High price, big fall
Homes & Property then sent a young couple out with a budget of £550,000: a windfall inheritance from one of their parents plus two salaries made this possible. The first stop was a large, attractive, converted 830sq ft warehouse with two bedrooms in Kean Street, Covent Garden.
Almost immediately, the agents dived in by offering to drop £75,000 on a £625,000 asking price. After that the offers came thick and fast, including a maple floor and redecoration in the deal.
"They wanted us to complete within a month. When we suggested that we might consider buying another apartment for investment, they were falling over themselves. The upshot was that we could get two flats, priced at £625,000 and £675,000 respectively for a total of £1.15 million, a reduction of £150,000.
Property: Two-bedroom converted warehouse.
Sale price: £625,000.
Final price: Two flats for £1.15 million.
Reduction: £130,000.
