Genuine sellers versus the rest

The increase in positive sentiment we reported at the start of the year has continued, with new client enquiry levels throughout January and February three times higher than during the same period last year.

This trend is evident across the prime central London market, with agents reporting notable increases in both new buyer registrations and sales valuations. Whilst this is encouraging and the market is cautiously optimistic, it’s too early to say whether this improvement in sentiment will translate to a meaningful spring bounce and an increase in actual transaction levels.

Buyers remain price sensitive and are still unlikely to view or engage with properties they believe are overpriced. A crucial part of our role, particularly in the current market, is helping clients determine which properties are fairly priced, which sellers are sincere and motivated to sell, or where there is opportunity for serious negotiation - versus situations where sellers remain stubbornly unrealistic about the price they will accept.

Our forensic knowledge of the market and network of contacts means we focus our attention on legitimate buying opportunities and steer our clients away from properties where the vendor isn’t serious about selling.

We are seeing a certain amount of seller fatigue setting in, where properties have been listed and relisted a number of times over the last 12 months, either because the desired price hasn’t been achieved or because transactions have fallen through. This is presenting opportunities for buyers, but a great deal of tact and sensitivity is still required in order to positively engage a seller in productive negotiations.