London Property Consultants

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Navigating the prime London property market

Simon Barnes of H. Barnes & Co talks about what overseas investors need from a buying agent to secure luxury property in the prime property market of London

In London, established property ‘experts’ acknowledge their geographical boundaries. The nature of the city’s geography and spread of property means that not only is there a north south river divide, but there are micro markets within relatively small areas of the city.  Areas within close proximity may offer a differing mix, style and proportion of property, the density of housing, the layout of squares and streets and the range in value, all have distinct characteristics.

 

PROPERTY MARKET IN ‘PRIME CENTRAL LONDON’

In the same way you would not send your prized Rolls Royce to the local garage for a service, you probably wouldn’t go to the ‘local high street agent’ if you were looking to buy or sell a particular type of property. True, they may be able to do the job eventually, but they wouldn’t be specialised enough to get you the best results. You wouldn’t ask your local estate agent to sell your house in the country, or to find you a secluded villa in the South of France. The very small market referred to as ‘Prime Central London’ is particularly specialised.  Selling a large, lateral flat in Belgravia, or a substantial town house with adjoining mews house in Mayfair, is not about sticking it on your web site, an advert in the freebie property press, then sitting and waiting for the phone to ring. Just as looking for a particular style of house, with off street parking and gardens in Kensington, is unlikely to be achieved by simply registering with the local agents. Rental investment portfolios, unmodernised properties, with development potential, unusual houses. There are specialist ‘expert’ agents for each, but they’re unlikely to be the same agent.

THE BUYING AGENT

The property I seek out and deal with is largely ‘off the radar’, in fact sometimes it is never actually on the market.  This is where that good old fashioned ‘ear to the ground’, tap of the nose stuff really kicks in. His ‘expert’ knowledge of a very specific area means he genuinely knows who lives where, who owns what and can describe the inside of a property from the outside before having crossed the threshold.  When someone has been actively buying in an area over a long period of time, they will have their own extensive figures and comparable values to hand based on actual sales,.  More importantly, they want to be advised by someone with first-hand experience, who can offer a fistful of examples which will instil confidence in the client and be incredibly useful in buying or selling at the best price and the right time in the market.

‘OFF-MARKET’ SALES

In this business some ‘off the radar’ deals take longer than others.  Depending on the circumstances of the deal time spans vary hugely.  We completed an ‘off market’ deal last year within 10 days of the buyer seeing the property; but in another case, it took nine months to complete the deal because the seller needed time to find an alternative property.  Patience and decisiveness wins the prize, one example being a successful purchase in 2011.  We bought a house for a client last year.  He was incredibly specific on the address in prime Belgravia, the type and style of house.  Unfortunately the house was rented so we couldn’t get to see it.  So we waited until the tenant vacated, the house would have been available on the open market and the interest would certainly have pushed up the price.  We made the decision we wanted the house, so we bought it without seeing it.

SEEK OUT EXPERIENCE

It’s important to recognise the value other professionals can add and finding out about property which is not actually for sale is one of the trademarks of a very experienced buying agent and essential when scouting for the finest property investment in PCL.  The bedrock is having a solid relationship with the Capital’s key agents built up over many years.  Transacting several deals with serious high net worth individuals ensures one access to the best properties both on and off the market.  I will often be the first person an agent calls with their ‘off the market’ properties.

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Mayfair – trading spaces, changing faces

Facts, observations and anecdotes from the streets of prime central London

 

“As my office is just off Berkeley Square in the heart of Mayfair, I can’t fail to notice how Mayfair has changed over the last 20 years. For several decades people regarded Mayfair as an upmarket commercial area, peppered with estate agents, offices and boardrooms belonging to stockbrokers, bankers and financiers tucked behind discreet Georgian facades. The few remaining large private residences were owned by wealthy Greeks and Arabs, and other than perhaps a handful of Americans, no one wanted to live in Mayfair. These were the days before the term, ‘trophy home’ existed.

Mayfair, London
Mayfair, London

 

It seems improbable that in the late 1980’s, when the Grosvenor Estate started to sell off property, that it attracted little interest from private buyers prepared to take on the challenge of converting a large property from an office back to a private residence. People who worked there didn’t wish to live nearby; those living in Regent’s Park wouldn’t go south, and discreet Belgravia was considered the only residential option for smart buyers.

Many overseas buyers were put off by the terms of buying a leasehold property and the schedule of works imposed by the landlord such as the Crown Estate could be prohibitive. That said, one could see an obvious contrast between freehold properties, where owners had a free rein over the upkeep of their properties and the leaseholders who had to maintain their properties according to the stipulations of the landlord. For example, Charles Street was made up entirely of leasehold properties, all well maintained to create a smart looking street; in contrast four freehold properties in Chesterfield Street were practically derelict because their owners had no responsibility to paint or repair the exteriors.”

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Belgravia is one of the wealthiest districts in the world

Noted for its immensely expensive residential properties, Belgravia takes its name from Viscount Belgrave and, under the scrupulous control of The Grosvenor Estate, the now familiar high quality of property and exclusive retailer is maintained.  As a consequence, Belgravia can continue to boast its international appeal as one of London’s most desirable addresses in which to live, work, eat, shop and socialise.

Properties rarely come to the market in Belgravia, but when they do there is always a queue of wealthy international buyers hoping to become the successful bidder. The domestic market is less evident in this post code and instead we see a global mix of European, Asian, Middle Eastern and South African buyers either already in situ, or looking to acquire their perfect trophy home in the heart of the Capital.

Eaton Square Belgravia
Eaton Square Belgravia

 

The most notable addresses in Belgravia are the squares and crescents – Wilton Crescent, Chester Square, Belgrave Square and Lowndes Square. All of these prime addresses benefit from close proximity to some of London’s finest eateries and designer shops, with the promise of more to come. But perhaps the most high profile of them all is Eaton Square – one of London’s largest.  The houses in Eaton Square are spacious and impactful, although not the largest houses in Belgravia.

There are only a handful of single dwellings left but the most sought after properties are undoubtedly the lateral flats, particularly those on the ground, first or second floors.  

If the combination of style, quality and elegance are what you require in a property and its surroundings, then you need look no further than this most special of addresses.  And of course you will always be assured of a very sound investment.

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Buying Mayfair Property

A waiting game – buying Mayfair property wisely requires more than money…

So you have the money, time on your hands and you’ve finally narrowed the location down to Mayfair as the place you want to live. Mayfair – that rarified area away from the City, attractive to private banks, hedge fund managers and boasting some of the capital’s most exclusive shops, luxury hotels, restaurants and clubs. On paper it seems you are well prepared to find and buy the perfect Mayfair property, but this is not a game of Monopoly and it will take more than a roll of the dice and money in the bank to find and secure that dream home.

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Never have the words ‘location, location, location’ been more crucial than in Mayfair. History and WWII certainly changed the architecture and look of Mayfair; barely one week into the Blitz and the area running due west from Berkeley Square to Park Lane and south from Oxford Street to Piccadilly was badly bombed. The aftermath of the war meant that Mayfair’s larger properties were too expensive to to maintain as private homes and became offices and given over to commercial use. [Read more…]

Contact H. Barnes & Co – Tel: 020 7499 3434

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