The Homes One September Newsletter has landed!
Dear Friends,
August was a quiet month for London property and I took advantage by getting out to the mediterranean, which never disappoints.
Staycations in the UK are pleasant but it doesn't feel the same - my roots call me south!
With summer now over it feels like a good time to reflect on what’s coming ahead in the prime London property market this autumn.
This month, inspiration from a Rudyard Kiping's classic:
'If you can keep your head when all about you are losing theirs...'
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Market Update: a few points for your attention:
- It feels to me that the post-covid bounce for property that has taken place for the last 2 years has now run out of steam. It was a hectic and frenetic market typified by high demand and very low stock; particularly for houses with gardens. Will rising interest rates lead to more housing stock? I think it will and this should give us some momentum.
- The prime central London market and prime buyers in general are relatively insulated from broader market conditions, although everyone is feeling the current flux in market conditions.. in particular Knightsbridge, Belgravia and Mayfair may look attractive, since they did not see the kind of activity and price appreciation that Kensington, Notting Hill, Chelsea and St Johns Wood did.
- The first buyers to seize the opportunity will be those with dollars. They are seeing a huge discount with the falling euros and sterling, so I expect to see Americans and buyers from the middle east and elsewhere taking advantage. The favourable exchange rate offsets almost all stamp duty charges which is quite the sweetener.
- The noisy news on the cost of living crisis and inflation that seems to dominate our lives so much, is having an impact on mood and risk. Fear and uncertainty are prevalent, and many will choose to do nothing. For the equanimous amongst us (for those who keep their heads while all around are losing theirs) there will be opportunity - and making friends with risk can pay off in times of stasis and inertia...
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Networking:
We had a very positive response to our inaugural Homes One networking charitable breakfast at the Pavilion in Knightsbridge.
We heard from Bella Freud and Lizzie Leigh from The Hoping Foundation about their work for children in refugee camps in the middle east. The overriding atmosphere was compassion, and a feeling that we are very lucky to be living here in London.
It was a vibrant and revitalising conversation and we had a chance to meet and spend some time off the treadmill. Displacement has been a big theme in my life and those of many others. The property industry is uniquely linked to this and the little we can do can mean a lot.
What we barely notice can change a life; either by donation, promotion of good causes and understanding.
Our next event will be on November 9th. Please let me know if you would like to attend by emailing me at karimbazzi@homes-one.com
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Local?
If you would like to discuss a purchase, or want to discuss us managing the sale your property and are thinking of making a move please do get in touch.
Warmly,
Karim Bazzi
T: 07958 485 611