“First-time buyers in our market are… - Knight Frank

RICHMOND
market overview
Richmond remains as popular as ever for
families looking to settle. Our wonderful
Royal Parks, the River Thames, the interesting
architecture - which ranges from Georgian
to contemporary - and the excellent schools
remain major draws to any potential purchaser.
The market is never awash with prime properties, but there
has been a definite increase in recent months. This has
fortunately coincided with a swelling in the number of
“
Our typical buyers are…
…either young families involved in the financial services industry and migrating from central London,
”
local residents downsizing, or international buyers.
RICHMOND BY
NUMBERS *
Knight Frank Richmond’s online property † listings
are viewed 889 times a day through our awardwinning
website
We can contact any of the buyers registered
on Knight Frank’s global database which covers
34 countries
We have 287 potential buyers on our books looking
to spend a collective total of £1.13bn
56% of our sales in the last 12 months were priced
under £1.5m
*figures relate to the 12 months to March 2011 unless otherwise stated
† for sale
“
The worst marketing mistake a vendor can make is…
…to be overly bullish with their guide price. This will deter viewings and chop the
property out of certain online price search parameters.
”
6 LOCAL VIEW
Where our buyers come from
London 75%
South East 4%
Rest of UK 8%
International 13%
motivated buyers looking to take advantage of cheaper
borrowing conditions. Although some properties have taken
longer to sell than others - patience is certainly a virtue in the
present market - correct pricing always
ensures success. Online marketing is more
important than ever and the statistics tell
us that 80% of buyers begin their search
for a property online, so it is definitely
worth investigating an agent’s own
website before instructing them to sell
your property. You can check out ours at
KnightFrank.co.uk/Richmond
Office Head – Sales
Luke Ellwood
Our Team in action
We recently sold a house on Dynevor Road, one of Richmond’s
most popular streets and where the owner had lived for 42 years.
Her detached house came with a large garden but required some
updating. Within a short period of time we had conducted close to
50 viewings but no offers were made. But then, just three weeks
into the process, we received our first bid. This was swiftly followed
by two further bids and the result of this competitive bidding
enabled us to sell the house for more than our original guide price
– a figure which equated to £1,039 per sq ft – a great achievement
in anyone’s book.
“
This year we expect to see…
…prices remain stable, with buyers taking advantage
”
of
cheaper borrowing.
New applicants by price band
under £750k 11%
£750k to £1.5m 34%
£1.5m to £2.5m 29%
£2.5m to £3.5m 12%
£3.5m to £5m 5%
£5m+ 9%