in the news
In the news text xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
international
International
Former water treatment plant converted into a luxury villa with a unique contemporary interior and spectacular sea views.
Industrial heritage in Villefranche, Villefranche-Sur-Mer, 06230
This magnificent chalet/apartment has been exquisitely designed to create a very bespoke and chic alpine property.
Chalet Lilianette, Verbier, 1936
Date MoNth year
Your go-to source of information
This newsletter is for you. We warmly invite you to share your feedback. Let us know what you would like to see.
We are delighted to share the first in a new series of Prime property newsletters. Every quarter, we will share compelling market insight from our award-winning Research department, up-to-the-minute observations and analysis from Prime experts across our 90-plus branch network and exclusive editorial. So far this year, it has been a tale of two markets; London and the rest of the country. Having provided market-leading property expertise – locally, nationally and internationally – for over 150 years, our clients have been relying on us more than ever to successfully navigate the unprecedented London landscape and record-breaking Country market, and to unearth off-market opportunities.
Newsletter
Property
Prime
Perspective
When will the Country market cool off? Is London bouncing back? How do you win a bidding war? Prime experts, Joanna Cocking - Head of Prime Country Sales, Richard Broer - Regional Director, Prime Central London and Holly Leeson - Head of Residential Lettings, Oxford, Deddington & Banbury answer all the burning questions.
Get in
Touch
Exclusive:
Make your period property work for modern life
Emma Sims Hilditch
One of the most influential and trusted interior designers in the UK shares her top tips for creating elegant homes which combine the best of old and new.
"Classic contemporary interiors in cool fresh English colours... the go-to-girl for historic buildings; creates airy interiors with real character."
- Sunday Times Top 30
Joanna Cocking
Scroll down
Read the discussion
Read The exclusive
Our unique microsite offers a curated selection of extraordinary homes – which includes ‘off market’ confidential opportunities. Allowing you to browse by county or borough, price or profile, all under one roof.
Your next special place
Launch Issue - Summer 2021
Watch HERE
Emma recently featured on a panel discussion with Giles Kime, Editor at Country Life and our very own Joanna Cocking, Head of Prime Country Sales. The webinar 'Making Your Country House a Home' was one of the highlights of our annual Hamptons Virtual Roadshow.
Discover a selection of spectacular homes, represented by Hamptons
Beaconsfield, Buckinghamshire
Beechmont
Clapham, SW4
Elms Road
Kirtlington Park
Kidlington, Oxfordshire
Stories
Recently Sold
TO SHORT-LET
RECENTLY LET
Kensington, London, W8
I.E.O £15 million
£5.35 million
£28,000 per week
£10,000 pcm
Read More >
Aubrey Lodge
1
2
3
4
Sellers achieved a record proportion of their asking prices, time to let fell to an all-time low and 'off-market' deals continued to soar this quarter.
Insight
Prime Market
Aneisha Beveridge
Read More
As well as bringing you the headlines, our widely-respected Head of Research Aneisha Beveridge shares her original, in-depth analysis of the Prime housing market. With access to some of the richest property data in the UK, she puts the market into real-life context at both a macro and micro-economic level.
Beverley Hills, California, U.S.
30 Beverly Park
Shackleford, Surrey
Hurtmore House
Banbury Lane
Thorpe Mandeville, Oxfordshire
For sale
To let
TO LET
Chelsea, London, SW1
£6.95 million
£60 million
P.O.A
£27,000 pcm (£6,230 pw)
Cadogan Square
5
6
7
8
0204 502 8343
prime@hamptons.co.uk
Start your search
COMING SOON
We're proud to offer an end-to-end service, from selling or letting your home, to finding your next, perfect place.
Find out more
About prime
Prime Market Insight
The buying power of over 55s should not be underestimated, and the South West, where 38% of all buyers are those aged over 55, is their top spot. Read more.
Hotspots for over 55s
Over the last year, as movers have sought more space and working from home has become more common, country pads have overtaken city homes as the fastest properties to let. Read more.
Time to let falls to a record-low
Londoners are now buying homes near stations 50 miles away from London – 20 miles further away than before the pandemic. Read more.
50 is the new 30 in the country
Sales agreed in Central London’s most exclusive postcodes in 2020 was within 15% of 2019 levels. But while house prices have weathered the storm, there is a clear divide between flats and houses. Read more.
For the first time in 30 years, London’s population is falling
The international market is bouncing back – as European buyers take advantage of the weakness of sterling and Hong Kong buyers set their sights on Prime Central London. Read more.
