Ridgestone Property founder Alex Greaves has been featured in The Times, sharing the story of how we helped a client secure a Westminster property at 17% below its asking price.
This result demonstrates the value that an experienced Westminster buying agent can provide when assessing a property, establishing its true market value and negotiating on behalf of a purchaser.
The Times article examines the growing opportunities for buyers to negotiate in the current property market. However, securing a significant reduction is rarely as simple as submitting a low offer. It requires an informed understanding of the property’s true value, the seller’s circumstances and the wider market.
Securing a Westminster Home for £1.2 Million
Our client was searching for a large period property in central London, with generous living space, high ceilings, natural light and outside space. The property also needed to provide convenient access to Mayfair while remaining within an absolute budget of £1.2 million.
We identified a three-bedroom maisonette in Westminster that closely matched the brief. The property had originally been marketed at £1.75 million before its asking price was reduced to £1.45 million. Although it remained above our client’s budget, our research suggested there could be an opportunity to negotiate.
The property had been on the market for approximately a year, and the seller was keen to secure an onward purchase. Our client was also in a strong position and able to offer a straightforward transaction and a swift exchange.
We therefore submitted an offer of £1.2 million—the client’s maximum budget.
The seller initially described the offer as “extremely cheeky” and maintained that they would not accept less than £1.35 million. Rather than negotiating against ourselves or encouraging our client to overpay, we withdrew from the discussions.
Two weeks later, the seller reconsidered and accepted our client’s £1.2 million offer, subject to a fast exchange. This represented a saving of approximately 17% against the prevailing asking price.
You can read the complete Westminster property case study here.
A Strategic Negotiation—Not Simply a Low Offer
An effective property negotiation must be based on evidence. Submitting an unrealistic offer without understanding the seller, the property or the local market can damage a buyer’s credibility and potentially prevent further discussions.
In this instance, the successful outcome was built around several important factors:
- Detailed analysis of the property’s marketing and pricing history
- An understanding of the seller’s motivation and onward plans
- A realistic assessment of current demand
- The buyer’s ability to proceed quickly and with certainty
- A willingness to remain patient and walk away when the price was not right
Knowing when not to increase an offer can be just as important as knowing when to negotiate. By maintaining a clear position and allowing the seller time to reconsider, we secured the right property within our client’s maximum budget.
Independent Representation for London Buyers
Estate agents act for the seller and are responsible for achieving the best possible price and terms on their behalf. A buying agent represents the purchaser, providing independent advice on value, risk, negotiation strategy and the suitability of the property.
Working with an experienced Westminster buying agent gives purchasers independent representation throughout the search and acquisition process. Ridgestone Property combines detailed market research, extensive agent relationships and commercial negotiation experience to help clients secure the right properties on the right terms.
For clients who have already identified a property, our Negotiation Only service provides professional advice on value, offer strategy and purchase terms without requiring a full property search.
If you are considering purchasing a property in London and would like an independent assessment of its value or advice on the best approach to negotiation, please contact Ridgestone Property for a confidential and no-obligation discussion.
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