Like all sound and sensible negotiations both vendor and buyer must be prepared to move from their expectations and compromise.
After a successful summer with surprising activity, Plaza Estates have sold and acquired a number of sensible priced properties encouraging a higher percentage of sales, than anticipated.
Plaza Estates retain many active applicants looking for good price property reflecting the global pandemic. Unfortunately we have noticed the high majority of properties coming to the market are not representing the limitations of the present economic climate.
This has created a stand-off between buyer and vendor and certainly needs to be corrected.
At a time when the country is officially in a recession it feels unlike any recession before. Most declines are due to the economy and not because of a public health crisis.
For the past four years the UK was gripped with political and economic uncertainty over Brexit and property prices reduced on average by 20% from the highs of 2014.
This begs the question with a starting 20% correction from the height of the property market in 2014 and the economic problems caused by the present global pandemic, how far should vendors really correct their prices, to meet the expectations of motivated buyers.
I have no doubt that common ground will be reached even if it is a question of time. Like all sound and sensible negotiations both vendor and buyer must be prepared to move from their expectations and compromise.
Please do contact us if we can assist you in your Prime Central London property requirements.