The return of international buyers
So far this year a sale was agreed on one in seven (15%) homes before they were listed on a property portal, up from just over one in ten (or 11%) in 2020. Read more.
Off market sales surge
Aneisha and her Research team are experts at putting the housing market into a real-life context, with relevant and insightful in-depth analysis at both a macro and micro-economic level. She is widely considered a thought-leader with access to some of the richest property data in the UK. Aneisha is a media favourite. Last year, her team reached 480 million readers, listeners and viewers. Every edition of the Prime newsletter will see Aneisha hand-pick some of this quarter’s most compelling research articles.
Beveridge
Aneisha
Hamptons Head of Research
Market Briefing – The Headlines
New buyer registrations up 15% higher vs. this time last year, with 36% more interest from Buying Agents, 5% more from investors and 5% more cash buyers. Time to sell is at an all-time low, at a record breaking 22 days across the country – with London lagging behind the rest of the country at 35 days. Sellers achieved a record proportion of their asking prices in May, with the average vendor achieving 100.3%. In the South West, vendors achieved 100.5% while in London they secured 99.4% Time to let falls to a record-low. In May 2021 it took just 8.9 days on average to let a property in Great Britain due to stock shortages across the country.
Sold before hitting the portals
Days to let
Source: Hamptons data, May 2021
In a desirable West London setting, Aubrey Lodge is an elegant building with a lengthy history, beautifully preserved by the same family since the late-1800s. Our UK-based buyer intends to gift each of the six sensitively converted apartments to his children.
Brief intro to property - different to main page xxxxx xxxxxx
View on website
Lodge
Aubrey
Kensington, London W8 14 bedrooms
SOLD - I.E.O £15 million
Back to Homepage
We recently secured a buyer for this magnificent state-of-the-art newly built property which exudes luxury. The Arts and Crafts inspired façade belies the 21st century interior where Crittall-style windows and a striking 'industrial' kitchen are both timeless and the height of fashion.
Beaconsfield, Buckinghamshire 5 bedrooms
SOLD - £5.35 million
Featured in the Wall Street Journal, Country Life, Tatler and The Times to name a few, Kirtlington Park, demands attention. A short-let instruction, Kirtlington Park is second only in size to Blenheim Palace in its county. The Grade I listed Palladian mansion is set in 3,000 acres of parkland landscaped by Capability Brown.
Park
Kirtlington
to SHORT-LET - £28,000 per week
A stunning six bedroom Victorian house with south-west facing garden, four bathrooms and an impressive basement extension complete with games room, wine room, gym and sauna. Let within one week of marketing by our team in Clapham, £2,000 per month over the asking price.
Recently let - £10,000 pcm
Elms
Road
ROOMLAB.CO.uk
Interior design by:
The apartment is positioned at the northern end of Cadogan Square, which is renowned as one of London's most desirable residential garden addresses. The outstanding first floor, three bedroom, lateral apartment features a fabulous double aspect 24ft drawing room with intricate panelling, cornicing and four metre high ceilings.
Chelsea, SW1
For sale - £6.95 million
Cadogan
Square
Built by architect Edward Granzbach, the estate boasts a professional screening room, gym, cigar room, office and lavish custom bar - as well as six bedrooms and nine bathrooms. An exceptional resort-style setting with a putting green, infinity pool and spa.
30 Beverly
A truly unique opportunity to rent Thorpe Mandeville Manor House- a Grade II* Listed property, with fourteen bedrooms and thirteen bathrooms. Recently refurbished, this Horton stone manor house is located in Thorpe Mandeville - a much sought after village situated on the Oxfordshire/ Northamptonshire border.
to let - P.O.A
Banbury
Lane
An imposing eight bedroom family home with views over the gardens and access to the loggia, an indoor swimming pool and leisure complex, cinema, tennis court and a football pitch. EPC D
SHACKLEFORD, SURREY
Hurtmore
house
Hamptons Prime experts, Joanna Cocking - Head of Prime Country Sales, Richard Broer - Regional Director, Prime Central London and Holly Leeson - Head of Residential Lettings, Oxford, Deddington & Banbury answer the burning questions.
For the reasons Joanna mentioned, our Lettings business is booming across Oxford, Banbury and Deddington. I cannot see this slowing down. This year, we have taken on a record number of Prime rentals. During the first lockdown, notice periods were extended from 2 or 3 months to 6 months. We are now seeing the knock-on effect on rental properties coming back onto the market, causing stock shortages. The number of homes to let in the Country is down 65% on two years ago. However, tenants are now thinking about moving much further in advance. This has created a fantastic pool of applicants waiting in the wings – an appealing prospect for anyone thinking about renting their home.
