Market summary / our Knightsbridge outpost / silver linings.
Dear friends,
Here's hoping everyone has had a good summer, and some respite from the difficulties of the past eighteen months.
I am recently back from a few days in Malta for which I feel thankful, after not boarding a plane since before the lockdown. While not exactly local to my Levantine roots, I felt sufficiently closer to home, and restored by the mediterranean climate.
Returning to the UK, I feel the benefit of the first truly contemplative few days I have had since before the pandemic, and mindful not to lose sight of the silver linings that have emerged from the past 18 months.
Read to the end to understand what I mean.
A few points for your attention:
Market update and outlook
– The market in central London has been characterised by a lack of good stock and record prices for large houses. Notting Hill has emerged as the favourite destination followed by Kensington. I think the appeal of Notting Hill is that it is a one off in central London. Mixed, vibrant, green and has an abundance of wide properties with good gardens. The more traditional uber prime areas such as Belgravia have lagged behind and now look like decent value.
– Businesses like mine that focus on buyers are in high demand. Some are even turning business down particularly outside London. I think with the opening up and the return to the office London will become very popular again.
– The upsurge in activity ahead of the stamp duty window closing at the end of June saw a lot of stock disappear off the market. We are now in new territory, and inventory is slowly building back up again, meaning slightly more choice but prices achieved over the last 12 months means that there a very few bargains.
– While many poured in to the market to take advantage of the tax break (making June one of the busiest months on record), many others have been waiting. I would like (but don't have access to) to the demographic of all buyers over this busy period. Very few people buy without visiting their properties - meaning that most international investors are still off games. When the air corridors open up, which they will do soon, a new flurry will take place as my friends from the Levant and Middle East return to London.
– This week the market will be back in full swing. At Homes One we are already transacting throughout the Royal Borough and have searches underway in various areas, for clients of three different nationalities. I enjoyed the slower pace of August, working on these deals, and feel grateful as ever for the business - finding a home in this world is an important and significant journey, and I am happy to be of service in this way.
I received two amazing gifts in the lockdown
One friend bought me guitar lessons, reawakening the dreams and enjoyment of musical creativity, guitar playing and singing that I explored as a young man. Another friend, who has very sadly since passed away, remastered some of my old music for me.
To me, the enforced contemplation of this extraordinary period in history has been full of insight and meaning. My intention to explore my creative side again feels enriched and informed by that…
Click here to follow me on Insta, and see how my creative adventures unfold!
I'm back at The Pavilion in Kensington High Street for much of the working week - and we now have a Knightsbridge branch with a terrace and views over the park. Call me to catch up - and I'd be delighted to see you if you are in either of these areas.
I hope the re-opening process is going well for you and send my warmest wishes for a relaxing and recuperative summer period.
Best,
Karim