Sourcing Property have released a new report into its clients of 2014, this reports shows a predominantly British clients base with 69% domestic buyers.
Buyers from France and Italy made up 9% and 5% respectively, with the remainder a mixture of overseas buyers from the Middle East, Far East and Australia. Of these, 53% were owner/occupiers whilst 47% were investing in buy to let properties.
Jo Eccles, Managing Director of Sourcing Property: “People are often of the view that buying agents, particularly thoise in London, are largely acting for the super rich overseas buyers, however he goes on to say that we have a very strong British client base with the majority of which are owners occupiers (78%). Out of this 13% are first time buyers and 12% were buying for children which are becoming an increasing trend. Our clientele also work across a very diverse range of industries, 50% are in banking and the financial services and the rest are divided across industries including insurance, fashion, recruitment, government, property and law.
We saw a lot of sealed bids in the first half of 2014; and in 4 out of 5 sealed bids we entered; we were bidding against other buying agents. Buyers that are unrepresented often didn’t even get a look in. In the final six months of the year, the market became very price sensitive and where that asking price was too high, a lot of buyers and tenants refused to even bid as they didn’t want to deal with unmotivated landlords and sellers. In whole prices remained fairly flat with the expectation of trophy homes, where some buyers were prepared to pay up to 2% premium to secure something rare.”
When dealing with rentals and relocations Sourcing Property has seen a 26% growth in 2013, with the highest majority of relocations from the US at 46% with 36% from Europe and 18% from within the UK. These also include employees from CBRE, Lulu Lemon, JP Morgan and RBC.
Jo adds: “We are in talks with a number of large corporations to handle their employee’s relocations, but we are expecting this growth to continue as companies, especially tech, digital, media and finance, increase their relocation numbers and many would be buyers opt to rent instead. We have a partnered with a superb settling in and education consultants as part of this growth.”