How long do you expect the momentum in the Prime Country market to continue?
Richard Broer
Holly Leeson
vs the
Personally, I think it will continue for the rest of the year and that is partly due to lack of supply… with the number of homes for sale in the Country down 36% on two years ago. There are a significant number of people renting who are waiting for the right property to come along… and to see if the heat comes out of the market. They are not worried about selling their home; they know it will sell fast. They are more concerned about a lack of choice, bidding wars and overpaying on their next home. I am expecting that pent up demand to be released as the market settles.
Click on one of the experts below to reveal their answer
London
country
For the reasons Joanna mentioned, our Lettings business is booming across Oxford, Banbury and Deddington. I cannot see this slowing down. This year, we have taken on a record number of Prime rentals. During the first lockdown, notice periods were extended from 2 or 3 months to 6 months. We are now seeing the knock-on effect on rental properties coming back onto the market, causing stock shortages. The number of homes to let in the Country is down 65% on two years ago. However, tenants are now thinking about moving much further in advance. This has created a fantastic pool of applicants waiting in the wings – an appealing prospect for anyone thinking about renting their home. The other trend I would expect to continue is large country houses diversifying their revenue streams. We have seen a lot of wedding venues move into short-lets. After experiencing how profitable short-lets can be, I would be surprised if they looked back.
I always encourage rental applicants to get in touch well in advance of their actual move date, and to keep in regular contact. In a market like this, lean on local experts and stay open to areas you might not have previously considered.
Remember, there is always more on the market than meets the eye. This is particularly true at the Prime end of the market, where discretion is highly valued. In fact, one in five of Hamptons’ sales this year was never publicly marketed. We do a lot of targeted searching with the support of our Client Services team. Our network of Prime Practitioners and local branches have long-standing relationships. They know which doors will open if the right opportunity is presented. More than ever, we are helping our clients build their onward chain.
How do you help clients navigate these ‘stock shortages’?
I have always been able to ensure the buyer that I am working with never loses a sealed bid scenario. The biggest piece of advice I give to the buyer is to empty the tank… do not leave anything on the table. When you go to sleep that night, ensure you have put in the best possible offer, and be prepared to walk away. The best possible position is to be chain free and take a long-term view of the market. The London property market (in theory) should go up every five to seven years. If you plan to own the property for ten years or more, have faith in the long-term value of the asset and be bold. Oh and use a good solicitor who will work well alongside the agent.
Communication with your agent is key. Think of all the ways you can improve your offer, for example, increasing the length of tenancy, a mid-term rent increase, paying an extended period in advance and committing to an early move in date.
Despite four in ten sales attracting offers from three or more buyers, I always say worry less about what everyone else is bidding. Offer what you can afford. The true price of a property is what someone is willing to pay for it. Treat it like a pitch and sell yourself and circumstances. I have sat in many lawyers’ offices inspecting bids and it is not always the highest price that wins. Once a client even included a photograph of their family. This did a lot to re-assure the seller that their bid was legitimate and that they were emotionally committed to the purchase. This makes all the difference. Country and Capital, who we always recommend, are well known for closing deals quicker than others. I have complete faith in them.
What are your top tips for winning a bidding war?
Joanna - Personally, I think it will continue for the rest of the year and that is partly due to lack of supply… with the number of homes for sale in the Country down 36% on two years ago. There are a significant number of people renting who are waiting for the right property to come along… and to see if the heat comes out of the market. They are not worried about selling their home; they know it will sell fast. They are more concerned about a lack of choice, bidding wars and overpaying on their next home. I am expecting that pent up demand to be released as the market settles.
Holly – For the reasons Joanna mentioned, our Lettings business is booming across Oxford, Banbury and Deddington. I cannot see this slowing down. This year, we have taken on a record number of Prime rentals. During the first lockdown, notice periods were extended from 2 months to 6 months. The knock on effect, was a delay in the properties coming back to market, if at all - some sold and other tenancies renewed. The number of homes to let in the Country is down 65% on two years ago. However, tenants are now thinking about moving much further in advance. This has created a fantastic pool of applicants waiting in the wings – an appealing prospect for anyone thinking about renting their home. The other trend I would expect to continue is large country houses diversifying their revenue streams. We have seen a lot of wedding venues move into short-lets. After experiencing how profitable short-lets can be, I would be surprised if they looked back.
