The following article was originally published on 8 November 2024 in Expat Living, featuring Jordan Edwards, Director of Edwards & Plumb Property and expat living in Singapore.
Original article: Expat Living.
Jordan, tell us more about your property company and what it is you do.
Having lived in Singapore for many years myself and worked in the real estate industry for 14 years, I’m very aware of the challenges buyers face trying to find and buy property in London when outside of the UK. Edwards & Plumb was set up in 2020 primarily to help international clients with this.
Almost all of the apartments in London being sold in Singapore and Hong Kong are off-plan or new-builds. These are geared towards investors, and often sold with over-inflated expected rental yields. There are also limited choices and lots of supply, which in my experience means these rarely perform to the level quoted.
Our business helps clients get access to the whole of the market. We transact many off-market deals, and specialise in existing or secondary market apartments and houses. Because of our transparency and impartial advice, our clients are fully aware of what they are buying. And it also helps them to know they’re getting a good deal. If they buy for an investment, like apartments in London to rent, we provide property management services too – so we make sure a realistic expectation of yield is provided.
How do you identify the right property in London?
Firstly, we ensure that we fully understand what the client wants to buy, and why. For example, is it somewhere for their children to stay whilst studying? Is it for them as a relocation place or if they’re moving back to London? Or is it for an outright investment? Then we explain the different types of options for their budget, talk about features they may need and discuss areas that would fit their budget.
What makes you different from a local estate agent?
Local estate agents work for the seller. It’s in their interest to sell the property at the maximum price, as they are paid a percentage commission on the sale price.
We work for the buyer. We are there to help find value in the property the client is buying. In most cases, we negotiate a lower price for the client, helping to build in some margin. If the property needs some renovation or just modernisation, we will also explain this to the client and give them a guide on how much this would cost. We then build this in when negotiating the price.
Are online property portals a good place to look?
In my experience, for international clients it’s a waste of time to shop around on the portals. You hardly ever get a call back, lots of agents don’t like international buyers, and listings are sold but kept online to help generate enquiries for other property sales. Photos are often out of date and can be misleading. It’s best to get on the ground in London and search, but this does take time, which often people don’t have if on a short trip. Or work with a buyer’s agent who can get you access to off-market and the best quality.
Finally, are there any mistakes or things people forget to consider when buying property in London?
There are many things! The top three are:
- Buying investment property with over inflated yields.
- Not factoring in all the costs – for example, for buying, taxes, admin costs, updating costs, management costs. Often clients buy but haven’t thought about all the smaller operating costs which impact the return.
- Thinking they can come to London for one week and find a great property! It typically takes us weeks or months to find the perfect place. Clients often underestimate the time and work needed to find the right property.
