Will Watson of The Buying Solution provides his commentary to PrimeResi following the election of a Labour government.
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Tag: London
The Buying Solution in The Telegraph
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.
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The Buying Solution in The Times
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.
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The Buying Solution in The Times
Mark Lawson of The Buying Solution speaks to Ben Clatworthy of The Times about the affects wet weather has on the property market.
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What Knight Frank’s Wealth Report tells us about the premium London property market
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:
- Global GDP will likely expand by 2.9%, down from 3.1% a year earlier, defying recession fears
- Rates will fall, but the pace remains uncertain
- Real estate investment volumes will improve
- AI investment will drive real estate requirements
- Climate change will impact property values
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:
- The quality of what’s available in the market for both apartments and houses
- Good transport links, which can also be a prompt for improvements in the area
- Affordability, even for those with healthy budgets
- Community
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.
The Buying Solution in The Sunday Times
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.
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The Buying Solution in The Telegraph
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.
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The Buying Solution in PrimeResi
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.”
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The Buying Solution in The Times
Mark Lawson of The Buying Solution speaks to The Times about his property market analysis for the coming year.
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Sustainability and environmental stewardship take centre stage at Chelsea Flower Show
The Royal Horticultural Society’s (RHS) Chelsea Flower Show has arrived, promising its world-renowned spectacular garden designs, introduction of innovative materials, and glorious floral displays.
This year’s show takes place between Tuesday 21st May and Saturday 25th May (Tuesday and Wednesday are members-only days). The Buying Solution team will be at the show, looking for emerging trends their customers might be interested in adopting.
Ahead of the much-anticipated horticultural spectacular, we caught up with Chelsea Flower Show veteran, landscape architect Marcus Barnett, to get his predictions for this year’s show. Enjoying as a spectator this year, Marcus has kept a keen eye on emerging trends.
We also spoke with landscape designer Rachael White, who predicts a change in direction for this year’s event.
Marcus Barnett
Marcus is a long-term friend of The Buying Solution, and has exhibited five times previously, winning three gold medals and best in show, so he’s well versed in the pressures and exhilaration of the final days and weeks before the show opens to the public. (Photo by Millie Pilkington)
“It appears that at the 2024 RHS Chelsea Flower Show there are two very clear stand out themes, and they are more apparent than any previous show I can recall.
“First, the ever-increasing shift towards sustainability and environmental stewardship is markedly more prevalent and advanced this year. Strikingly so.
“This seems to centre around how the garden is constructed; indeed, the RHS has created a new award called the Environmental Innovation Award and it’s open to all gardens that have been through the ‘green garden audit’.
“In a nutshell, this is intended to encourage designers to design with the environment as a key consideration. This requires increased effort to reduce or even remove the presence of cement in your garden. And if this cannot be achieved, can you use low-carbon cement (I think cement is responsible for 8% of global warming so you can see why the RHS is pushing this so hard)?
“Additionally, can the designer for example, use recycled materials where possible and can they reduce their carbon footprint through innovative delivery techniques to and from the showground? Other green criteria also apply, but this will have a very interesting influence on design and, crucially, construction.
“The other trend that strikes me as a designer, is a change in overall design layout. Across the board, in the Show Garden category, the designers have laid out organic designs; gone are the days when the majority were rectilinear in layout. Some exist here this year, but they are in the minority.
“Echoing the organic theme and driving it home perhaps, are the planting styles, palettes and the way the plants have been set out. Planting appears to be delivered in a style reminiscent of self-seeding, almost haphazard planting.
“This conclusion is drawn from the images on the RHS website of the show gardens so it’s difficult to see for sure, but it will be interesting to see if this is indeed the case once the planting is completed.
“In earlier flower shows the designs were often more rectilinear in layout (some of my own for example), and the planting reinforced this, clearly this is no longer the case. I think designers feel that sustainability is best emphasised in an organic layout rather than a rectilinear one. This is not to say that they are mutually exclusive. It just seems that a trend is developing – a zeitgeist before our very floral eyes.
“Whatever the outcome, I know that each designer and construction team will be absolutely exhausted! They will leave no stone unturned or plant un-tweaked to ensure their garden is the very best it can be. I wish them well and greatly look forward to seeing the conclusions. After a miserable and protracted winter, the show heralds the onset of summer. It is the first major diary event in the calendar and arguably the finest (I may be biased) flower show on this warming planet.”
Rachael White
Rachael White of Rachael White Designs, is a two-time, gold and silver award-winning exhibitor at Chelsea:
“Chelsea has turned on its head a bit. It used to be big and brash but now it’s really starting to read the crowd and realise we need to focus on sustainability and to step away from structured perfection. Ultimately, that’s why we love nature: because it’s not perfect.
“I think there’s a new focus on going back to nature, using traditional crafts and to generally let our gardens be a bit more messy. I think last year was the first year Chelsea had a nettle at the show – and that’s so special because they should have a place in the garden – they provide so much biodiversity.
“In years gone by, we have stripped the garden of anything organic and it’s caused problems with bugs. When we design gardens now, at Rachael White Designs, we’re starting to include sacrifice beds, where we just let the bugs go wild.
“I often say to my clients in the countryside: look out of your window, you’ll see nothing that’s the same height, the same colour, and you want to look out at that, don’t ruin it by making it a monoculture. In London, where your backdrop is concrete, of course you can be a bit more structured, and the challenge there is to soften the concrete lines; but in the countryside you can blend and bleed into what’s already there.
“The way we design now has to be different because of climate change; draining and irrigation should always be at the forefront of all designs, but especially now with the weather extremes. We’re faced with flash floods and droughts, and we have to plant with that in mind. And be prepared to be more flexible with the choice of plants.
“A big focus has to be the wildflower because it’s your best carbon fixer, I am an accredited partner of the Wildflower Society, because wildflowers are truly gold. They establish within two years – a tree can take 20 – the fibrous root system trebles the carbon locking, and it can allow for drought and for flooding.
“So, my prediction for Chelsea is an embrace of the rough and ready, and saying goodbye to the formal border. More natural materials; more natural planting; and a focus on sustainability. I’m expecting more nettles, more wildflowers, a lot of renewable energy in the spaces, and a focus on retaining water. Sustainability will include considering more local and natural materials, and I wouldn’t be surprised if there were a lot of edible gardens too. In short, more sustainable, naturalising, less perfection. I’m looking forward to attending!”
Chelsea Flower Show, or The Great Spring Show, has been held at the Royal Hospital Chelsea since 1913, home to the Chelsea Pensioners, retired soldiers from the British Army.
There are 66 acres of land attached to the hospital, including the Ranelagh Gardens and the South Grounds, where the Chelsea Flower Show takes place.