The longer the waiting period the better the chance of riding

The longer the waiting period, the better the chance of riding out any storms.Sarah Ewing, a PR consultant in her thirties, wants to move from her house in west London to a new apartment where she can influence the design. She is aware that her property would sell for less now than a year ago and is anxious about buying from plans now in cases prices continue to fall. “I am looking around for a developer with an excellent track record who is building in a good location for me and who is prepared to be flexible about the kind of finish I want. I am not in a hurry to move and my gut feeling is that I have time on my side.”Jonathan Seal, who heads the London residential development department at Hamptons International, says this is the time for buyers to assert themselves “It is mad not to negotiate. Developers who are getting near to completion will be offering good deals because they need them by the end of the financial year Buyers must ask what price the properties were launched at. A discount off the original price is not the same as a 5 per cent discount off a property valued a month ago which would cover you for any risk between exchange and completion.”Buyers must do their homework, he says, and check how much new building is in the pipeline as well as comparable prices in the area, “although that might not always be possible in places such as the Paddington Basin, where a completely new residential community is being built.

But then buying a property is a long-term game.”It is the poor performance of the stockmarket that has most convinced investors to take refuge in bricks and mortar. Matthew Kirwin, from the Tower Bridge office of Cluttons estate agents, believes that in comparison to share prices, if someone sees their property fall in value by 10 per cent they will feel they have done very well.Traditionally, buying off-plan has attracted the speculative purchaser, who has used a deposit to make money on the whole value by selling on before completion. But those investors have mostly disappeared, says Kirwin, and we are seeing institutions and Irish investors coming in.Nervousness is barely in evidence at the lower end of the market, which is strong and meeting a demand from first-time buyers. While expensive properties like penthouses are dressed and touted about in costly marketing exercises, well-priced developments are selling out.Take Telford Homes, a fast-growing company that builds in east London around the fringes of the City and Canary Wharf.

Its principles of low cost – nothing above £200,000 – good architecture and sites in up-and-coming areas have been rewarded by sell-outs at their schemes. Similarly in Woolwich, which is soon to benefit from a rail link to Docklands, off-plan buyers have cleared the shelves at Royal Arsenal, the Berkeley Homes redevelopment of the old armaments factory along the Thames. Its next launch this Saturday, of a dozen units priced at £260,000, is expected to sell as quickly, with housing association homes starting at £100,000.In the main, these sorts of buyers want to live within easy commuting distance from London at prices they can afford and for them buying off-plan in a scheme such as this holds few, if any, risks But this does not mean you should throw caution to the wind. Specifications can be changed and there are plenty of cases where the finish has not lived up to its paper promise.Linda Beaney, of London estate agents Beaney Pearce, says she has seen some buyers pay more attention to the detail of their holiday brochure than their off-plan house purchase. Her firm produces a guide to the advantages and disadvantages of buying from plan. Appointing a surveyor and a solicitor familiar with the process is crucial. As estate agents are finding that the uncertainties over Iraq are adding to buyers’ reluctance to make a commitment, now may be just the time to make a stand..

British-born Rachel Ashwell, founder and designer of Shabby Chic soft furnishings, has just moved into her new home in LA’s fashionable Brentwood with her two children, aged 13 and 15

British-born Rachel Ashwell, founder and designer of Shabby Chic soft furnishings, has just moved into her new home in LA’s fashionable Brentwood with her two children, aged 13 and 15
At the end of last year I sold my lovely Malibu cottage and moved to Brentwood, just up the road from Santa Monica. It’s a more traditional townhouse and I bought it from Christian Slater and his wife. They made a beautiful job of doing it up, but it was a little too formal for my lifestyle. I had to simplify it and restore some of the original details.”Brentwood is a very historical area It’s the neighbourhood where Marilyn Monroe died. Tom Hanks, Harrison Ford and lots of other celebrities have lived here. But already I’m missing the sea, so we’ll see whether I head back to Malibu.