Buying a property in the British capital is a minefield, even for lifelong Londoners.
For those unfamiliar with Britain’s archaic legal system and the intricate nuances of each of its individual neighbourhoods it can feel like an impossible task, fraught with risk.
Prime Central London is a market where the devil is in the detail. Some buildings are brilliantly managed. Others have problems. Some houses look perfect, but are blighted by underground train lines causing noise and vibration. Some neighbourhoods are on the up, others are falling from favour. And while London’s historic homes are certainly charming, they do come with challenges and regulations that need to be understood.
This nuance extends to the whole business of estate agency too. There are currently more than 200 individual firms operating in Kensington and Chelsea alone, and more than 700 across London, making it particularly difficult for a buyer to assess the whole market.
This problem is exacerbated by the fact that 50 to 60 per cent of homes in Prime Central London are sold off market and never hit the property portals at all.
A solo buyer will struggle to understand exactly where the best opportunities lie. A buying agent’s main role is to act exclusively for the buyer, helping identify suitable properties, access off-market opportunities, negotiate the purchase price and manage the acquisition process from start to finish.
What is a buying agent and why do I need one?
In the UK it is customary for owners with a home to sell to engage an estate agent who will act for them. Buyers are expected to go it alone in a process which is both time consuming and difficult to navigate, and where the estate agents they meet with have someone else’s interests at heart.
The alternative is to hire a buying agent or property finder to work with. Someone with a forensic knowledge of London’s prime neighbourhoods, the ability to access homes being sold off market as well as those on the open market, and the experience to assess the pros and cons of each property, evaluate its worth and negotiate the very best price.
As well as ensuring you don’t overpay for a property, the role of a buying agent is to help save their clients a tremendous amount of time and anxiety by doing the leg work for them.
And, when a decision has been made, a buying agent will take care of all the red tape involved in buying a prime London property, from commissioning structural surveys to recommending suitable solicitors to manage the process. This is naturally particularly important for international buyers unfamiliar with the British property market.
What does a buying agent do?
An experienced buying agent will guide you through the entire buying process, from honing your ideas on what you want to buy and where, right through to the day you pick up your keys – and often beyond.
The process starts with a discussion of your requirements, both in terms of the type of property you want and your favoured locations. If you are not fully decided, they will be able to offer advice about the best options, introducing you to neighbourhoods you might not be familiar with and helping you decide whether a modern or historic home would be best.
Because many clients are time poor – and very possibly not based in the UK – your buying agent will take the time to thoroughly research the market and draw up a carefully vetted shortlist of possible homes for you to view. Using a wide network of contacts they will be able to access off and on market options. They will then arrange for you to view the properties – when an in-person visit is not possible they will lead you through a thorough online tour instead.
Once your choice has been made your buying agent will research recent local sales to establish what a fair price would be for the property and negotiate accordingly.
Even once a sale has been agreed your agent will still be at your side, helping you find suitable legal and professional advice to make sure the sale runs smoothly.
And once you are the proud owner of a London home, Black Brick will be there to offer advice on moving firms, help you find interior designers and contractors. Black Brick even offers an ongoing management service to help maintain the property. When the time comes to move on Black Brick regularly helps clients sell their homes too.
Buying agent success stories
A glance through Black Bricks’ recent deals illustrates clearly how a good buying agent can make all the difference.
Earlier this year we helped clients looking for a family apartment in London. They were keen to find a property in a blue-chip neighbourhood close to Hyde Park and we found them a charming but dated mews house on Princes Gate Mews, South Kensington.
The property clearly needed work so before committing to a sale we introduced our clients to a trusted contractor, who was able to accurately assess how much an upgrade would cost.
The house was listed for £3.1m but, armed with solid information about the cost of renovation, our team were able to negotiate a £300,000 discount on the asking price.
A few weeks later we were hired by a Singaporean client who already owned an apartment in Belgravia and wanted to upsize.
Top class homes in this rarefied neighbourhood don’t come onto the market very often, but Black Brick was able to tap into a network of contacts to find a property which was being discreetly offered off-market. The asking price for the six bedroom townhouse on Wilton Crescent was £16m, but after diplomatic negotiation backed up with evidence about recent sales nearby, we were able to secure the property for £13.88m, a discount of well over £3m.
Are you looking for help with your next London property purchase? Get in touch with our experts today by completing this simple form, or contact us directly on +44 (0)20 3141 9861