Early signs of increased willingness to refurbish

After several years of nearly all our clients strongly prioritising properties in good condition, we are seeing signs of a shift in behaviour. 

Where pricing is realistic and there is value to be achieved, we’re seeing more buyers open to taking on refurbishment work for the right property. One client has just appointed us after having bid and lost out on four properties priced around £2m, each of which required extensive modernisation and had all gone to competitive bids. 

Understanding pricing and being realistic on construction costs but also timescales, professional fees and VAT is critical – as is being the preferred buyer and being able to demonstrate your commitment and ability to move quickly.

Properties which do not require refurbishment still remain sought after for their immediacy. We do find that clients buying from £15m upwards will typically choose a turnkey property, but will most often end up personalising the space before they move in regardless, even in the knowledge that they may not make their money back in the current market.