July Newsletter - On Finding Your Place and Making a Home.
Dear friends,
When we meditate, the stillness allows things to emerge that on the surface we don't often let through.
Talking with a friend recently, we noticed that the lockdowns have had a similar effect - we've all been forced into confinement of some kind, and met ourselves and our issues along the way. I think this has in turn had an impact on the recent uplift in demand for change in people's homes.
For me and many people I know, this third and longest lockdown has been the most challenging. And preparing this message a week ahead of restrictions being fully lifted, I feel a sense of optimistic caution about the way ahead.
Whereas much of 2020 was spent adjusting to the unfamiliar - and hoping to find a way through - in 2021 it has felt necessary to look a bit deeper into where we want to live, work and how we want to spend our time.
I now feel British, but like nearly 40% of the people in London, my family line originates elsewhere.
When I was young, having spent time in war-torn Beirut with my Lebanese family, I didn't fully feel like a Londoner. I remember wondering where my own home was, and feeling a sense of displacement, and a lack of belonging.
As I enter my 50's, I'm now realising how important it has been to me, making a home for myself here in the UK - and then in turn, to help others do the same. I am passionate about helping people to feel at home, to put roots down, and to find a sense of community.
That's been an immense source of healing for me, and I am proud to provide the same support for others.
Notes on the market:
1. Local demand is red hot
Inventory is decreasing all the time, and that means competition for property prices - and especially for houses as families continue to decamp to west and south west London. Like any other industry, this means sellers price up and buyers vye for their attention. For best-in-class properties It is often a game of cat and mouse, with many subtle nuances... in any case, buyers can easily end up overpaying or missing out, without the right advice, as they are simply low on options. The stakes are always higher when the chances of success are lower, but taking intelligent risks often leads to reward.
2. Honeymoon is over
When things started to open up on April 12th, there was a rush for the traditional spring market. A fair number of buyers and sellers alike leapt into action and both at Homes One and in our network, we saw a flurry of enquiries. That initial surge of activity is now over, and it didn't match previous Q2 performances, despite the pent up energy. Now we are sensing that buyers are hesitant - they know stock is low - so why should they take what's left over? There is a feeling of frantic activity making way for sober decisions. The art of getting what you want at a time like this is all about having your ear to the ground, and knowing what's coming around the corner.
3. Air corridors are open
We will not know for another month or so, but the summer market has always been a strong time for middle eastern buyers in London. Obviously that didn't happen last year, and in the coming weeks we will find out if my home region sees international travel as viable once more, and if London still represents the safe haven it always has done. The same goes for US/EU investors, and we await the numbers to see the impact of Brexit now finally being a thing. My admittedly bias and occasionally optimistic intuition tells me that the late July/early August influx of foreign investors is just around the corner... inshallah!!
I await July 21st, like everyone else, with hope and positivity... and would love to catch up with you in person soon after.
Wishing you and your communities all the very best as we make the transition.
Warmly,
Karim