By Camilla Dell.

The effect of the Middle East war on Dubai’s property market has been instant. But better financial incentives are needed for wealthy expats to choose the capital over Monaco or Geneva.

I judge how well the property market in London is going to perform by how much the telephone rings in the new year with clients wanting help to find a new home. This January, inquiry levels were up 19 per cent compared with the previous year. Half a dozen new clients began a search. It looked very much like confidence was finally returning to the London market after a couple of difficult years.

The war in the Middle East changed all that.

Now UK-based clients are hesitating; routinely asking me what the implications of war will be on inflation, on interest rates and on their own finances before moving ahead with any plans to buy. They want to get on with their lives, but now find themselves with a dilemma. Carry on, or take a pause?

But on the flip side, I have had calls from clients in the Middle East who had been somewhat nonchalant about buying in London and who now want to spring into action.

Dubai has been the big boom market of recent years. Prime villa prices increased 94 per cent between the start of 2020 and the end of 2024, according to Knight Frank. The effect of missiles and drones on the property market was instant. Transaction numbers dropped almost 24 per cent in the first quarter of 2026, according to the Dubai Land Department. War has sent shockwaves through the market and has brought home to wealthy expats the importance of diversification of their property portfolios — and the luxury of having options. 

Those of my clients who did not sell or rent their homes in London before moving to Dubai have told me they feel very relieved that they have been able to swiftly and easily return. Those that had been considering relocating to Dubai have put their plans on hold. And those who want to return, but don’t have a foothold in the capital, now face a choice: whether to rent or buy. 

If they want to wait for things to settle or breathing space to decide where to land, I’m advising them to rent. Savills forecasts that Prime Central London (PCL) prices will fall two per cent this year, and only stabilise in 2027; it expects outer prime London prices to flatline this year, and increase by 1 per cent in 2027. So there will be no capital growth to offset the extortionate cost of stamp duty, currently set at 12 per cent for the portion of the purchase price above £1.5mn or 17 per cent if the property being purchased is a second home or investment. 

But if they plan to stay in London, or want to invest in a bolt-hole, now is a good time: it is very much a buyers’ market. The stock of available homes for sale in PCL in March this year was 14 per cent above inventory levels in March 2025, according to market analyst LonRes, so there is choice. And prices are 22 per cent per below the August 2015 peak, according to Knight Frank. Motivated buyers have the ammunition to negotiate on price. 

Of course, it is never as simple as that. There is not an endless supply of quality property, and not all sellers have to act. If they don’t get an offer they like they can just wait for better times. We are not in a fire-sale situation.

But it is curious indeed that UK chancellor Rachel Reeves has waited until now to proclaim that Britain is a “safe harbour” for those leaving the Middle East. When war began it was soon clear that there was going to be some movement of people — why didn’t she immediately welcome expats to Britain? Having eventually done that, but having only recently dismantled the non-dom tax system, she needs to offer them a solid financial incentive to come — rather than go to Monaco, Italy, Switzerland or Bermuda, where some tell me they are considering. 

If Reeves wants to “bang the drum for UK plc”, she should reinstate the investor visa for the very wealthy, which offered residency in return for a £2mn investment in UK share or loan capital. And get rid of unlimited inheritance tax on assets held in worldwide trusts — a main driver of the wealth exodus we have seen. 

I’d also like to see the Treasury make the terms of the Foreign Income and Gains (FIG) regime, which allows eligible new residents to pay zero UK tax on foreign income and gains for four years, more generous. Increasing the scheme to 10 years would be a good start.

Many residents of the UAE who are currently considering their futures want to come to the UK — we would do well to make it an attractive prospect.  

Read the article here.

By Anna Tyzack

For those who have moved their primary residence away from London, a sluggish sales market is prompting them to weigh up their options

Changing tax rules and evolving lifestyle trends are increasing demand for specialist property management services across the Prime Central London market, as more internationally mobile homeowners retain their London properties while relocating overseas.

Rather than selling, many owners are seeking expert support to ensure their homes remain secure, maintained and ready for use throughout the year. Black Brick has seen strong growth in this area, reflecting increased demand from overseas-based property owners looking for trusted advice and hands-on management.

Commenting on the trend, Black Brick Manging Partner, Camilla Dell said: “The majority of our inquiries this year have been from property owners who have decided to become resident outside of the UK and are retaining their London residences.”

While some homeowners are exploring rental opportunities to help offset costs, many prime and super-prime property owners continue to prioritise privacy, flexibility and immediate access to their homes. Against a slower Prime Central London sales market, specialist property management and advisory services are playing an increasingly important role in helping international clients protect and maximise the value of their London property assets.

Please click here to read the full article and Camilla Dell’s commentary.

In a sluggish market, canny tactics can be presented as a silver bullet. In London, a below-the-radar approach continues to seduce. But the strategy has mixed results.

By Liz Rowlinson.

Black Brick Managing Partner Camilla Dell is featured in the Financial Times, offering expert insight into the growing trend of off-market property transactions across London’s prime and super-prime markets.