Joanna – Remember, there is always more on the market than meets the eye. This is particularly true at the Prime end of the market, where discretion is highly valued. In fact, one in five of Hamptons’ sales this year was never publicly marketed. We do a lot of targeted searching with the support of our Client Services team. Our network of Prime Practitioners and local branches have long-standing relationships. They know which doors will open if the right opportunity is presented. More than ever, we are helping our clients build their onward chain.
Holly – I always encourage rental applicants to get in touch well in advance of their actual move date, and to keep in regular contact. In a market like this, lean on local experts and stay open to areas you might not have previously considered.
Richard – I have always been able to ensure the buyer that I am working with never loses a sealed bid scenario. The biggest piece of advice I give to the buyer is to empty the tank… do not leave anything on the table. When you go to sleep that night, ensure you have put in the best possible offer, and be prepared to walk away. The best possible position is to be chain free and take a long-term view of the market. The London property market (in theory) should go up every five to seven years. If you plan to own the property for ten years or more, have faith in the long-term value of the asset and be bold.
Joanna – Despite four in ten sales attracting offers from three or more buyers, I always say worry less about what everyone else is bidding. Offer what you can afford. The true price of a property is what someone is willing to pay for it. Treat it like a pitch and sell yourself and circumstances. I have sat in many lawyers’ offices inspecting bids and it is not always the highest price that wins. Once a client even included a photograph of their family. This did a lot to re-assure the seller that their bid was legitimate and that they were emotionally committed to the purchase.
Holly – Communication with your agent is key. Think of all the ways you can improve your offer, for example, increasing the length of tenancy, a mid-term rent increase, paying an extended period in advance and committing to an early move in date.
Richard – Oh and use a good solicitor who will work well alongside the agent.
Joanna – This makes all the difference. Country and Capital, who we always recommend, are well known for closing deals quicker than others. I have complete faith in them.
Richard – While 74,000 Londoners bought outside the capital last year, typically, for my Prime Central London clients, their London home is their third, fourth or even fifth home. So no, we are not seeing people selling up and moving out in Super Prime areas. However, there are still people leaving the peripheral areas such as Kensal Rise, Pimlico and Fulham. This is not without obstacles. The reality is that Londoners are having to take offers on their homes while facing high prices and stiff competition in the Country. Moreover, some big companies are expecting people back in the office, so the dream of working from home permanently is eroding.
Holly – I would say that I am still speaking to a significant number of Londoners who are looking for a second home in the Country. They want to rent first to test their new lifestyle and get to know the area before they commit. What Richard says is true, but with the Government talking about bringing in legislation that supports flexible working, I can see a 50:50 split between London and the Country becoming the norm at the upper end of the market.
Is there still a London exodus?
Richard – 100% yes. Friends of mine who sold their home in Balham at the beginning of the pandemic (lockdown 1) are already looking to move back. Having to rush back to catch the last train after dinners in London has started to sink in. Stories of similar rude awakenings are doing the rounds. But it’s not all bad. Prices in the Country have grown so fast that if people spruce up what they have bought and sell it on they might stand to make a bit of money and then buy back in a softer London market. Across our business, around 1 in 10 people who register with a London branch are living outside the capital, up on the same time last year.
London is open (almost). Are people re-evaluating moving out?
Richard – In Prime Central London we see many people are becoming ‘accidental landlords’. They have a price in mind that they simply are not going to get right now… and so they rent it out and bide their time. I have two words for what to invest in; cheap or unique. If it is a bargain, snap it up and you can expect to secure a 3 or 4% yield in Central London. If it is unique, seize the opportunity. Bringing in a tenant is a great way to hold the property.
Joanna – If you have money in the bank and you want to invest in property, pick an active market town, close to good transport links into London, with plenty of outside space… it will never not be tenanted.
Where and how should people invest in property?
Holly – It is not what people typically think when they hear buy-to-let but we are seeing the most demand for large, family homes to rent. The pace of rental growth over the last year has served to push up three, four and five-bed yields.
Richard – In short, no. There is talk about remote purchases… and it does happen from time to time, but not enough to replace the number of foreign investors we have lost because of the pandemic. The £1-4 million luxury flat market is feeling their absence the most. When they return, they will be wise to the fact that many of these flats have been empty for some time. My advice to my clients is not to be greedy when foreign investors return. Take £2.7 million; do not suddenly increase your asking price to £3 million.
