Sellers kick-start chains
01 Sep 2008 2:21pm
People selling multi-million pound homes have started to buy properties further along their own chain to ensure sales do not fall though.
Hamptons International has noted an increase in the number of high-net worth clients buying properties to safeguard their own sale.
Sellers with homes worth between £2 million and £3 million have bought smaller properties further down the chain for around £300,000 in a bid to kick-start the transaction, reports the Financial Times.
"We've found that whilst price reductions have created some movement, the market is still incredibly stagnant and in a number of cases even reductions are not helping," Mark Anderson, managing director at Hamptons, told the newspaper.
"If vendors at the bottom of the chain have been unable to secure a buyer, the seller at the top has at times stepped in to buy their property."
Recent figures from the Royal Institution of Chartered Surveyors have revealed that house sales are currently at the lowest level in 30 years.
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Tags: United Kingdom, Bear Stearns
Property owners are taking a new approach to chains in order to secure a vendor or a buyer in the current housing market.People selling multi-million pound homes have started to buy properties further along their own chain to ensure sales do not fall though.
Hamptons International has noted an increase in the number of high-net worth clients buying properties to safeguard their own sale.
Sellers with homes worth between £2 million and £3 million have bought smaller properties further down the chain for around £300,000 in a bid to kick-start the transaction, reports the Financial Times.
"We've found that whilst price reductions have created some movement, the market is still incredibly stagnant and in a number of cases even reductions are not helping," Mark Anderson, managing director at Hamptons, told the newspaper.
"If vendors at the bottom of the chain have been unable to secure a buyer, the seller at the top has at times stepped in to buy their property."
Recent figures from the Royal Institution of Chartered Surveyors have revealed that house sales are currently at the lowest level in 30 years.
...
Source: Sellers kick-start chains
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