At times like this it helps to take stock of where we are in order to advise our clients accurately and accordingly.
The Brexit Genie is out of the bottle and soothe-sayers and doom-mongers seem to exist in equal numbers. If any market has this much uncertainty then players on both sides will take their ships back into harbour and await developments.
The statistics can take a while to be collected and verified so by the time the various indices are published and analysed they can often be well behind the curve. Here at the sharp-end we are speaking to buyers and sellers every day. If the phone is not ringing and buyers and sellers are not registering or cautious then we know months in advance of the official figures.
However, the fundamentals of our West End market are good. High local employment, limited supply of stock, a weaker currency and low interest rates are all positive forces.
Also, London is and will remain a centre for Banking, Law, Medicine, Academia, Retail, Tourism, Creative Arts, Production, Government and so on and on.
Recent political and economic uncertainty are the undermining factors along with aggressive investor taxation.
If we get the pricing and marketing right from the very beginning then properties will sell. Buyers are taking their time and therefore we have a limited window after launch to get interest before a property goes stale. The first question we are asked is often “How long has it been on?” as buyers try to work out the motivation, position and psychology of the seller.
Our last few agreed sales have been to a Far Eastern buyer with a child at LSE, a British QC, an American buy to let investor, and a buy to live academic. In short, the predictable mix of West End folk.
If you can get an understanding what is going on there are buying and selling opportunities to be had so please do get in touch if you would like to discuss, question or comment.