Serious property buyers most prevalent in London

It might be an unpopular and frowned-upon practice, but ruthless buyers who 'gazump' do represent good news for sellers. The more buyers you have competing for your property, the greater chance you have of pushing up your asking price.
And it's in London, in particular, where buyers are most likely to be pipped at the last minute by another buyer making a higher offer. Research carried out by bridging lender Market Financial Solutions (MSF) found that 15% of adults in the capital - equivalent to roughly 1 million Londoners - have missed out on a property purchase to a rival buyer despite having an offer accepted, three times higher than the overall UK figure.
Such findings highlight the competitiveness of London's property market, which is not merely domestic but international too. Buyers from all over the world compete for homes in the capital because of its global standing, its strategic position and its reputation as a hotbed for commerce, culture, tourism, finance and services. London is a big draw for many reasons, which makes it unsurprising that the capital was ranked the most competitive city in the world for home-buyers by property consultants Savills last year.
Whether it's the elegance and affluence of Prime Central London locations, the increasing appeal of trendy locations in east London, or the more affordable, commuter-friendly areas in south and south-east London, demand for property in the capital is unmatched.
This is further illustrated by house prices in the capital. Currently, the average price of a home is 473,073, over twice as high as the UK-wide national average of 217,000. What's more, London is second in the world when it comes to property investment from overseas, with some 18.8 billion worth of homes purchased by foreign buyers in the 12 months to June 2016. Investors see London as a safe haven, a solid and reliable location for assets.
As such, buyer power - from within the UK and outside it - is huge where London is concerned. Competition is fierce and, because of this, sellers often feel they have the upper hand in negotiations. If you are selling a home in London, you can certainly feel confident about getting an excellent price for your home because demand is so high.
Although property deals falling through at the last minute can be costly and time-consuming, and the act of gazumping is not highly regarded, the research found that property buyers still display a ruthless streak when it comes to beating rivals and completing on deals. MSF revealed that 1 million Brits admitted to gazumping property buyers in 2016, with the same number saying they would do so again in 2017.
Millennials are the most likely demographic to gazump as part of their buying strategy, aware that ruthlessness is needed in an uber-competitive market. Eagerness to get on the property ladder for the first time is increasing the lengths to which first-time buyers will go to secure a home.
As a seller, gazumping is a grey area. It's not illegal, but some may feel that once sellers have accepted one offer they shouldn't then be allowed to switch at the last minute to another buyer who is offering more. However, you want to get the best possible deal for your home and, if faced with a higher offer, you are going to want to accept. Until things are changed to state otherwise - for example gazumping being outlawed - sellers are technically doing nothing wrong in changing their minds late in the day.
At Roy Brooks we operate in a number of competitive, high-demand areas in south and south-east London, including trendy Brixton and East Dulwich, commuter hotspots such as Kennington, Catford and Lewisham, and leafy locations like Honor Oak, Telegraph Hill and Blackheath. In other words, something for everyone, all within easy commuting distance of Central London, the City and the West End.
For more information about how we can help to get your home sold, please contact Roy Brooks on 020 8299 3021.
You can also check out how much your home could be worth in the current marketplace by requesting a free and instant online valuation

It might be an unpopular and frowned-upon practice, but ruthless buyers who 'gazump' do represent good news for sellers. The more buyers you have competing for your property, the greater chance you have of pushing up your asking price.
And it's in London, in particular, where buyers are most likely to be pipped at the last minute by another buyer making a higher offer. Research carried out by bridging lender Market Financial Solutions (MSF) found that 15% of adults in the capital - equivalent to roughly 1 million Londoners - have missed out on a property purchase to a rival buyer despite having an offer accepted, three times higher than the overall UK figure.
Such findings highlight the competitiveness of London's property market, which is not merely domestic but international too. Buyers from all over the world compete for homes in the capital because of its global standing, its strategic position and its reputation as a hotbed for commerce, culture, tourism, finance and services. London is a big draw for many reasons, which makes it unsurprising that the capital was ranked the most competitive city in the world for home-buyers by property consultants Savills last year.
Whether it's the elegance and affluence of Prime Central London locations, the increasing appeal of trendy locations in East London, or the more affordable, commuter-friendly areas in south and south-east London, demand for property in the capital is unmatched.
This is further illustrated by house prices in the capital. Currently, the average price of a home is 473,073, over twice as high as the UK-wide national average of 217,000. What's more, London is second in the world when it comes to property investment from overseas, with some 18.8 billion worth of homes purchased by foreign buyers in the 12 months to June 2016. Investors see London as a safe haven, a solid and reliable location for assets.
As such, buyer power - from within the UK and outside it - is huge where London is concerned. Competition is fierce and, because of this, sellers often feel they have the upper hand in negotiations. If you are selling a home in London, you can certainly feel confident about getting an excellent price for your home because demand is so high.
Although property deals falling through at the last minute can be costly and time-consuming, and the act of gazumping is not highly regarded, the research found that property buyers still display a ruthless streak when it comes to beating rivals and completing on deals. MSF revealed that 1 million Brits admitted to gazumping property buyers in 2016, with the same number saying they would do so again in 2017.
Millennials are the most likely demographic to gazump as part of their buying strategy, aware that ruthlessness is needed in an uber-competitive market. Eagerness to get on the property ladder for the first time is increasing the lengths to which first-time buyers will go to secure a home.
As a seller, gazumping is a grey area. It's not illegal, but some may feel that once sellers have accepted one offer they shouldn't then be allowed to switch at the last minute to another buyer who is offering more. However, you want to get the best possible deal for your home and, if faced with a higher offer, you are going to want to accept. Until things are changed to state otherwise - for example gazumping being outlawed - sellers are technically doing nothing wrong in changing their minds late in the day.
At Roy Brooks we operate in a number of competitive, high-demand areas in south and south-east London, including trendy Brixton and East Dulwich, commuter hotspots such as Kennington, Catford and Lewisham, and leafy locations like Honor Oak, Telegraph Hill and Blackheath. In other words, something for everyone, all within easy commuting distance of Central London, the City and the West End.
For more information about how we can help to get your home sold, please contact Roy Brooks on 020 8299 3021.
You can also check out how much your home could be worth in the current marketplace by requesting a free and instant online valuation

Keywords: Roy Brooks, South London, Brixton, Catford, Lewisham, East Dulwich, Instant Online Valuation Metatags: Buyers, Sellers, Gazumping, House Prices, London, Overseas Investment, Millennials, Demand Meta Description: South London estate agency Roy Brooks outline why ruthless buyers are good news for local property sellers.