“Do not buy a convertible sports car in the summer” recommended my Father. Likewise good advice is not to buy your umbrella when it is raining; so why are buyers frantic to buy property when there is so little available?

The classic economics of low supply and high demand means that vendors are back in command and commanding high prices! So why do people buy? Well as far as Mayfair is concerned the stock is always in low supply and astute buyers realise that the product that they see today might not be available again for a considerable time. What seemed expensive today might seem reasonable when the next comparable property is available. There is also a great deal of money in the system wanting somewhere to go and property is still seen as a safe haven. If you’re looking for an area to invest your cash, where better than the geographically bounded area of Mayfair which is constrained on supply by planning restrictions and returning to its residential heritage through former office buildings reverting back to their original residential use. Mayfair is still playing catch up on value with other prime residential areas of central London, so Wetherell still see investment growth and value. Even for those Aston Martin Volante drivers who have popped out for lunch in a thunderstorm and needed to purchase the umbrella, they will still have the satisfaction of not being soaked and can drive home in an engineering marvel!

So what is available to buy?

The answer to this question is the problem, there is very little and that is where the problem starts; it is very boring seeing so little property with most of it being so inferior to what buying perceptions perceive. Also with so few properties to look at, how are you meant to compare value on a like for like basis? This is a market for either a desperate buyer or a sophisticated and knowledgeable purchaser who can see value in what they are buying. For those with the faith and the will to buy, here is your hit list of how to prepare for your purchase:

“Cash Offer”

Cash is cash, not finance to be arranged subject to valuation at a later date. Sort out your finances prior to your search. Cash is king and it is not just vendors who are looking for a quick exchange, it can benefit the buyer by beating the competition in a rising market.

“Best Offers”

When vendors have more than one acceptable offer they tend to instruct their agent to seek best offers by a certain date. Remember that all offers are “subject to contract” and not legally binding until exchange. The best offer does not have to be the highest offer; it can be the strongest offer through either speed or substance.

“Contracts Race”

The vendor has decided to issue a second contract on a first come first served basis. Be prepared to “attend” whereby the purchaser’s solicitor attends the vendor’s solicitor’s office, goes through the contract and subsequently exchanges contracts, hopefully in working hours but the most exciting ones tend to exchange at about 10.30 in the evening!

“Fall Through”

In a fast moving seller’s market, buyers tend to bid first and think later! Second thoughts results in either withdrawing from the purchase or re-offering at a lower price. The fall through rate rises in a strong sellers market, so be prepared for the call from the estate agent telling you the property has just come back to the market. You need to move fast to secure that deal.

“Modern Technology”

Forget about looking on the internet to buy your property; look on it as an Open University course for learning about values, areas and markets. The only way to buy in a fast market is the old fashioned way, speak to the estate agents, decide which one you are going to make your “best friend” and keep in touch! In the modern world of websites and computers it takes a while to upload a property for the world to see but only takes a minute to pick up the telephone to gain valuable market information.

The Next 6 Months in Mayfair?

Historically we are now entering our busiest period being the last quarter of the year (everyone is back from their holidays and wanting to purchase before Christmas) and the first quarter of 2007.

Why Wetherell?

If you’re actively looking for a property in Mayfair to either buy or rent speak to the people who have the knowledge, the property and the reputation of not only being Mayfair’s leading specialist estate agents but also the agent who markets Mayfair’s finest properties.