reduced price property
We hunt them out. In the current market, prices are generally on the up because buyers outnumber the sellers and interest rates are low. Sellers can command high prices while everything is running smoothly. However the London housing market is huge with thousands of properties for sale at any one time. There are always some sellers who run into difficulties and need to sell quickly. Our job is to find them.
Why are they reduced?
1) A vendor often locates a new property to buy but finds themselves in a contract race. They may need to reduce the price of their old property in order to sell quickly.
2) There could be a Iocalised glut in a particular type of property. The market temporarily reverses pushing the price down instead of up.
3) Probate properties often have a high percentage equity. The owner may not want a long drawn out sale and can be happy to settle for a "quick-sale" price.
4) When people change jobs or are relocated by their companies, they are often paid considerable sums to move quickly.