{"id":3394,"date":"2016-04-05T15:56:15","date_gmt":"2016-04-05T15:56:15","guid":{"rendered":"https:\/\/bb.pixelanddot.dev\/market-update\/april-2016\/"},"modified":"2021-07-08T14:27:55","modified_gmt":"2021-07-08T14:27:55","slug":"april-2016","status":"publish","type":"market-update","link":"https:\/\/www.black-brick.com\/insights\/market-update\/april-2016\/","title":{"rendered":"April 2016"},"content":{"rendered":"

<\/a>Shifting scenes for\u00a0London buyers<\/p>\n

\"shifting-scenes-for-overseas-buyers-web\"<\/a>One of the reasons for the resilience of London\u2019s prime property market is the almost universal attraction of the city. This means that a drop in demand from buyers from one market is often offset by demand from elsewhere. Indeed, it\u2019s well documented that Russian buyers are much less active in the market, as a result of sanctions against the Putin government, and the fall in the price of oil \u2013 which has also dampened demand from other oil-exporters, such as Malaysia and parts of the Middle East.<\/p>\n

Figures from estate agent Hamptons International<\/a> show Russian buyers accounted for just 1% of purchases in prime central London (PCL) in 2015, down from 6% in 2014. Similarly, Chinese buyers now make up 2% of the total, down from 8%.<\/p>\n

However, other overseas buyers are taking their place. The recent strong performance of India\u2019s economy has boosted the fortunes of top industrialists and entrepreneurs from the Subcontinent, encouraging some of them to look for properties in London. As the Hindustan Times <\/em>recently commented, some 3,000 Indian families<\/a> own prime central London property, attracted by the UK\u2019s stability as an investment destination.<\/p>\n

\u201cWe\u2019ve seen an uptick in instructions from Indian clients, who are particularly keen on new-build and off plan purchases,\u201d says Camilla Dell, Black Brick Managing Partner. Such properties often involve staged payments, which suit resident Indians, who are restricted to remitting no more than $250,000 per family member each year. Meanwhile, those with international business interests face fewer constraints, and are showing interest in higher value properties.<\/p>\n

\u201cAs we\u2019ve noted before, it\u2019s important for buyers of new build properties to get good advice,\u201d says Dell, who points out that, in Mayfair alone, there are more than half a dozen new build developments on the market. \u201cNew build contracts can also be tricky, and can contain unfavourable clauses preventing a buyer from assigning the contract before completion, for example. We are experts in what to look out for and have an enviable track record of renegotiating new build contracts to favour buyers.\u201d<\/p>\n

\u201cAnd while it may be a buyer\u2019s market for \u00a35m-plus properties, buyers should take advice to ensure they don\u2019t overpay. Since the start of the year, we\u2019ve been able to negotiate an average of 15% off asking prices,\u201d Dell adds.<\/p>\n

Meanwhile, the Hamptons research suggests that Russian and Chinese buyers remain active in the market \u2013 but are looking for cheaper properties outside prime areas. Russians bought 11% of properties in inner London areas including Clapham, Islington and Pimlico last year, up from 2% the year before, while Chinese buyers rose from zero to 2% of demand in outer London boroughs.<\/p>\n

Indeed, leading agent Knight Frank<\/a> has identified a significant performance gap between traditional PCL areas in the west of London and emerging prime regions including City & Fringe, Islington, Southbank, King\u2019s Cross and Riverside. In response, it is now treating these parts of London as a separate prime market, which it is calling PCL East, with its own set of price forecasts. While PCL East is in line for 26.4% growth between now and 2020, PCL West (Noting Hill, Kensington, South Kensington, Chelsea, Knightsbridge, Belgravia, Hyde Park, Marylebone, Mayfair and St Johns Wood) is expected to manage just\u00a010.2%.<\/p>\n

At Black Brick we have a team with over 100 years combined experience across all of London and the Home Counties. In addition to operating in PCL, we have helped buyers in the last 12 months in many areas that other buying agents do not cover, such as Walthamstow, Shoreditch, Islington, Maida Vale, White City and Golders Green. We are therefore well placed to help clients that are looking for value beyond PCL West and, for that matter, PCL East as well.<\/p>\n

<\/a>2016 Budget: Residential relief, commercial curses<\/p>\n

\"2016-budget-residential-relief-commercial-curses\"<\/span><\/span>For once, there were no unpleasant surprises for residential property buyers in Chancellor George Osborne\u2019s budget last month. It is testament to the series of unexpected blows this Chancellor has inflicted on property buyers in recent budgets that no-one could be sure what the sector was in for until his budget speech was over.<\/p>\n