Joanna – There is a real sense that foreign investors are ready and willing… they just cannot get here just yet. I have had multiple dialogues with extremely qualified buyers as far afield as Australia. The success of our vaccination programme has made the UK a safe prospect. I have been speaking to my Australian buyer for weeks about one property. He has even asked if there are plane trees in the garden as his wife is allergic! All that is left is for him to get on a plane.
Richard – I am not expecting one big burst of activity at one particular time this year. It is likely to be a staggered return as restrictions lift in different places at different times. By next year, I am hoping for pre-Covid levels of foreign investment.
Are foreign investors back?
Richard – I can give you an example. Last week, you may have spotted me dismantling a bed outside a well-known apartment block in Kensington. We have been helping our client who is stuck in Rio clear out his flat. This has also involved removing a 500kg safe and finding a new home for his enormous rug on Facebook Marketplace. We are partners to our clients, the small things and the big things come naturally.
Joanna – I know exactly what you mean Richard. I always travel with a candle lighter in my handbag because so many of my clients like me to light candles before viewings. I work with a lot of period properties and I am forever wiping condensation off old windows so that the properties look their very best. We are, and have to be, one-step ahead at all times.
Richard – It’s easy to fall in love with the types of properties we represent. There is a level of emotional investment required when you are working on one-of-a-kind, once-in-a-lifetime instructions. For example, we have recently agreed a sale of a prestigious home on the Kings Road with royal ties!
What does Prime mean at Hamptons?
Joanna – I tend to overuse the phrase ‘bespoke partnership’ but I do so because it is so relevant to what we offer. A sale that springs to mind is a property that had been owned by the same family for more than 50 years. The whole world had changed since the last time they bought or sold a home. For that period, I was part of the family’s trusted inner sanctum, navigating complex deeply personal and commercial relationships.
Richard –
Joanna –
Holly –
Us
Contact
Click to contact your local branch
Our Prime Service:
www.Hamptons.co.uk/prime
Our team’s extensive expertise includes London’s most desirable post-codes and the finest country houses and estates in the Home Counties, South and South East of England. From penthouses with river views and townhouses to period farmhouses, equestrian properties and landed country estates. If you are looking to sell or let your home, please get in touch to discover more about our tailor-made Prime service.
Find your dream home
Click here to discover a curated portfolio of some of our most special properties to buy or rent, many of which are not advertised on the open market.
What is Prime by Hamptons?
From considering selling or letting, to searching for your new place, all the way through to moving in and making your house a home. Once we have completed an in-depth property valuation, you will enjoy a one-on-one consultation with Lisa Harvey, your Prime Search Consultant. As your dedicated point of contact, she will listen and get to know everything you need and aspire to. She will hand-pick the right team of experts from our 90+ branch network, to fill you with confidence for every decision, at every stage.
About
With you from the start and every step thereafter
www.hamptons.co.uk/prime/
Sell or let your home
Testimonials
Prime Search Consultancy Service
I wasn’t holding out much hope based on briefs I’d given to other agents who insisted on sending me houses that really didn’t fit my brief. My lifestyle criteria was quite strict as too was the style of house I wanted. We’d loved and lost a house close to Bath so we had a benchmark and this is the picture I sent to Lisa, Hamptons Prime Search Consultant - not really expecting anything to come back from her. Lisa REALLY did listen to my rather long list of search criteria and budget. What Lisa found, through her diligence and perseverance, was a property in Painswick. It was close to the chain of gyms we use, in a pretty village, detached, in budget, had a direct train to London where we will retain our house, large but not too big and with amazing views. More importantly, it was the style of house I’d searched all summer to find. We had our offer accepted this week. Lisa listened, kept me updated, followed up after viewings (sometimes at weekends) and was a pleasure to talk to.
- Steven, Painswick
Country Sales
Hamptons provided a flawless, seamless, stress free, service from initial valuation, marketing, and through to negotiations and acceptance of offer, then exchange and completion. They provided a prompt, often immediate response to all emails and telephone calls. I was completely happy with their advice as to valuation and acceptance of offers, with my need for a quick sale. They achieved several viewings from the outset as soon as we went "live". I was very impressed by the Chichester viewings team who visited the property in advance of viewings so that they could present it in the best light and I feel that they proactively marketed my property, "pre launch" to the best possible buyer. Mike Sparks from Prime Country Sales was excellent at smoothing and facilitating the inevitable issues along the way. I would certainly use Hamptons in future and will strongly recommend them to all my friends.
