In prime central London’s property scene, getting the price right is proving more crucial than ever, according to Jamie Hope, managing director of sales at Maskells.
Despite economic and political uncertainties casting a shadow, Hope sees plenty of reasons for optimism.
“Data from our friends at LonRes shows that transaction volumes in Q4 2024 were up 9.6% YOY,” he notes, a trend that aligns with Maskells’ own experience and has carried into 2025 with transaction numbers still climbing as the first quarter nears its close.
The firm’s figures tell a buoyant story: a 23% rise in sales by the end of 2024 compared to 2023, and a lively start to the new year with viewings up 15% and offers surging 45% compared to the same period last year.
This has led to Maskells sealing more deals in early 2025 than in previous years’ opening months.
Hope highlights a telling shift in buyer behaviour too. “Our 10-year average is around 8 viewings per offer. So far this year, our viewing to offer ratio is 6.2,” he explains, pointing to a smaller but more decisive pool of buyers sourced through the firm’s extensive marketing and global contacts.
Yet, success hinges on pricing discipline. Properties often need adjustments to spark interest, but when they hit the sweet spot, competition kicks in.
“Once at the level the market agrees with, multiple offers are made, and the new asking price is often exceeded,” Hope observes, noting buyers gain confidence when they’re not bidding solo.
Time, however, is no longer a seller’s friend as it once was in rising markets. “In this climate, we are seeing very fine margins and if there is much of a gap between asking price and where buyers see value, offers are hard to extract,” he cautions.
For homes lingering unsold, a sharper price correction can reignite interest—and fast.
“Our sales over the last six months show that the average time between a property being exposed to the market at the correct price to elicit offers and an offer accepted is 39 days. So far in 2025, this time period is just 16 days,” Hope reveals.
Properly priced properties are drawing robust interest, even with most buyers still paying cash, though looming interest rate cuts could soon lure more into the fray.
Maskells’ tailored approach may be giving it an edge. Citing Property Data experts Twenty EA, Hope adds a final nod to the firm’s model:
“Agencies with a smaller number of branches tend to sell 5 times as many properties per branch as those with 150+ branches.” In a price-sensitive market, precision and agility seem to be paying off.