property intelligence Archives | London Property Consultants

London property – Should I sell or buy now?

London property expert Simon Barnes, owner of H.Barnes & Co, looks at the prime central London property market and asks if October and November is a good time to buy or sell your London property; what issues will affect your decision to act now and whether or not you are best to wait until next year.

“In Prime Central London, October and November is a good time to sell London property because, after this, stock becomes limited. Sellers who have not sold by mid-November will inevitably sit tight until the spring. Current market conditions mean that price is key for buyers looking in London.

London property in Montpelier Walk, Knightsbridge — H. Barnes & Co is joint selling agent with Knight Frank’s Knightsbridge office for this £22.5m penthouse in Montpelier Walk, Knightsbridge, London SW7

If a London property which came on the market in September has still not sold, it’s more than likely to be too expensive and this creates a degree of ‘wiggle room’ for determined buyers.

Serious buyers are educated buyers and will have a keen eye for which properties are overpriced and which are priced to sell. They will have a good grasp of their market place. However, the flip side of waiting too long for prices to come down is that anything could happen by the end of the year and that may work against them as well as for them.

London Property in January

Come January, new properties will make their way onto the market and those which were available before Christmas but did not sell, will be jostling with competition from fresh stock and more likely to increase their asking prices to reflect the prices of new to market instructions. So a word of caution is that by leaving it until 2019 buyers may risk losing their window of negotiation with a seller who is desperate to agree a sale before this year ends.

Savvy buying agents know that estate agents have the ability to dig deep and reach for a second file at this time of year. In real terms, serious buyers having looked and rejected everything on the market now will be a reason for agents to pick up the phone, delve into their property bank and potentially uncover a few ‘not officially on the market’ properties.

We are always busy from now until Christmas trying to negotiate property deals before the New Year for clients who want to enjoy Christmas knowing that they have their new home all wrapped up. Like a lot of business in London, it comes down to who you know as much as what you know and on that note, I’d say that if you are determined to buy before Christmas there’s no time like the present.”

London Property: H. Barnes & Co is joint selling agent with Knight Frank’s Knightsbridge office for this £22.5m penthouse in Montpelier Walk, Knightsbridge, London SW7

by Simon Barnes

Why the master bedroom is a priority for buyers of prime property

Priorities of life take their shape in this room – the master bedroom. This is where you wake to a new day. This is where you return and reflect on how each day went… and you spend hours in this room sleeping and preparing for the next day. It’s an important space and needs priority attention. The master bedroom is a reflection of you. It should speak to you and create a sanctuary, which is your own intimate private retreat.

Duke’s Mews, on the market with Arlington Residential

Increasingly, the hurried pressure of the outside world and the demands of hectic lifestyles have made homeowners want to retreat from this busy world and feel a sense of peace, well being and calm within their homes; this has elevated the importance of the master suite, drawing inspiration from the luxury hotel interiors domestic design.

Walk-in wardrobes

After the kitchen and main reception area, the walk-in wardrobe will add most value. Prospective buyers will usually have made their decision after seeing the kitchen and reception room. If you can get them to the second floor, then assuming the master bedroom has a spacious, well planned walk-in wardrobe, complete with separate his and hers space, then more often than not, you will seal the deal!

Master bedrooms and suites, just behind kitchen and family living areas, are the most important areas in our projects today. Gone are the days when these luxury suites are just a larger than average bedroom with an en-suite. Today’s master suites encompass a large sleeping area, a sitting area, sometimes a connected study room, his and hers walk-in wardrobes with separate dressing rooms, freestanding bespoke designed cabinets and storage for belts, watches, shoes and handbags, and either one or two en-suites.

by Simon Barnes

Are listed buildings a hit, a miss, or a maybe?

Many people are attracted to listed buildings for their charm and character, particularly those looking for a period property in London.

Cliveden Place, Belgravia SW1 – Best Gapp

One of the overriding benefits of owning a listed building in central London is that around 70% come under either a conservation area or Historic England. This ensures that all listed buildings must be properly maintained and comply with particular criteria like choice of paint colour and traditional materials in keeping with the age and appearance of the property.

The standard, overall look and feel of properties in these streets are maintained, which in turn protects their value. In certain areas like the Nash terraces in Regent’s Park or the stucco buildings in Eaton Square and Chester Square strict maintenance and conservation rules apply. For example specific paint products and colours have to be used. While this adds to the expense of upkeep the result is that the occupants enjoy living in a street where the overall appearance is consistently impressive and immaculate.

Listed Buildings - Best Gapp — Cliveden Place, Belgravia – Best Gapp

Given that listed buildings in London are not uncommon at all, there is no premium attached for buying one. A buyer is far more likely to expect to pay a premium for a property because of its location, scarcity and will be guided by price rather than whether it’s listed.

It’s always a consideration for buyers when they buy a listed property about how to make it work and suit their 21st Century lifestyle; installing air conditioning, sound systems and channelling in cables are prerequisites for modern day life.

There may be limitations and considerations when trying to incorporate modern technology and certain design aspects into a listed period property, but experienced builders and architects working in central London are more than used to dealing with such factors and are adept at coming up with practical solutions that meet the listed building consent criteria.

by Simon Barnes

Prime London property – the secret way in

Buying top end property in London is far from straightforward. Not only is the prime London property market currently suffering from low levels of supply, meaning competition for the best properties is incredibly tough, but much of the stock available to buy never reaches the open market. This, in turn, makes it increasingly difficult for both domestic and overseas buyers to find either the right domestic or investment property. Nevertheless, London remains one of the safest and most desirable places to invest in property, but how do you access the market if so much of it functions under the radar? This is where buying agents come in.

