Six months on from opening our doors in Lambton Place, we’re overjoyed to be able to report that all the houses we have sold have been at the Guide Price or above, and that we have not had to reduce the price of any of the houses we’ve sold so far. What’s more, we recently exchanged on a property in Lonsdale Road well in excess of the guide price of £3.2m, setting a new £ per square foot record for the road and the area.
When I set up Crayson I was determined to offer vendors a different kind of estate agency service and to set new standards. This wasn’t just more estate agent speak. My mission was to ensure that clients get the absolutely best price possible for their property; but at the same time I didn’t want to be overvaluing property, being unable to sell it, and having to reduce the price.
Which is why I’m so delighted about our record so far. Especially as this has been set in a climate of price reductions. Low stock levels in the area are causing competition amongst agents for instructions, and this has led to some agents quoting unachievable prices. As a result, nearly a fifth of properties currently available within Notting Hill and Holland Park have seen their asking prices reduced. Of those reduced in price, properties for sale over £2m have seen an average of £443,000 knocked off their price, which amounts to an average reduction of nearly 10%.
As much as I’d like to continue to claim a 100% hit rate on valuations and prices achieved, I’m realistic enough to accept that the day will come when we have to drop an asking price; but I guarantee I will not take on a property at the wrong price simply to win the instruction. Unrealistic pricing can badly jeopardise a sale, and leads to false vendor expectations. Record prices can be (and have been) achieved, but only if a realistic price is set from the outset. We promise to give you the best advice on price every time – because if we can’t be intelligent about price, how can we expect you to be?