{"id":3403,"date":"2017-01-12T17:22:15","date_gmt":"2017-01-12T17:22:15","guid":{"rendered":"https:\/\/bb.pixelanddot.dev\/market-update\/january-2017\/"},"modified":"2026-01-21T14:27:33","modified_gmt":"2026-01-21T14:27:33","slug":"january-2017","status":"publish","type":"market-update","link":"https:\/\/www.black-brick.com\/insights\/market-update\/january-2017\/","title":{"rendered":"January 2017"},"content":{"rendered":"

<\/a>Taking the long view on London property<\/p>\n


\nAccording to the consensus view of the UK\u2019s leading property analysts, we\u2019re in for an unexciting year in the Prime Central London market. Most believe prices will move sideways \u2013 or, at most, rise or fall by a percentage point. After the events of the last 12 months, however, we \u2013 and many of our clients \u2013 are braced for more uncertainty in 2017.<\/p>\n

For London property, of course, the big questions relate to Britain\u2019s exit from the EU \u2013 and answers may take the best part of two years to emerge, once Prime Minister Theresa May triggers Article 50. That move, which begins the negotiation process, is expected by the end of March. The terms of the UK\u2019s new relationship with Europe, especially around financial services, could strongly influence London property prices.<\/p>\n

Other uncertainties lie around the corner: the outcome of elections in France and Germany later this year could throw the EU into fresh crisis, sending the euro lower but perhaps increasing the attractiveness of non-euro property investments. Across the Atlantic, the economic policies introduced by Donald Trump in the US could see the dollar rise substantially, making London property even more attractive to dollar-based buyers.<\/p>\n

But there is a large amount of sand in the gears of the London market. Falling prices in recent years are deterring all but the most determined seller. Hikes to Stamp Duty \u2013 particularly in the \u00a32-6 million part of the market \u2013 have substantially increased transaction costs. As prospective PCL buyers will be painfully aware, Stamp Duty on a \u00a35 million property now comes in at over \u00a3500,000.<\/p>\n

With tax at this level, buyers are extremely cautious about this part of the market. Without big rises in prices, buyers would find themselves nursing substantial losses, once tax outlays are factored in, if they are forced to sell.<\/p>\n

This nervousness is understandable. But we would suggest that there are nonetheless opportunities to be had, for the committed and fleet of foot.<\/p>\n

First, while there is less supply coming to market, those who are selling are highly motivated, and vendors now know that they have to be realistic on pricing, and be prepared to negotiate. This means that buyers can strike bargains.<\/p>\n

This is especially the case for cash purchasers. They are able to move more quickly that those seeking finance, as they aren\u2019t subject to mortgage providers\u2019 valuation processes \u2013 making them a preferred option for sellers who will often take a lower cash offer.<\/p>\n

Those buyers in a position to take the longer view should put Stamp Duty charges and shorter-term market volatility in context. For all the uncertainty about the next year or so, property analysts expect 15-20% of capital appreciation over the next five years, with Chesterton forecasting almost 40% growth.<\/p>\n

There is evidence that, at the top end of the market, buyers are taking such a long-term perspective, and are continuing to invest in London. According to recent figures from estate agency Savills, more than \u00a31.43 billion<\/a> was spent on prime London properties worth over \u00a320 million in the 11 months to the end of November \u2013 that\u2019s more than a third greater than the figure for the whole of 2015.<\/p>\n

\u201cPart of that increase can be explained by the drop in sterling after last June\u2019s Brexit vote,\u201d says Brick Black Managing Partner Camilla Dell. \u201cBut it represents a clear vote of confidence in London by the global ultra-high-net-worth community. Despite uncertainty around leaving the EU, the UK remains an attractive destination for the global elite, and very much open for business.\u201d<\/p>\n

<\/a>The rupees are starting to flow<\/p>\n

\"\"
\nIndeed, over recent months, we have seen increased interest from one particular jurisdiction. Since the beginning of 2017, 30% of our new buyer enquires have come from Resident Indians. We believe this uptick is being driven by relaxations in the rules governing how much money Indian nationals can send abroad for overseas investments, including property.<\/p>\n

From 2015, the annual limit per person was raised to $250,000 \u2013 meaning that a husband and wife can remit $500,000 each year, and a family of four $1 million. Indian nationals who have been taking advantage of this so-called Liberalised Remittances Scheme are now at the point where they have accumulated sufficient funds offshore to begin investing in London\u2019s property market.<\/p>\n

Enquiries so far reflect the limited amount of time that has elapsed since the limit was raised, with Indian buyers tending to look for property around the \u00a31 million mark, either as a pied a terre, or as a buy-to-let investment to provide portfolio diversification. We expect this trend to continue, given the historic links between the UK and India and, especially, with Indian entrepreneurs seeing opportunities in the UK post Brexit.<\/p>\n

