Competitive bidding continues in Prime London

21st Jun 2012

Competitive bidding and sealed bids in Prime London are to be expected when the UK and Global economic outlook is favourable, but at the present time the amount of unanswered questions are enormous and yet they still continue accross a range of price brackets.

In the last week alone we have tracked two properties which both went to sealed bids and were agreed within days of being on the open market. The first was a classic, traditional first floor flat in South Kensington priced at a marginal premium to recent trading, a sealed bid was to be expected. The second was a raised ground floor one bed flat just north of High Street Kensington and importantly it was tube effected. The asking price was already relatively strong (circa £1350psf) and it has been agreed circa 5% above this level.

Going under offer and exchanging is certainly not the same thing but the above examples illustrate the demand from buyers that spans in this instance from circa £800k to £3m. It would appear that a bearish attitude on Prime London stock will probably result in you having to pay more in the future.

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