Last year, there were almost 65,000 properties sold in London, according to Land Registry data. While the average home cost £508,000, the most expensive, Aberconway House, in Mayfair, sold for £138 million . “All buyers want value, especially in the current market,” says Toby Simmonds, agent at Hamptons.
“Location and layout are pretty common themes.” But this, really, is where the similarities end. As budgets increase, so too do buyers’ expectations.
First-time buyers are usually looking for smaller homes and having to compromise on their property — be it on elevation, light, security or location — while buyers at the top end want “the whole shebang”, says Simmonds: “a big garden, terrace, lift within the building, gym, swimming pool...
Everything you could ever want in life.” “With first-time buyers, there’s more emotion involved than further up.” Toby Simmonds, Hamptons For big-budget buyers, their property is more of a “discretionary purchase”, says Simmonds.
“At the lower end, or with first-time buyers, there’s more emotion involved than further up, where buyers tend to be investing.” Likewise, whereas higher-budget buyers might employ a buying agent to handle the sale, the experience tends to be more stressful for buyers at a lower budget, who may have less experience, have mortgages and are more likely to be part of a chain. “Certainly, the first-time buyers have more stress.
They have far more going on, and they’re on a tigh.