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Quo Vadis

Quo Vadis' Not just a Hollywood biblical epic or restaurant in Dean Street. It is also a deep question about where are we going. I do not necessarily mean the physical journey, but more the nature and reason of the journey and what lies ahead. The property year just gone has panned out much as expected in the West End. At the risk of repeating myself, the lack of stock and the enthusiasm of overseas buyers has kept things buoyant but volumes remain low as owners decline to disinvest. We are now entering the fourth year of this particular phase of the market. I see the beginning of 2009, which was about when prices started to recover after the banking inspired stock market crash, at the start of this particular Bull Run. It has not been a speculative rally but one powered by fundamentals such as the aforementioned supply and demand issues and the relative security, when viewed from abroad of the London market. So back to the question of what happens now. Four years in and a few small to medium size developments have completed and more are starting to appear. It is not exactly a bandwagon, but developers, surveyors and architects are steadily calling to get our opinion on the eventual market price of assorted developments which are often at the primordial stage. The market allocates resources and this is what is happening to provide properties at a premium, to appeal to the current generation of buyers. Also, the effect and discussions around the impact of Crossrail will become more relevant this year as firms and businesses start to weigh up the benefit of locating close to the central axis of Farringdon-Tottenham Court Road-Bond Street. I think a few more domestic sellers will emerge as the various issues with the UK economy encourage the cashing in of property profits to fund household and family spending. No market continues in a straight line forever of course and there are too many tectonic plates beneath our feet to proclaim with any real certainty, but my personal vote is for a little more volume as the sellers who have been in the shadows emerge and the crystallisation of prices around current levels. We should see a trimming of some of the more adventurous asking prices as the year progresses. So, Happy New Year to all clients and if you would like to discuss the market further, contest my opinion or just need an update on the values in your immediate area, please give me a call. Adrian Philpott: 0207 240 3322

Quo Vadis' Not just a Hollywood biblical epic or restaurant in Dean Street. It is also a deep question about where are we going. I do not necessarily mean the physical journey, but more the nature and reason of the journey and what lies ahead.

The property year just gone has panned out much as expected in the West End. At the risk of repeating myself, the lack of stock and the enthusiasm of overseas buyers has kept things buoyant but volumes remain low as owners decline to disinvest.

We are now entering the fourth year of this particular phase of the market. I see the beginning of 2009, which was about when prices started to recover after the banking inspired stock market crash, at the start of this particular Bull Run. It has not been a speculative rally but one powered by fundamentals such as the aforementioned supply and demand issues and the relative security, when viewed from abroad of the London market.

So back to the question of what happens now. Four years in and a few small to medium size developments have completed and more are starting to appear. It is not exactly a bandwagon, but developers, surveyors and architects are steadily calling to get our opinion on the eventual market price of assorted developments which are often at the primordial stage. The market allocates resources and this is what is happening to provide properties at a premium, to appeal to the current generation of buyers.

Also, the effect and discussions around the impact of Crossrail will become more relevant this year as firms and businesses start to weigh up the benefit of locating close to the central axis of Farringdon-Tottenham Court Road-Bond Street. I think a few more domestic sellers will emerge as the various issues with the UK economy encourage the cashing in of property profits to fund household and family spending.

No market continues in a straight line forever of course and there are too many tectonic plates beneath our feet to proclaim with any real certainty, but my personal vote is for a little more volume as the sellers who have been in the shadows emerge and the crystallisation of prices around current levels. We should see a trimming of some of the more adventurous asking prices as the year progresses.

So, Happy New Year to all clients and if you would like to discuss the market further, contest my opinion or just need an update on the values in your immediate area, please give me a call. Adrian Philpott: 0207 240 3322

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