Homes One November newsletter:</a> A time to pause and reflect

A personal note

This feels like a very difficult newsletter to write since sadly my father passed away recently… but he would have wanted me to keep on keeping on.

I have been managing the process with my mother and I've been conscious of grief and big changes being possible, over the surreal continuation of everyday life.

The market has been strangely quiet for this time of year with subdued appetite from both sellers and buyers so I have been fortunate to have the time to take it all in. It does feel that it may pick up now in the run up to Christmas – and my observations on this further down this email.

Market update and outlook

A few points for your attention

There is a drop in prices forecast for next year but very little real movement in London transactions as far as I can see. Some of my peers are saying this feels like a bottoming out. Interest rates are unlikely to rise much more and people have been inactive for a while.
Buyers and sellers are at a stalemate. Fear dictates both sides in their decision making.
Sellers feel if they discount the asking price they will be further negotiated down from that so they are keeping asking prices held.
London is strong and stable, if also in stasis. I tell buyers to put in an offer they feel comfortable with taking into account a 5-10% drop that MAY occur.
People are also less leveraged than in previous crises, meaning they are less exposed and more patient so there are fewer repossessions and distressed sales in prime central London.

In summary, property here in London is still one of the safest bets, although a longer-term play than ever before – and if you are comfortable with the long game, now is a good time to explore opportunities.

Hope

As a Lebanese person with strong Arab roots, I am also feeling deeply frustrated and saddened by the cycle of war in the Middle East, where many of my community and clients live – although this morning breaks with news of a four-day ceasefire, and the release of Israeli hostages – so for the first time in weeks, I am also hopeful.

If we can increase objective understanding on both sides, the effects will be felt around the world. So many of us are affected in London – which although a safe haven of sorts, is a microcosm of the world and a melting pot of cultures and opinions.

In my own life I have a daily practice of reflection, trying to take responsibility for my side of the street and seeking resolution with others which helps me to broadly keep the peace, and maintain and restore healthy relationships. If only our leaders would look at their behaviour… before any more lives are lost and families devastated?

I often think about what I can do and I think I have arrived at two actions I can take:

I contribute to charities on the ground; in particular those focused on children’s welfare since they are the real tragedy here for me.
And I try and talk with those open minded enough with different opinions who can discuss the issue without taking sides.

What the majority want is a peaceful, fulfilling existence; time spent with family and friends and some worthwhile work.

Perhaps this ceasefire will bring us closer to that.

An award to celebrate

On a more positive and upbeat note my very talented wife Najwa Mroue who runs our sister business Atelier NM won this very prestigious award: SBID international design award Residential Apartment Over £1M in Europe Europe for a flat I bought for my client.

Click here to find out more