1. At the outset, establish what your priorities are and what you’re prepared to compromise on. This is often a balancing act between the space and location of a property.
So decide, do you have a growing family or work from home? Space is probably going to be a bigger factor so you might want to widen your search area — there are some super quality areas that you might not know about.
If you’re commuting every day, then location might be more important, but it might be worth thinking beyond the Tube. The Overground and Elizabeth line have made a lot of areas much easier to reach than previously.
Be clear on your non-negotiables.
2. Do your research. If you’re looking for a two-bedroom flat you should view at least 10 properties.
Our advisers see well over 250 properties a year. The more research you do, the better placed you are to negotiate.
3. Don’t register with only one agent. Every London area will have five to 10 main agents. Talk to all of them.
An agent might not have what you are looking for today, but they might get one on their books next week.
4. You can afford to be fussy. There will be more supply coming on to the market in the next couple of years as more and more people come off low fixed-rate mortgages.
Assuming interest rates settle around the four per cent mark, that could prompt a number of strategic sales.
5. Don’t disregard a property just because it’s been on the portals for a while. Sometimes there’s nothing intrinsically wrong with them, they might just have been overpriced or launched at the wrong time.
More often than not, you might be able to negotiate more heavily on the price — but get the inside track on why they are selling.
6. Be proactive. If you have narrowed your search down to a couple of streets or a very tight area, put a letter through the door, or even knock on the door. That’s something that we do as professionals — it can very often yield a result.
7. Be sure to check out the wider area. Too many people fixate on the property itself and forget to check the local amenities and transport options. We will test-run a client’s commute, or do a trial school run.
8. Make an offer. There is no fixed percentage that is acceptable for this but the point to remember is that a property is only worth what someone is prepared to pay for it.
Quality properties also tend to be unrealistically priced: it always takes a while for sellers to come to terms with a lower price. But we are about 12 months into a more bearish market, so it’s unlikely to surprise or offend if you want to negotiate.
The trick is to almost ignore the guide price and focus on whether or not the vendor is serious about selling. If in doubt, ask a buying agent for advice.
9. Look for properties you can improve in some way. Even with labour and materials costs higher than previously, you should be able to get a really good deal on a fixer-upper.
Even if you are not keen on building/DIY projects, they might only impinge on your life for a few months out of maybe a decade of living somewhere.
Most properties can be improved and the money you invest now will give you a good return in the medium to long term.
10. The garden question. If youfind somewhere with outside space, this will benefit you not only while you are living there but also when you come to sell.
A flat without outside space in more leafy or residential areas may feel like good value but it could be less liquid in future, although if it is close to a park or river walk this might help.
That said, there is a big difference between buyers’ expectations in Mayfair or Soho and Chiswick. You will pay a premium for a rare garden in central London but there will always be buyers with different priorities and budgets — and don’t pay more for a garden you won’t appreciate.
11. View more than once. Experience the inside and outside of a property at different times of the day and week — during rush hour, school time and weekends. See if there are noises from the Tube, trains or buses.
Take a friend or relative who isn’t going to be living there for a second opinion or, even better, employ a professional adviser. I recommend that a client see a property at least twice.
