If the last few weeks are an indicator of the remaining 10 months, then 2014 looks to be a good one for vendors in particular.
We have received unprecedented demand for flats and houses up to £10m and almost all enquiries are from potential owner occupiers rather than investors which reverses the trend from last year.
The currency issues for Indian, Turkish and South African clients in particular has certainly spurred them into seeking safe havens for their wealth and this looks set to continue as long as uncertainty prevails in these territories.
We continue to have access to off market properties for our clients and a recent comment from a leading estate agent, stating that over 50% of buyers spending over £2m are likely to be represented by firms like Property Point, shows how important it is to have access to the whole market and not just those advertised on the internet. Close to half the properties we helped secure for our clients in the last year were not advertised on the ‘net for example. I would say this, I know, but I’m not sure anyone can afford to be unrepresented when buying in Prime London these days.
On a separate note, anyone looking for new build apartments in Kensington should get in touch (firstname.lastname@example.org) as we have access to some fantastic new apartments that are both well built and may even offer some potential for capital growth (normally difficult on new builds unless you are prepared to wait for 5-10 years) as they have been priced sensibly rather than optimistically. This pricing strategy makes a welcome change and is perhaps a sign that vendors know that to create interest you can’t just price your property at what you hope it’s worth.