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Buying agency turnover triples as focus shifts to owner-occupiers

Black Brick says its turnover in 2016 tripled to £3m with new business so far this year focussing increasingly on owner-occupier clients wanting to purchase in London. 

“We are delighted to have achieved record growth in 2016. Those looking to buy a London property have been left confused as they try to evaluate the best timing, location and investment opportunities available. This, combined with the range of ways to buy such as off-market, via an estate agent, online and at auction, along with market uncertainty, has driven discerning buyers to us” says managing partner Camilla Dell.

She says 2017 has seen her company hit predicted targets just four months into its new financial year, although the nature of her clientele appears to be changing.

Some 57 per cent of transactions undertaken by Black Brick so far this year have been by those intending to use their residence as a primary home - almost double the proportion in 2016.

And only 14 per cent of properties purchased in 2017 were to be used as a secondary home, a big drop from last year’s 47 per cent - with the fall being attributed to stamp duty and the three per cent surcharge that goes with additional homes. Some 14 per cent of 2017 buyers are for buy to let - down from 17 per cent last year.

“Brexit is expected to take up to five years to fully transition and stamp duty has caused a reduction in transactions in prime central London. Those who need to be in London are still buying, but those who don’t need to buy are waiting to see what happens before they commit to investing” says Dell.

Dell says that on average, purchasers who used Black Brick saved 6.85 per cent on their purchase in 2016, however, those who have bought in 2017 have saved an average of 8.25 per cent on their purchase.

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