MAY 2011
April certainly had a holiday feel in the air. With not only school holidays but also a host of bank holidays and celebrations, a lot of buyers have been distracted from the market. Not a wise move by all accounts as there was plenty of activity going on that they may regret missing out on! There is a lot of momentum in the market, mostly from keen investors from all over the world.
Ramadan takes over August this year which has the effect of forcing summer to start earlier, so it is that time of year when the Middle Eastern, Asian and Russian markets are the filtrating in as the hot buyers in town. Expecting a busy summer this year and so long as the beautiful sunshine continues, London property looks better than ever!
APRIL 2011
Spring has sprung and the market is happily bouncing along with a ‘spring in its step’! Rumblings in the middle east certainly cannot be ignored but they do seem to be pushing the prudent investor toward London. I think it is too early to tell what will be the effect on the Far East buyers after the horrendous Tsumani but we haven’t seen much change either way as yet. You must be bored of me droning on about the shortage of stock but it’s an unwavering constant.
That time of year again where we start to see parents back in town looking to buy for their children’s next university year and buy to let investors are almost every other enquiry! Knightsbridge is buzzing…….
MARCH 2011
We’re definitely seeing the high end sales and rentals come into their own as is the norm for the lead up to Spring. Family houses are top of the agenda but as ever there are not enough good quality properties on the market. The stream of demand for one beds is of course never ending and prices are continuously under upward pressure. Seeing a lot of keen rental investors now that there are serious discussions that interest rates are on the rise by the end of the year and of course the 5% stamp duty kicking in in April for properties above £1m. It is extra cash no one wants to give away for the sake of it, so the pressure is mounting to complete by April 5th.
FEBRUARY 2011
Knightsbridge sales are storming ahead with little concern for the press’s view of the wider economy. Definitely seeing developers becoming punchier with the amount they are willing to pay for turnkey projects as they just can’t find the stock and are clearly feeling positive about the short term market. So, great start to this year. We are seeing a real range of buyers out there, lots of new registrations but the continuous problem lies in the need for more properties. I see no imminent change to this lack of stock yet see no retract of the ever forthcoming demand, so yes, 2011 is looking good! Furthermore with rental prices holding up at record levels, it’s a great time to be buying an investment.
You may be very surprised with what you might achieve for you property, sales or rentals.
JANUARY 2011
Well if the end of 2010 is anything to go by, 2011 is going to be a busy year in sales. I’ve had to do a 360 on my opinion of the market, and despite what the press have to say I think Knightsbridge is going to be very strong as demand continues to outstrip supply. 2011 promises lots of exciting developments. One Hyde Park will finally complete, the reconstruction of 55-91 Knightsbridge should get underway and the Knightsbridge Palace Hotel should be completed by the end of the year. I predict a busy and prosperous 2011 and can’t wait to get stuck in! Hope you’ve all had a fabulous Christmas and New Year!
December 2010
Glad to see the Qatari’s have kept the traditional Harrods Christmas lights, Knightsbridge just wouldn’t be the same this time of year without them! The supercars are back in town again (there’s a particular Bugati I’m quite fond of) which means there is plenty of money around. Sales is busy, I’m finding my buyers just so frustrated over lack of stock and not being able to find what they so want to buy. Any new instructions are just swamped with interest. Lettings was quiet through November, but to be expected at that time of year especially with Eid. Sure it will be busy again in the Christmas rush as last year. I’m feeling really positive about the market, there have been some eye-watering sale prices recently and they just don’t seem to know where to stop or settle. Buyers are still finding very deep pockets for the right thing. When One Hyde Park eventually finishes and it’s splendour revealed, I’m sure prices will get yet another boost. Happy Christmas all!
November 2010
As the National Press increasingly debate the future of the property market, it begs the question, is this the right time to buy? Thankfully a little more stock has trickled onto the market, boosting stock levels just above rock bottom but it’s clear the market is unpredictable: Recently two almost identical flats in the same building came on the market, one sold instantly at asking price, the other, unexplainably was barely noticed: We’ve had an offer £800,000 more than the £3.5m our client paid in March, yet this is not enough to motivate our client to sell as he feels there is more mileage in the market: On my last completion, the buyer picked up the keys and told me he thought the market was going to fall 15% next year. On questioning his motivation to buy he didn’t seem bothered at all as he needs a London base and knew the investment potential. This is Knightsbridge, what can I say!
October 2010
October sees the students settle down to studying allowing stock levels to recover and other types of tenants the chance to rent 1&2 bedroom apartments without a fist fight. Expecting to be busy with families post summer, with kids at school, looking to move in half term, settling into their new 4-5 bedroom homes by Christmas.
Knightsbridge had a learning curve this summer as Ramadan hit right in the middle, the busiest months of the year for property, hotels, retail & restaurants. It was well received (by some), to see the Arabs back in town at the end of Ramadan, alleviating fears that the markets had been stopped dead in early summer for the duration & making the next few years easier to predict.
One Hyde Park is due its exclusive launch this month. The positive affect this has already had on property prices on it’s adjacent buildings is distinctive and no doubt set to continue at a greater rate once this landmark development is completed!
