Will Watson of The Buying Solution provides his commentary to PrimeResi following the election of a Labour government.
Read more here
Will Watson of The Buying Solution provides his commentary to PrimeResi following the election of a Labour government.
Read more here
Harry Gladwin from The Buying Solution discusses with Frank Ivens from The Telegraph the potential impact on the property market and house prices if Labour’s proposal for VAT charges on private schools is implemented.
Read more here
Harry Gladwin of The Buying Solution speaks to David Byers of The Times about the potential impact of sending children to state schools on the property market and the possible effects if Labour were to impose VAT on private school fees in its first budget.
Read more here
Mark Lawson of The Buying Solution speaks to Ben Clatworthy of The Times about the affects wet weather has on the property market.
Read more here
Knight Frank released the latest iteration of its Wealth Report earlier this year. Liam Bailey, Head of Global Residential Research at Knight Frank, summarised the five key themes shaping 2024 as:
The Wealth Report predicts 2024 could be prime for buying property in London. Wealth creation is on the up, and 22% of High-Net-Worth-Individuals (HNWIs) have expressed a desire to invest in residential property.
The upcoming general election isn’t expected to disrupt purchase behaviour, according to Knight Frank’s Intelligence Lab research: “We expect prime central London (PCL) and prime outer London (POL) to underperform the wider UK market this year.
Given that prices in PCL are still 17% lower than their last peak in mid-2015, we believe growth will kick in more fully from next year.”
As a London buying agent, I can certainly see an appetite to buy in London; people want to put roots down here, perhaps because of family, work, or historical connections.
Whilst the Wealth Report talks of house prices in London in general terms, it’s important to remember that London is a series of villages, each with varying levels of value and popularity, and prices will differ depending on where people desire to live. This popularity is driven by several factors:
A good village atmosphere can dramatically increase property value which is why Marylebone is so popular; the high street has great shops and cafes. Pavilion Road, off Sloane Square, is incredibly busy at the weekend for this same reason, and these factors will have an improved impact on the surrounding areas.
The Wealth Report discusses ‘The Great Transfer of Wealth’: “Over the next 20 years, a transfer of wealth and assets will occur as the silent generation and baby boomers hand over the reins to younger generations.”
Boomers (those born between 1946 and 1964) are currently the wealthiest generation; their mean net worth falls between $970,000 to $1.2 million, (£760,000 to £940,000) according to Fortune.
Over the next 20 years, it’s expected that Boomers and their parents (The Silent Generation), will pass down £5.5 trillion in assets in the UK, and $84 trillion in the US.
The media has widely discussed the potential impact of an intergenerational wealth transfer on Millennials and Generation Z (those born between 1981 and 1996; or 1997 and 2012, respectively). This transfer of wealth could enable many from these generations to enter the property market for the first time.
However, despite widespread predictions, I haven’t seen this in the market yet. While it’s common for parents to buy property for their children (a topic James Burridge spoke about recently), my experience is that property buyers come from various generations.
Whilst demand remains high, new priorities are burgeoning thanks to lifestyle changes and environmental factors. Buyers are increasingly looking for air conditioning, lifts, and porters to help with deliveries and to maintain security, for example. This often leads to the purchase of newer apartments, and apartment living brings with it new concerns.
Service charges have increased by large percentages, way above inflation, which isn’t an issue if service is exemplary, but with many new developments, service charges are estimated and will increase after three to four years. What that increase might be is difficult to predict.
For more information, or if you’re thinking about making a prime property investment in London, please get in touch with me here.
Will Watson of The Buying Solution speaks to Melissa York of The Sunday Times about the advantages of purchasing a property that requires work or is a fixer-upper.
Read more here
Jake Civardi of The Buying Solution speaks to Anna White of The Telegraph on the desirability of properties in commuter areas close to London and how they are still in demand.
Read more here
Harry Gladwin of The Buying Solution speaks to Alexandra Goss of The Telegraph about what it’s really like to live in the Cotswolds.
Read more here
Will Watson of The Buying Solution speaks to PrimeResi following the 4th July General Election announcement and what this means for the property market.
Will says “Calling an election in July is positive news for the property market – there are many buyers and sellers sitting on their hands waiting for clarity. We want the election over so the market can adjust and all the questions surrounding non-dom status can be addressed more quickly, particularly if we have a new Labour government.
There is nothing worse, for any market, particularly property, than political uncertainty. When the dust settles post July 4th we might even have a Summer/Autumn flourish with more demand and vendors deciding to sell.”
Read more here
Mark Lawson of The Buying Solution speaks to The Times about his property market analysis for the coming year.
Read more here