Will Watson of The Buying Solution speaks to Liz Rowlinson of the FT on the appeal of Notting Hill, London.
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Tag: Homes & Property
The Buying Solution in The Telegraph
Will Watson of The Buying Solution speaks to Olivia Lidbury of The Telegraph on the appeal of dressing rooms and how to create one on a budget.
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Knightsbridge: Losing its charm or adapting to change?
Knightsbridge, the epitome of luxury and exclusivity in London, has long been synonymous with affluence and a vibrant social scene. However, in recent months, there has been conjecture about whether this prestigious neighbourhood has lost its charm.
Will Watson, our Head of London, recently featured in the Financial Times commenting that ‘Knightsbridge is not the bullseye of prime central London that it used to be’ and predicted that ‘prices could drop more this year’.
His article sparked a flurry of social media comments from our followers saying Knightsbridge ‘is no longer the English enclave that it once was’, ‘it has lost its identity’ and ‘it has become a boring part of town’.
So, what exactly is going on in SW1X? Will, who has worked in the prime central London market for over 20 years, shares his top insights.
The rise of new hotspots
As Knightsbridge remains a globally renowned London beacon for real estate, other areas in London have caught up and emerged as new hotspots for luxury living and investment.
While Hyde Park offers a green oasis in the heart of the city, green spaces within Knightsbridge itself are limited. This lack of greenery can be a downside for nature lovers or those seeking a more private garden.
Although demand for pied-à-terre apartments in Knightsbridge remains strong, younger families, including clients we’ve had from the Middle East – where Knightsbridge has always been their preferred location – are looking to buy houses with a wider footprint in the greener areas of Notting Hill, Kensington or Holland Park.
It depends on where in Knightsbridge
To say Knightsbridge is ‘boring’ or has ‘lost its appeal’ is an overstatement. Geographically, Knightsbridge is barely 1.5km wide, 600m deep and sandwiched between Hyde Park, South Kensington, Chelsea and Belgravia. However, even in this relatively small territory, there are a range of quarters, each with its own identity and community. For example, the West Side of Knightsbridge heading towards South Kensington has a very different feel compared with the North Belgravia border.
For many, the Cadogan Estate is one of the most sought-after areas in central London. Close to some of London’s most exclusive retail outlets, excellent schools and access to gardens, tennis courts, and children’s play areas. Others point to the Pavilion Road area as being much more villagey and gentrified, near private members’ clubs, exclusive gyms, and coffee shops.
Undoubtedly, the retail landscape in the area has evolved. Iconic department stores like Harrods and Harvey Nichols have maintained their status as shopping destinations, but the rise of online shopping has impacted foot traffic and sales. Covid also contributed to a perceived lack of buzz, where international buyers have been slow to return after the pandemic.
High cost of renovations
Walking around Knightsbridge, one gets to experience a glorious mix of Georgian, Victorian and Edwardian architecture. However, the houses are often tall and thin. Gardens tend to be patio style, and parking is difficult.
Many properties in Knightsbridge are dated and require refurbishing due to how long they have been in the same ownership. The cost of renovating is high, and with the time it takes to carry out one of these projects, we’re just not seeing an appetite from our clients wanting to take on such a lengthy refurbishment.
Buyers looking for a refurbished property have been looking more to Mayfair where a broader selection of super-prime developments featuring purpose-built modern designs with concierge and hotel-style amenities exist. The demand for these schemes for the turnkey option has been particularly high since Covid.
It is important to stress that Knightsbridge might not be as popular as it once was, for family houses in particular, but these trends tend to be cyclical and generational by nature. In the future, I would expect a new cohort of buyers to focus back in on the area, ultimately down to its central location and world renowned address.
Now could be an excellent time to buy
For a location on the map that is so central, close to many excellent amenities, and Hyde Park, 2024 could be the year to secure a good deal in Knightsbridge.
In January, we acquired a property in Knightsbridge for our client paying 18% less than the vendor acquired the property for in 2013. Given the uncertainty that 2024 holds, we are confident of more opportunities to buy in Knightsbridge at prices well below the peak of 2013.
There is evidence that conditions in the wider property market are becoming positive, and inflation is falling faster than expected. So, while Knightsbridge may have faced its share of challenges and changes, it remains a symbol of luxury and cachet in London. Its ability to adapt to evolving trends while preserving its heritage will determine whether it can reclaim its status as one of the world’s most exclusive neighbourhoods.
If you need help with your prime central London search, don’t hesitate to contact The Buying Solution, and we’d be delighted to discuss your requirements.
The Buying Solution in The Mail on Sunday
Harry Gladwin of The Buying Solution speaks to Liz Rowlinson of The Mail on Sunday on when is the right time to sell your property.
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Finding ‘paradise’ in the Southern Counties – our ‘Winning Edge’ in action
As our Southern Counties expert, the team and I had a busy 2023, especially the summer in Wiltshire, Hampshire and Dorset – including four successful acquisitions, all now completed, totalling over £18.5m. All of these properties were off-market, with an average saving of 4.5% on the asking price.
I am often asked how The Buying Solution offers our clients ‘the winning edge’ with their property search. So, I’d like to share an example of how we offer clients a competitive advantage on my patch.
Being a buying agent is all about being proactive, tenacious and on the front foot. We can’t sit still and wait for the opportunities to come to us. It’s so true that ingenuity and tenacity open doors, and without these attributes, it makes finding a dream home for our clients extremely hard.
I recently had a client looking for a very specific property on the South Coast between Poole and Chichester, where prime waterfront properties are notoriously scarce. Each year, only a few come to the market.
These clients had already been looking for two years and were introduced by friends whom I had successfully bought a waterfront property for the year before. Their brief was for a 4,500 sq ft + house with an extensive sea view and swimming pool.
Having dismissed all properties that were being offered by selling agents both on and off-market, we set about a more targeted strategy. All other properties that met the criteria and had appropriate sea views were identified from our database and Google Earth. I then investigated and researched each house individually to ensure their suitability and targeted the owners directly to see if they were potential sellers.
Of the properties approached, we got a handful of positive responses, from which two became opportunities. Thankfully, their preferred option was buyable at a realistic price following sensible negotiations.
Our clients’ feedback demonstrated how impressed they were with our creativity, discretion, and market intelligence. This was echoed by the text message I got from our client at Christmas, saying: ‘It’s paradise, we thank you every time we come here.”
If you need help with your search, don’t hesitate to get in touch with me here, and I’ll be delighted to discuss your requirements.
The Buying Solution in The Sunday Telegraph
Will Watson of The Buying Solution speaks to Alexandra Goss of The Sunday Telegraph on the rise of “gazundering”.
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The Buying Solution in The Telegraph
Jemma Scott of The Buying Solution speaks to Ruth Bloomfield of The Telegraph about the pros and cons when refurbishing or extending your home.
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The Buying Solution in The Times
Harry Gladwin of The Buying Solution speaks to Cathy Hawker of The Times on why entrepreneurs are moving to the Cotswolds.
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The Buying Solution in The Times
James Burridge of The Buying Solution speaks to David Byers of The Times on why London is luring property buyers back to the capital.
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The Buying Solution in The Telegraph
Jemma Scott of The Buying Solution speaks to Arabella Youens on tech hubs driving the property markets in the Oxford / Boars Hill area.
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