Each quarter we will introduce you to a new Hamptons expert. After all, our people are our most valuable asset. In this newsletter, you will meet Joanna Cocking, our brilliant Head of Prime Country Sales, who has recently celebrated twenty years with Hamptons. Click on the button to reveal answers.
I am delighted to have just celebrated twenty years at Hamptons. I started my career in London, where I covered some of the city’s most exclusive post-codes for nearly twelve years. Next, I moved to the country and began working in Hamptons’ Beaconsfield branch, before joining a specialist division of Hamptons dedicated to the sale of exceptional properties in London, the Home Counties and the South West. I am now incredibly proud to lead that division as Head of Prime Country Sales.
Tell us about your career to date.
Bespoke – Personal – Responsible
How would you describe your team’s service in three words?
I am very conscious of protecting my clients’ privacy. I have sold some truly unique properties, with wonderful histories and stories. However, a great number of these homes have been discreet sales so my lips are sealed! Quite recently, we achieved 24 viewings in 10 days, off-market. The buyer paid full asking price and had been following the house since it last sold many years ago – It truly was his dream home so it was an emotional moment when we handed over the keys.
Tell us about your most memorable sale.
Although it’s natural to feel very attached to your home, try to view is as the asset that it is. Listen and take as much advice as possible on how to maximise its potential price.
What one piece of advice would you offer someone looking to sell?
Take the time to do your due diligence if you are moving to a new area. Our Sales and Lettings departments work very closely together so we can help you ‘try before you buy’ by renting first. Understand what compromises you are willing to make and which you are not, especially in this current, highly competitive market place.
What one piece of advice would you offer someone looking to buy?
It feels as if the country is the new London as we are seeing a particular surge from the second homes market outside of the capital and our other major cities. We are also seeing unprecedented levels of interest from buyers wanting privacy and green space, along with the dedicated rooms for home working and leisure. Demand for swimming pools or waterside locations has never been higher – despite quite a chilly spring so far!
Describe the prime market outside of London right now. What’s changed?
It has to be Bridge over Troubled Water by Simon & Garfunkel.
Finally, what’s your favourite song of all time?
What does a falling population mean for Prime Central London?
For the first time in 30 years, London’s population is falling. Before coronavirus struck, London’s prime housing market had enjoyed the best start to a year for half a decade. But with offices shuttered and a rise in the number of households leaving the capital in search of more space, prime central London’s housing market ground to a halt. Despite the challenges, the number of sales agreed in central London’s most exclusive postcodes in 2020 was within 15% of 2019 levels, and up on 2017 and 2018. It’s house prices that have weathered the storm, but there is a clear divide between flats and houses. Read more. It’s insight like this from our award-winning research team, which allows us to support vendors and landlords through uncertain times.
International buyers return
The weakness of sterling (which negates the introduction of a 2% stamp duty surcharge for non-UK residents) combined with various political factors across the world is supporting the return of international buyers. In prime central London there was a notable pickup from both EU and Hong Kong buyers. Hong Kong purchasers, who have been offered a favourable path to citizenship in the UK, focussed their search on London’s most exclusive areas. Here, they purchased 8% of homes sold in 2020, four times 2019’s figure and reaching the highest percentage on record. Plus, due to sterling’s depreciation alone, a home costing £2m in 2015 would have cost a buyer purchasing with Euros around £1.72m in January 2021 – a very attractive prospect. Read more.
Surge in off-market sales
Across our extensive portfolio of prime properties, we’ve noticed a surge in off-market sales and lettings this year. More than ever, we’re launching properties on our dedicated ‘by invitation only’ microsite rather than the open market. Although the desire for discretion is not uncommon at the very top end of the market, across the UK it’s becoming much more mainstream. With the number of homes on the market at a five-year low, a record share have sold before being listed on a portal. So far this year a sale was agreed on one in seven (15%) homes before they were listed on a portal, up from just over one in ten (or 11%) in 2020. Read more.
With a few exceptions, the longer it takes to travel to London, the fewer homes Londoners buy. For example, in 2019 Londoners bought 31% of homes sold near a station within 30 miles of the capital. However, since the onset of the pandemic Londoners have bought a similar proportion of homes near stations within 50 miles of the capital – 20 miles further. The shift away from daily commuting has driven the first serious extension of the commuter belt since the expansion of the motorways in the early 1960s. Read more.
