time," says Tollit.
“Any glaringly obvious and easy to fix DIY issues should be addressed," says Simon Tollit, director of estate agency Tedworth Property. "Secondly, a lick of paint can really freshen up the place. Don’t forget the windows: spending some money on contemporary and stylish curtains and blinds really help to lift a room."
the financial times
According to Christian Warman, director of central London estate agency Tedworth Property, professional qualifications are likely to mean passing a test or exam of the standards that most agents “currently adhere to as set out by the NAEA and property ombudsman”.
He said: “Voluntary deposits to prevent gazzumping are always a source of debate - they are sometimes used nowadays, but often an inordinate amount of time can be spent determining the terms of the initial deposit so it would be good to have this standardised.
the sunday times
Placemaking is an overused and oft-abused word, but never underestimate the power of public-realm improvement to hot up a neighbourhood. Take Mount Street, Mayfair. A few years ago, it was spruced up by an £80m public-realm improvement funded by the Grosvenor Estate, and it is now a swish rival to buzzy Marylebone High Street.
“Mount Street has surpassed almost every address in Mayfair, with £4,000 a sq ft achievable for best-in-class homes,” says Simon Tollit, director of Tedworth Property estate agency. “That’s due in no small part to the improvement of the local infrastructure.”
the times - bricks and mortar
There is reassurance in knowing that someone else wants to make an offer on a property. “If no one else is interested, buyers don’t know at what level to make an offer — and so they often wait for someone else to make an offer to ascertain the ‘market value’,” says Christian Warman, a director of Tedworth Property, an estate agency. “It is not uncommon for a property to sell for more than it might have done if two buyers like it.”
the times - bricks and mortar
The price is right -a guide to valuation:
Don’t look solely at property portals, as these will tell you the prices that sellers are asking, not what they are achieving. “Get the opinion of three local agents,” says Christian Warman, a director of Tedworth Property. “Often people opt for the middle valuation. There is logic to this, but also ask each agent to demonstrate how and why they’ve come up with the price they have given. If they can’t justify it, alarm bells should be ringing.” Compare the agents’ valuations with sold price data on Rightmove, which shows the latest Land Registry figures.
the telegraph -Luxury
The prestige that comes with living near a London palace means properties come with a handsome premium. “An average apartment in Westminster will cost you £1,500-£1,600 per sq ft and you would expect to pay a 40 per cent premium – so upwards of £3,000 per sq ft – for the best apartments in close proximity to the royals,” comments Simon Tollit, director of the central London estate agency Tedworth Property.
But palaces are invariably set in beautiful parkland or gardens, so they provide pleasingly green views. “A view towards the rear of the palace is best. Not only are you getting green open spaces - always at a premium in London – but the knowledge that it’s the Royal Family’s private space,” advises Simon Tollit.
Daily Mail Online
Christian Warman, director of Tedworth Property, said: 'Every generation has had these feelings [that they will never be able to afford a home as prices continue to rise] in one way or another. 'Many people at the start of their careers struggle to think how they will ever afford to live in the house that their colleagues who are 20 years ahead of them in their careers do.
HOME, SUnday Times
A traditional route has been for the first-timer to snap up the cheap(er) and cheerful — the flat above the shop, the tiny Victorian terrace, the ex-local-authority property in a so-so neighbourhood. These days, though, it may be easiest to opt for new-build, says Simon Tollit, director of Tedworth Property estate agency: “Many offer incentives, Help to Buy and shared or part ownership.”
HOME, SUnday Times
“Uncertainty surrounding Brexit continues to be a factor in the London property market,” says Simon Tollit, director of Tedworth Property. “Asking prices are significantly lower and, in many cases, people have delayed moving and instead remained in their current property, choosing to improve and extend.” Many buyers who haven’t managed to secure a sale — and don’t need to move straightaway — have withdrawn their house or flat from sale to wait for a more advantageous market. In the most expensive areas of the capital, 50% of properties were taken off the market over the summer without finding a buyer, according to the property data company LonRes. Yet Tollit suggests there is a growing acceptance that the current political landscape is the “new normal” — “We are seeing some of these ‘remainers’ deciding that now is the time to sell, conscious that the sticking plaster of extending is no longer sufficient for their growing family.”
