Janine Stone & Co ('Janine Stone') is pleased to announce the launch of Clarity, its unique, complementary service that provides purchasers of prime and super-prime residential properties with a holistic appraisal of the property's suitability, pre-offer, for their renovation or redevelopment plans.
Currently, potential buyers of prime or super prime properties do not have any one source of consultants or advisers who can advise them on all the various elements of a redevelopment or renovation project before they commit to a purchase.
Research conducted by Janine Stone, in partnership with a leading market research agency, among estate agents, buying agents and HNWs, revealed, 57% believed that the absence of the availability of pre-purchase due diligence has led to transactions not going ahead, 45% affected delays in deals and 36% say there was a higher level of uncertainty among potential buyers.
A further 82% of sector professionals said that they thought the introduction of such a service would have a positive impact on the prime and super prime markets and lead to more deals being completed. "As an established property search and acquisition firm, a service which gives clients the peace of mind and clarity of thought to proceed with a purchase well in advance of signing on the dotted line, is invaluable. This is especially the case given the dramatic increase we have seen in the cost of building works since Covid and Brexit.
Buying a property is an emotional, often frustrating and expensive business and our role as overseers of the process is to make sure there are no nasty surprises. Taking on a project of any scale is not for the faint-hearted and having the guidance of an experienced team like that at Janine Stone would be of undoubted value to buyers. Their defined pre-purchase service helps normalise the process of taking advice on these matters, which is crucial to the success of any purchase," says Guy Meacock, Head of London at Prime Purchase, the independent buying arm of Savills.
Clarity will address the current missing link between a buyer identifying a premium property and the renovation and refurbishment they wish to undertake. Transactions in this sector often stall because, in the absence of such professional advice, prospective buyers are uncertain about proceeding and then buyers try to re-negotiate or deals fall through.
The service provides potential buyers of prime and super prime properties with comprehensive professional advice on the timeline, alternate floor plans, design concepts, budget forecasts, and feasibility of the property they are thinking of buying being suitable for their design and redevelopment ideas, giving buyers full confidence in their decision making. Clarity draws on Janine Stone's decades of experience in architecture, construction, project management, and interior design. By incorporating all the design and construction services in-house Janine Stone ensures that each aspect of the process works smoothly and seamlessly. It is an approach they call 'from concept to completion', and it remains at the heart of Janine Stone's vision, which ensures the firm fulfils its promise that every project will be exceptional without exception.
With the launch of Clarity, Janine Stone is well-equipped to help potential buyers in the £5m to £50m and above range with their clients typically spending on average £15m on a property.
A number of industry observers and experts, have predicted a recovery of the UK prime and super-prime property sectors in 2024. For instance, prime and super prime agents Beachamp Estates, forecasts a 10.8% growth rate for the London premium property sector between 2024-27, compared with a national average of just 3.8%. According to market analysts, the sector has been buoyed by interest from US buyers due to the strong dollar, a small increase in supply spurred by reforms to the planning system, and the recent announcement that Labour's mansion tax policy will be scrapped. In what promises to be a recovery year for the sector, Clarity will help potential buyers of luxury properties firm up their decision making and help to spur the market's revival.
Janine Stone, founder of Janine Stone & Co said: "As the UK's prime and super prime property markets begin to show the green shoots of recovery, we believe our Clarity service will help give buyers the advice and guidance they need as well as the peace of mind that the property they are considering matches their refurbishment or redevelopment
plans. Overall, at a time when the market is primed for recovery, it should help accelerate transactions and help ensure a robust for what will hopefully be a banner year for the sector in 2024."