<\/a>Black Brick \u2013 10 years on<\/p>\n

\"\"
\nIt\u2019s hard to believe that this year marks the 10th<\/sup> anniversary of the launch of Black Brick. It\u2019s been an amazing journey and quite a learning curve \u2013 setting up the business just before the Global Financial Crisis of 2008-09, and weathering all manner of market ups and downs, changes of government, and paradigm-shifting referendum results since then.<\/p>\n

Over the last decade, we have closed more than a \u00a31 billion worth of transactions for our buyers. What we have found, time and time again, is that demand for London property is a constant. Whether it\u2019s to diversify a portfolio, to take a view on capital appreciation, find the perfect pied a terre, or put down roots, the attraction of London outweighs short-term uncertainty and seemingly constantly changes to property taxation!<\/p>\n

It\u2019s given us enormous pleasure and satisfaction to help so many of our clients find their perfect property. We\u2019ve worked hard over the years to provide a service that is personal, bespoke and which goes the extra mile. The number of our clients that come back to us again and again is testament to the hard work we put in.<\/p>\n

We want to give a big thank-you to all of those clients, and to our introducers and partners, without whom the success of Black Brick would not be possible. We look forward to working for you, and with you, over the decade to come.<\/p>\n

<\/a>Our latest addition to the team<\/p>\n

\"\"
\nWe are delighted to welcome the newest member of the Black Brick team \u2013 Lauren Porter, who joins as Executive Assistant to Camilla Dell. Prior to joining Black Brick this month, Lauren provided support to nine team members at Skillcapital, a private equity advisory company. Previously, she assisted the Heads of PR and Events at Rolex Watch Company.<\/p>\n

Outside of work, Lauren enjoys socialising with friends, cooking, travel and challenging activities.\u00a0In September 2015, she climbed Kilimanjaro to raise money for Children With Cancer UK.<\/p>\n

<\/a>Acquisition of the month \u2013 Englemere, Kings Ride, Ascot SL5<\/a><\/p>\n

\"\"Our Saudi client had recently retired, and was looking for a property for family holidays in the UK, close to London but with a view to making his budget go further than is possible in the capital. They also required a balcony, porter and car parking, preferably within striking distance of Heathrow.<\/p>\n

We spent time educating our client and his family about possibilities in the Home Counties, and found a spacious two-bed apartment within a luxury new development near Ascot. Unlike similar developments across Surrey and Berkshire, Englemere is set within 12 acres of stunning mature landscaped gardens, and also benefits from a swimming pool, tennis courts and summer house for residents\u2019 private events. We also managed to negotiate \u00a3150,000 from the asking price, delivering a competitive \u00a3711\/square foot.<\/p>\n

<\/a>Rental acquisition of the month \u2013 Bryanston Square, W1<\/a><\/p>\n

\"\"Given the impact of higher Stamp Duty on the cost of buying property, our rental search service<\/a> has become increasingly popular over the last year. Our Russian client was looking for a three- or four-bedroom apartment to rent in Marylebone. He wanted the property to be in a good location, have high ceilings and be able to house all of his existing furniture.<\/p>\n

We found the perfect property on our first tour with the client, within two weeks of being instructed. Despite two other offers on the property, we were able to secure the property for our client for less than the asking price.<\/p>\n

<\/a>Thinking of selling in 2017?<\/p>\n

\"\"We are delighted to report that over the last 12 months our dedicated Managed Sale Service<\/a> has successfully sold in excess of \u00a350 million worth of property across a wide range of values and locations in London. In many cases, we were able to sell off-market, through our extensive network of fellow buying agents and other contacts within the residential property world \u2013 an ideal solution for clients where confidentiality and discretion are key.<\/p>\n

Our latest sale was a first floor apartment in Cadogan Gardens, Chelsea SW3, which we sourced for our client for \u00a32.5 million in July 2012. We identified a buyer through our network prepared to offer \u00a33.525 million, or \u00a32,880 per square foot. This represents a 41% increase in value over four years, and the highest price achieved in this building \u2013 an incredible result given current market conditions.<\/p>\n

If you are considering selling your property during 2017 we would be delighted to arrange a no obligation meeting to discuss how Black Brick can work with you to ensure a successful sale.<\/p>\n","protected":false},"excerpt":{"rendered":"

Taking the long view on London property According to the consensus view of the UK\u2019s leading property analysts, we\u2019re in for an unexciting year in the Prime Central London market. Most believe prices will move sideways \u2013 or, at most, rise or fall by a percentage point. After the events of the last 12 months, […]<\/p>\n","protected":false},"featured_media":2336,"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-3403","market-update","type-market-update","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"\nJanuary 2017 | Property Market Update | Buying Agents | Black Brick<\/title>\n<meta name=\"description\" content=\"Check out our market report for January 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