Buying agency secures prime London home almost 40% below asking price

A buying agency says it has secured a prime London property for one of its clients at almost 40 per cent below the original asking price when the property was marketed in January of this year - and 17 per cent less than was paid for the home in 2010.

The deal was struck by Caspar Harvard-Walls, a partner at Black Brick, who says:  “Whatever happens in the months to come, that buyer has secured real value.” 

Only yesterday Rightmove reported what it considered may be early signs of a slight recovery for prime London’s market, which has been battered in recent years by stamp duty increases for homes selling at £937,000 or above, and by Brexit uncertainty.

On the latter point, Black Brick managing partner Camilla Dell is urging buyers not to be as pessimistic as some in terms of future prospects for prime London property.

She says the uncertainty is “causing some buyers to hold fire” but insists this may not be the best course of action.

“The amount of pent-up demand in the market means that waiting until everything is resolved would likely put buyers on the wrong side of a big relief rally – and getting the timing right is going to be very hard” she believes.

Dell says that while there is every possibility that agreement will emerge well in advance of the March 29 2019 Brexit date, it is possible that the reverse will happen and if agreement cannot be reached on exit terms, Parliament would block a no-deal Brexit, drawing the process out for several more years.

Dell adds that, despite figures showing overall transaction levels down, deals are taking place – in August alone, Black Brick acquired more than £30m of property for clients.