BARBICAN LIFE
2 bed Seddon House flat on sale by
Hurford Salvi Carr at £899,950
Estate Agents’ Comments SALES Leon Stone at Hamptons International: After a relatively quiet year last year, 2013 has seen a massive surge in property transactions throughout the Square Mile, with unprecedented demand almost being supported by supply, which has seen a steady increase in house prices. This is only too evident in our most recent sales in the Barbican with flats in Lauderdale Tower and Ben Jonson house being agreed before even coming to the market to good buyers at exceptional prices, and four of our last six sales agreed going to Best Bids. That said however, realistic and accurate pricing is key,so while now is a good time
to get a full price, those that are over- priced are receiving little interest and not selling. Nick Scott of Scott City: I’m repeating
myself but demand continues to outweigh supply for the second quarter of the year with no sign of things changing soon. Most if not all recent sales have gone to best and final offers thus achieving in excess of the asking price a trend I see continuing for some time. Again we have seen some properties undersold by non- Barbican specialist agents so would recommend to all owners to use an agent who has the experience and the full understanding of how the Barbican Estate is run, helping maximise the true value. Glen Cook of Hamilton Brooks: One of the most frustrating things as an agent is when you spend 25 years selling in a very specialised market, only to see an outside agent undervalue a flat for sale, as recently as last week for just over £200,000 UNDER the market value, it seems to be happening at least once a month. Sadly under valuing by £100,000 is now common place, the market is moving so quickly, unless you are at the coal face every day, it’s impossible to know what the current market will pay. I make sound like a broken record but we have huge demand and a slim supply to match it, prices in the last 12 months have risen 20%, it does make you wonder for how much longer this can continue!
LETTINGS Glen Cook: Demand has certainly increased for unfurnished larger flats, mainly 2/3 bedrooms are in big demand, it seems the many frustrated would-be buyers are renting instead. Presentation is still the key, neutral colours in both décor/carpeting/furnishing is the key. Jack Davison at Scott City: Having rented a number of Barbican properties, across a wide cross section throughout in the past few weeks, the market remains in good shape. With the current levels of demand for Barbican apartments, we feel more than confident we could find suitable tenants within good time of properties going on the market.
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