Bricks and Mortar, The Times
Make sure your agent discusses comparables with the surveyor. “I’ll often sit down with the surveyor and chat through the last ten sales,” says Simon Tollit, director at Tedworth Property. “I can explain why another property’s price was lower — perhaps it had a shorter lease, for example. For this, you need to have an agent who knows what is happening in the local market.”
Home, Sunday Times
Some would argue that the buyer can suffer, too. Christian Warman, director of Tedworth Property, a high-end London agency launched last week, received poor service when he decided to purchase a flat through an online firm. “I made a low offer, but before it was submitted they tried to sell me add-on services — conveyancing, insurance, mortgages, surveys,” he says. “I suspect this is where they make money, as they’ve no motivation to sell once the vendor has paid upfront.”
The Sunday Times
Christian Warman, director of Tedworth Property in London, also recommends finding a new agent: “If the first agent is disillusioned with not being able to sell the property, then a price reduction will not be as effective as it would be with a fresh, enthusiastic agent.”
International Property and Travel Magazine
Properties in the Capital's most prestigious garden squares tend to hold their value and are generally considered a safe haven both for end users and those looking for a long term investment. Simon Tollit, director of Tedworth Property, says "Taking into account the current climate of uncertainty in Prime Central London, we continue to see potential buyers from all corners of the globe expressing interest in the most exclusive properties in garden squares. Buying a turn-key apartment and residing in then heart of London with security, a concierge and parking, along side far-reaching views, is often the holy-grail for many buyers and nowadays there is no specific nationality which favours these exclusive properties over another"
Ding Dong: Where's the doorbell gone?
The downside to smart doorbells, according to Christian Warman, the director of Tedworth Property estate agency, is when they don’t work. “They are often linked to someone’s smartphone, which means that people can’t hear the doorbell if the phone is on silent. It is very frustrating for visitors to ring a doorbell, only to hear a voicemail message.” The situation can get so bad, Warman says, that the visitor has to resort to a truly ancient solution: the door knocker. Heaven knows how a millennial would cope with the shock of hearing that.
Meanwhile, a client of Simon Tollit, director of the Central London agency Tedworth Property, paid a significant amount of money in order for his neighbour to have an almost identical kitchen and side return extension done to his property at the same time. "The neighbour, who initially objected, as delighted and this allowed our client to significantly improve his own home."
One cultural requirement that few in the property business can argue with is the desire among many Chinese and Indian buyers to adhere to the principles of feng shui or vastu shastra.
“For believers of these ancient methodologies, these are non-negotiable. We recently had an applicant refuse to buy an otherwise perfect house because the staircase curved the wrong way,” says Christian Warman, director of Tedworth Property, a central London agency.
Struggling to sell - call in the makeover professionals:
This challenging climate inspired Christian Warman and Simon Tollit to set up Tedworth Property, a small London agency that will take on properties that have been sitting on the market for six months or more, otherwise known as stale stock.
Their method is simple: come up with fresh marketing ideas and material – and reprice the property. They recommend knocking 10% off the original asking price. 'Any less and it could go unnoticed' says Tollit. They recently sold a flat which had sat overlooked for six months within a week of re-launch.
this is money
Simon Tollit, director of London estate agency Tedworth Property, said: 'A number of developers who are household names have signed up to the Mayor’s new initiative and while this is a headline-grabbing gesture, with the theory being that many domestic buyers & hardworking people in London (and the UK) will now be given the chance to own their own homes, it should be noted that it is exactly that – a gesture.
'There are so few properties available for sale in new developments in London that will qualify, one must wonder whether it will make any meaningful difference whatsoever.'