The buying agent

The job of the buying agent has never been more necessary at the prime level of the market. Their ability to offer impartial advice, to cut through mixed messages relayed by the media, their expert negotiation skills and perhaps most importantly, their ability to access properties that are marketed privately, makes their services indispensable. Time poor, cash rich individuals are not in a position to build the relationships necessary with estate agents, to ensure first access to properties hitting the market, or crucially to be made aware of those that don’t ever get there.

In such a competitive market, strong relationships with estate agents are essential. Estate agents know us and know that we represent clients who are committed to buying and can move quickly, therefore we are often the first to hear about properties before they come onto the open market. Agents register hundreds of buyers every week, how can they know which are the serious ones and how can they keep in regular touch with all of them?

“A diligent buying agent will be a lifelong estate agent stalker!

Instructing a buying agent to advise you shows a serious, considered commitment to buying a prime London property, which gives strength and credibility to any offer put on the table. If an agent can sell a house by making one call, he often won’t bother making two. A diligent buying agent will be a lifelong estate agent stalker! They will have worked hard over years to guarantee that they are always number one on the estate agent’s call list, receiving the first call as soon as that agent has seen a new instruction.

International investors in prime London property

For international investors with no knowledge of the prime London property market, the appeal goes even further, as a good buying agent will have extensive local knowledge essential for a home search – from good schools to transport links, to nearby development plans and intricate price variations that can vary from one side of the street to another. Increasingly buying agents are being asked to handle much more than the search and acquisition process, but are relied upon to recommend legal professionals, and even design experts.

Much more than a property search

“Finding the property is only part of the job; the work doesn’t stop there…

The job of a buying agent, especially when you are a small outfit, is a 24/7 job and you are always on call, often acting as a confidante in more than just the property search. We help with sourcing finance, a good solicitor or tax adviser, and are able to provide our clients with introductions to the best architects, interior designers, landscape design gardeners and even professionals in sourcing antiques and artwork.

“Once the perfect property is found, this is when the work really begins, and where the good buying agent really adds value to the deal…

Negotiating the deal is another essential string to the buying agent’s bow. Buying agents can negotiate aggressively for investor clients, potentially saving a healthy percentage off property asking prices. However, whilst getting a good price might be important for many, the saving is not always the most important thing but securing the best deal is, especially if the buyer is searching for the perfect lifetime home. The successful structuring and presentation of the offer put forward to the seller, is as important a part of the negotiation process as securing the best price. Savings are not the main thing for many of our clients. We are employed to identify what the client is looking for, find it and once having found it, making sure that we secure it. Sometimes price is immaterial.

Engage an experienced buying agent

The buying agent’s ability to understand cultural differences, respect and preserve client confidentiality entirely and offer expert advice and knowledge, are key to acquiring the right property. Experts have for a long time been automatically employed when it comes to almost every other investment decision – be it art or the stock market. Today, for those investing in bricks and mortar, the instruction of a good buying agent has become an equally essential requirement.

This article was originally published in JANINE STONE

More property intelligence from SIMON BARNES

by Simon Barnes

London calling – and Americans are a permanent fixture

Six months down the line since Donald Trump was inaugurated as US President there has been no significant sign of Americans packing their bags and fleeing to this side of the pond. With a strong economy, a week pound and a common language London must, to Americans, look more attractive than Canada, whose immigration website crashed when Trump’s victory was confirmed.

Americans living in London

Historically, London has always enjoyed a healthy relationship with Americans settling into cosy pockets of Prime Central London.

The majority migrate for work purposes, largely within the banking sector, although after the financial crisis and the crash of Lehman Bros, many left in a rush and have not returned as the financial services and banking industries revised their recruitment practices and their entire work ethic came under scrutiny.

Traditionally, Americans seek out the places where they feel most at home. Consequently, the American School in St John’s Wood has always attracted families coming from the US, who have enjoyed the choice of large family houses either for sale or rent. The family atmosphere and leafy green spaces on their doorstep with Regent’s Park, Primrose Hill, Belsize Park and Hampstead Heath all accessible and an easy journey into the City, have proven popular for many transatlantic move.

Other property hotspots for Americans are Notting Hill and Chelsea because incomers find the quirky civilized ‘Englishness’ of garden squares and a creative vibe appealing. Both areas offer a good infrastructure and facilities: excellent schools, improved transport links and good rail access to the country, great shops, restaurants, cafes and parks with a comprehensive range of property styles from good lateral apartments, traditional mansion blocks and decent family houses with gardens in both post codes.

My tip is that Bayswater will be where American investors are most likely to buy next because of all the plans underway to regenerate the area.

Leinster Mews, Bayswater | Lurot Brand

The American Embassy is moving to Nine Elms which is a sign of the times as Mayfair loses its embassy stronghold in favour of residential development. As long as London benefits from a fair share of American investment and talent then irrespective of what Trump attempts on his own turf, the benefits for London far outweigh the negatives.

London Property in January

London Property: H. Barnes & Co is joint selling agent with Knight Frank’s Knightsbridge office for this £22.5m penthouse in Montpelier Walk, Knightsbridge, London SW7

Walk-in wardrobes

The buying agent

International investors in prime London property

Much more than a property search

Engage an experienced buying agent

Americans living in London

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