Of most note was the clarification of the stamp duty surcharge, previously announced on buyers of second properties and buy-to-let investment. Some commentators were initially dismayed that landlords with more than 15 properties would be subject to the 3 percentage point stamp duty surcharge, which comes into effect on 1 April. It had been hoped that larger property investors would be exempt, to encourage institutional investment in the build-to-rent market.<\/p>\n

However, the Treasury has since clarified the situation, pointing out in an email<\/a> sent to those who responded to its consultation on the issue that there are already \u201csignificant flexibilities\u201d in the stamp duty system available to \u201csignificant investors in the property market\u201d.<\/p>\n

These include multiple dwellings relief and the ability to pay the non-residential rates when purchasing six or more properties in the same transaction. \u201dBoth of these flexibilities will remain,\u201d the email said.<\/p>\n

Commercial property buyers were, however, singled out. Properties worth less than \u00a3150,000 will now face no stamp duty, those between \u00a3150,000 and \u00a3250,000 will be subject to 2% duty, and those above \u00a3250,000 to 5%. This compares with the current flat rate of 4%.<\/p>\n

The Chancellor said that only 9% of buyers would pay more, but the British Property Federation railed against the change, which it described as an \u201cout of the blue raid\u201d on the sector. Indeed, the Treasury expects the changes to raise an additional \u00a3385 million in 2016-17, rising to \u00a3590 million by 2020-21.<\/p>\n

\u201cAfter the surprises we\u2019ve seen from the Chancellor in recent budgets, it\u2019s a huge relief he didn\u2019t spring anything else on the residential sector this time round,\u201d says Camilla Dell, Managing Partner at Black Brick. \u201cAs it is, we expect to see the flurry of deals we\u2019ve seen ahead of the April deadline come to a screeching halt. We\u2019re hopeful that institutional investors will pick up some of the slack in the buy-to-let market, otherwise we\u2019re going to see rents rise and London become even less affordable to renters.\u201d<\/p>\n

<\/a>…and funding challenges loom<\/p>\n

\"and-funding-challenges-loom\"<\/a><\/span><\/span>Access to finance is looking tougher for both small-scale buy-to-let landlords and bigger developers. At the end of last month, the Bank of England said buy-to-let landlords will face stricter affordability tests, over concerns that underwriters are applying less rigorous lending criteria in a bid to capture market share. <\/span>The Bank wants lenders<\/a> to consider both the likely rental income and the borrower\u2019s wider financial situation. The Bank\u2019s Prudential Regulatory Authority estimate that this could reduce lending to landlords by up to 20% over the next three years. <\/span><\/p>\n

\u00a0<\/span>Dell at Black Brick says that the move is a sensible one, and may help to reduce the risk of a speculative bubble forming in the buy-to-let market, which will increasingly be dominated by more liquid, wealthier cash buyers. The various changes to tax rates, and these latest restrictions, mean that buy-to-let investing remains viable if borrowing 50% or less of the value of the property, she adds. <\/span><\/p>\n

But it\u2019s not just smaller investors who are finding financing harder to come by. New figures suggest that property developers have seen bank funding slashed in the last two years, forcing them to put development projects on ice. According to Funding Options, an online <\/span>business finance supermarket, <\/span>banking funding fell to \u00a316bn<\/a> in January this year from \u00a334bn in the same month in 2014. <\/span>While banks are happy to offer longer-term secured loans and mortgage finance, they are proving less willing to offer shorter term funding, the report finds. <\/span><\/p>\n

\u00a0<\/span>At Black Brick, we offer a property development service<\/a> designed to help both specialist and non-specialist investors undertaken residential property development. As part of the service, we help to put the funding in place to underwrite development opportunities, with access to providers of both equity and debt.\u00a0<\/span><\/p>\n


\n\u201cBank debt may be harder to obtain than in the past but, in this low interest-rate environment, there are investors ready to offer funding,\u201d says Black Brick\u2019s Hotel and Development Consultant Edward Minter. \u201cIt\u2019s a question of matching the right opportunity to the right investor. We also have excellent relationships with the right brokers and private banks and we regularly help source finance for hotel and development deals for our clients\u201d. <\/span><\/p>\n

<\/a>Acquisition of the month 1 – Eaton House, Mayfair W1<\/p>\n

\"aotm-eaton-house\"<\/a>Limits to overseas remittances can pose particular challenges for some clients, as was the case with an Indian buyer seeking an apartment in Mayfair or Knightsbridge. We found an outstanding 1100 sq. foot, 3-bed property on Upper Grosvenor Street, with the 24-hour porter and air conditioning that the buyer required. <\/span><\/p>\n

