The sky’s the limit

In April, Horton and Garton sold a property which, if you were looking to buy in the area at the time, you may well have come across during your search. In fact, considering we had a colossal 230 viewings of the property, there is a good chance you may have seen it in the flesh!

The property is number 37 in Paddenswick Road; a semi-detached home originally built in the 1840s which needed a lot of work, but which had a vast amount of potential.

Having valued the house earlier in the year – before prices had risen to current levels, that is – with the vendor’s approval it was decided that the property would be listed at a very competitive £1,150,000.

Within minutes, the phone was ringing off the hook and the viewings diary was quickly filled for the whole week in the space of one morning. In the days that followed we had to remove the property from online portals as we were already fully booked weeks in advance and were still getting enquiries!

At this point many agents would have opted for the ‘open house’ approach whereby anyone can show up and view the house on a given day, often all at the same time in a crazed scrum.

However at Horton and Garton we have never been a fan of this strategy. Instead we believe that every prospective buyer should be afforded the opportunity to have a personal viewing with an agent, giving them ample opportunity to ask as many questions as they like and not be rushed into making a decision.

This also enabled us to manage thesubstantial level of interest. Having regular dialogue with each interested party meant we could evaluate each buyer based on their circumstances and relay this to the vendor.

When the time came we had received more than 40 sealed bids for the house – and the final sale price was a staggering 60 per cent higher than the asking price! All in all it was an unprecedented sale not only for Hortonand Garton, but also for Hammersmith in general.

Paddenswick Road was a perfect example of how the highest prices and pounds per square foot values are currently being achieved by challenging the market and listing competitively.

This strategy helps attract interest and allows the competitive process to unfold to a level that should always realise the best price.

Conversely the idea of ‘testing the market’ by listing at a high price only weakens a property’s profile, potentially resulting in a lower final sale price.