He added: 'In addition, with many new-builds being launched years before completion, and with the Help to Buy initiative only be valid for properties that are within a set period of completion, again, I would question how useful this will be for those looking to buy through the initiative.'
daily mail online
As a New York real estate mogul and high-end hotel owner, Donald Trump should be speaking from a position of experience when he calls the new US Embassy a ‘bad deal’. The President claimed this morning on Twitter that the reason he cancelled his trip to London to open the new embassy is because ‘the Obama Administration sold perhaps the best located and finest embassy in London for “peanuts,” only to build a new one in an off location for 1.2 billion dollars. Bad deal.’
Christian Warman, director of central London estate agency Tedworth Property, states that US may have 'sold the family silver' - but that they had sold high and bought low.
"Grosvenor square is one of London's finest addresses and the embassy was very prominent and hugely well connected to businesses and professionals who live and work in the area. However, the site is small and the security around it required can be obstructive to people and traffic in the area.
"The site they have bought is in one of London's up and coming areas and they would've sold the embassy near the peak of the market in an area where prices had risen massively so you can argue that they sold at the top and bought at the bottom. In terms of whether the Americans have sold the family silver; yes Mayfair is always going to be a prime hub of London, and right now Nine Elms isn't, but it could become a very important business and residential area by end of the quarter. Not least as a result of the American embassy going there. It's not unthinkable that Nine Elms will be considered prime central London in ten, 20 or 50 years, so you could argue that its a good deal for America. It's not a remote location by any means. It's a new area of London, a new hub. It's not a field in the middle of nowhere."
the telegraph - luxury
On Hyde Park Corner, a 1960s office block has been razed to the ground to make way for combined hotel/residences scheme The Peninsula, a joint venture between Grosvenor Britain & Ireland and The Hong Kong and Shanghai Hotels.
Its 24-28 luxury are apartments due for completion in 2020/2021. “It will be a landmark development which continues the trend for luxury homes with hotel room service,” comments Christian Warman, director of Tedworth Property.
The Times - Bricks and Mortar
Many developers are more discreet. “We have had many conversations with people who have said stamp duty is way too much, and the developer turns around and says: ‘Well, how about we pay half and you pay the other half,’ ” says Christian Warman, a former Savills agent who co-founded the agency Tedworth Property.
Treat some of the most colourful options with extreme caution, however. “Most people are savvy enough to know that someone isn’t just going to give them a Rolls-Royce, and that the price of the car has to come from somewhere — it has often just been added to the value of the house,” Warman says. “In our view, it’s best to try to negotiate £150,000 off the purchase price.”
Be cautious, however: despite pledges by developers to offer you the best price, you should get your own valuations and try to avoid the scheme if you think you can sell your own house. “Those selling the property are often disappointed by the price they’re offered,” Warman says. “The developer tends to offer less because they need to be sure they can offload it.”
Daily Mail online
Christian Warman, director of Tedworth Property, said: ‘Square footage is particularly important in central London where prices are often quoted as price per square foot as well as the headline price. ‘It can be mis-leading as there are many other factors at play for property on the same street or in a similar location, such as orientation, aspect, floor level if an apartment, ambient noise and problem neighbours. ‘One of the biggest red herrings to ascertaining value on a price per square foot basis is not considering the volume or ceiling heights. As a rule properties with low ceilings will be significantly less valuable than those with high ceilings.'
Estate Agent Today
The Sunday Times piece also relates how Christian Warman, director of newly-launched Tedworth Property, experienced at first hand a problem with viewing a property he would to buy that was being marketed by an online agency.
“I wanted to make an offer and was told I had to make it online. I asked for guidance from the agent but she didn’t know the client or their circumstances. Nervous of-overpaying I made a very low offer online but before the offer was submitted they tried to sell me add-on services (conveyancing, insurance, mortgages, surveys etc) which I suspect are where they make their money.”
“The only feedback to the offer was that it wasn’t high enough and would I like to increase it? There was no negotiating, no coercing to make an initial offer, no enthusing to make a (higher) offer, no confidence or reassurance given to make a (higher) offer. It was a tick-box exercise on a website, a bit like buying something on e-bay. I lost interest and didn’t make a higher offer and that was the last I heard – the call centre located hundreds of miles away called about two months later to see if I was still looking but knew nothing about the property I viewed or whether it was still available” he says.