We also introduced our client to a suitable lender who could provide financing that was able to accommodate the remittance restrictions. <\/span>However, during the conveyancing process, it emerged that the property was held under two leases, one of which contained highly restrictive provisions on reselling. Rather than de-railing the purchase, we were able to negotiate with the immediate owner to vary the lease, and to pay the \u00a365,000 premium involved. In addition, we were able to negotiate \u00a3400,000 off the asking price, to secure the property for a highly competitive \u00a32.8 million.<\/span><\/p>\n

<\/a>Acquisition of the month\u00a02 – Bank Chambers, St James’s SW1<\/p>\n

\"aotm-bank-chambers\"<\/a><\/span><\/span>Some searches pose particular challenges, such as this one for a British client looking for a two-bedroom pied-a-terre in St James \u2013 a largely commercial area of London with extremely limited residential options and strong demand for property.\u00a0<\/span>\u00a0<\/span>Nonetheless, we identified an attractive building and made enquiries to the building owners to identify any who might be interested in selling. We managed to secure an off-market sale at an attractive valuation of \u00a33m, and completed the transaction within four weeks of our offer being accepted \u2013 illustrating our willingness to persevere and our efficiency in closing the deal. <\/span><\/p>\n

<\/a>In regal company<\/p>\n

\"in-regal-company\"<\/a>When it comes to buying residential property, the clich\u00e9 goes, it\u2019s all about location, location, location. So too with office premises. We were delighted to learn the Queen recently chose to patronise Bellamy\u2019s<\/a> \u2013 a restaurant across the road from our Mayfair offices \u2013 to celebrate the 90th<\/sup> birthday of one of her oldest friends.<\/p>\n

According to The Times<\/em>, it\u2019s the only restaurant in London, excluding hotels and private clubs, which she has eaten in since her coronation in 1953. While we at Black Brick usually grab a sandwich at our desks, we can wholeheartedly recommend Bellamy\u2019s. It\u2019s a great place for a smart business lunch and they serve up some of the best fish dishes in London.<\/p>\n

<\/a>On the market<\/p>\n

In addition to the services we offer property buyers, we periodically act for clients selling properties. This month, we have three new prime London properties\u00a0on our books:<\/p>\n

\"Blackfriars\"<\/a>\u00a0One Blackfriars SE1 <\/strong>We are acting for an off-plan buyer of a 32-floor apartment in this signature block, that is due to be completed in late 2017. The 2,000 square-foot, 3-bed property will be in the widest part of the tower, with stunning City and river views. Guide Price: \u00a34.99m<\/p>\n

 <\/p>\n

 <\/p>\n

\"otm-lowndes-square\"<\/a>Lowndes Square, Knightsbridge SW3 <\/strong>A truly exceptional interior designed 2 bedroom, 2 bathroom apartment of circa 1356 sq feet on the ground floor of this well maintained portered building on Lowndes Square, moments away from the amenities of Knightsbridge and a short walk from Hyde Park. Guide Price: \u00a34.25m.<\/p>\n

 <\/p>\n

 <\/p>\n

\"otm-yoo-building\"<\/a>\u00a0Yoo Building, St Johns Wood NW8 <\/strong>This stunning fifth and six-floor duplex penthouse apartment, in a converted telephone exchange moments from Little Venice, was developed by Yoo and inspired by Philippe Starck Architecture. The 2,220 sq ft apartment is currently tenanted, and offers a compelling rental investment. Guide price: \u00a32.6m<\/p>\n

 <\/p>\n

 <\/p>\n

For more details, to\u00a0arrange a viewing or to see what else we are currently selling\u00a0please contact\u00a0Caspar Harvard Walls <\/strong>chw@black-brick.com<\/strong><\/a>\u00a0or call +447827277741.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Shifting scenes for\u00a0London buyers One of the reasons for the resilience of London\u2019s prime property market is the almost universal attraction of the city. This means that a drop in demand from buyers from one market is often offset by demand from elsewhere. Indeed, it\u2019s well documented that Russian buyers are much less active in […]<\/p>\n","protected":false},"featured_media":2277,"template":"","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","inline_featured_image":false,"ghostkit_customizer_options":"","ghostkit_custom_css":"","ghostkit_custom_js_head":"","ghostkit_custom_js_foot":"","ghostkit_typography":""},"tags":[],"class_list":["post-3394","market-update","type-market-update","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"\nApril 2016 | Property Market Update | Buying Agents | Black Brick<\/title>\n<meta name=\"description\" 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