Dell reveals that 73% of properties Black Brick purchased on behalf of clients last year were acquired off-market — up significantly from 50% in 2014. She describes the dynamic as akin to a game of poker, with both buyers and sellers keeping their cards close to their chest. When it comes to who is first in line for these discreet opportunities, Dell is clear: the best buying agents maintain a high-calibre contacts book spanning private individuals, private banks and developers, making them the natural first call for sellers seeking a qualified audience.

The FT article explores how off-market selling — once the near-exclusive preserve of properties above £1 million — is now being adopted across a wider range of price points, driven by seller concerns around listing fatigue, public price reductions and a desire for privacy. In prime central London, transaction volumes have declined and the average time from listing to exchange has lengthened, prompting a shift in strategy among both buyers and sellers.

Industry data cited in the piece shows that off-market approaches work best for best-in-class properties in sought-after locations, and that success is heavily dependent on the agent’s network and ability to generate genuine competition among buyers. The article also examines hybrid strategies — where sellers test pricing quietly before deciding whether to list publicly — and the growing role of buying agents at all levels of the market.

Please read the full article here.

W1U saw prices rise more than 9 per cent in 2025, as those in broader prime central London fell more than 3 per cent. What is it doing right?

By Lauren Indvik.

Marylebone is bucking the broader prime central London (PCL) trend, with property prices in the W1U postcode rising 9.6% last year to £1,833 per square foot — at a time when the PCL average fell 3.4% to £1,611 per square foot, according to research by Black Brick and data provider LonRes.

Black Brick Managing Partner Camilla Dell, attributes Marylebone’s resilience to a combination of village character, strong community identity, and carefully curated retail — factors that continue to attract discerning buyers even in a price-sensitive market. As Dell puts it: “London is not doing so well, but look under the hood and there are pockets of positivity.”

The area’s Georgian squares, cobblestone mews and Victorian mansion blocks remain highly sought-after, particularly for properties east of Baker Street and south of Marylebone Road. Dell notes that location remains critical within the neighbourhood itself: “Marylebone is a really small area; how well and how quickly it sells depends so much on which street it’s on.” Properties near Harley Street and older mansion blocks close to Marylebone Road are considered less competitive than townhouses, mews houses and garden square addresses.

New-build developments have played a notable role in pushing average prices upward. Dell highlights Chiltern Place as a standout performer: “That building has defied gravity,” she says, pointing to its 24-hour concierge, gym and private cinema as key draws for prime buyers and investors. “There is a waiting list of people trying to buy or rent in the building.” A three-bedroom eighth-floor apartment in the development recently sold for close to £5,000 per square foot.

That said, Black Brick partner Tom Kain, observes a shift in buyer sentiment away from new-build premiums. “Period properties are in vogue,” he says. “Although refurbishing properties like that is expensive and arduous, there are genuinely great deals being struck on them.”

With new buyer enquiries in Q4 jumping 40% year-on-year according to Knight Frank — compared to a 6% drop across PCL — Marylebone’s fundamentals remain strong. The primary constraint on the market is supply, not demand.

Read the article here.

We are delighted to have been featured in The Financial Times this week, in a new piece that spotlights premium buying agencies in London and the wider UK.

Speaking with writer Cathy Hawker, Black Brick’s Founder, Camilla Dell, shared insight into the hidden world of premium property, and reflected how current times have affected the market and growing need for buying agencies like Black Brick.

“Over the past two years, half of my clients, appointing a buying agent for the first time, have a budget below £3mn. Using one is much more understood now. Off-market properties are more prevalent and transaction costs much steeper. The stakes for getting it wrong are so much higher. Going into the London market without a buying agent is a bit like going to court without a lawyer.”, she commented.

Read the full article here.

In a new piece for The Financial Times this week, Black Brick Founder Camilla Dell shares why pets are increasingly being featured in property listing images as a way to attract buyers.

“I think pets give more of a human element to the property,” Camilla said. “It’s not this pristine show home that no one has ever lived in.”

Read the full article here.

The falling mortgage rates may be pushing up demand, but it’s still a buyers’ market out there.

Speaking on the current state of the market and its impacts on buying agencies like Black Brick, our Founder & Managing Partner, Camilla Dell shared her insights in The Financial Times this week.

“Some buyers that were sitting on the fence and renting because they couldn’t afford to borrow will be able to crack on now that rates are more sensible,” she said. “We’re also pretty busy with new US, European and Middle Eastern clients.”

Read the full article here.

London’s “stalling” amid a prime property stalemate between sellers who are refusing to cut prices and buyers who won’t offer more, The Financial Times has reported this week.

Sharing insight into the current situation, Black Brick Founder Camilla Dell shared: “We have lurched from one crisis to another and although the latest issues in the banking sector don’t directly impact London property, they affect sentiment and people’s investment portfolios,”.

“If people are feeling less wealthy, they are going to be nervous.”, she continued, reflecting on why people are being extra stubborn about their budgets this year.

Read the full article here.

After decades of struggle, south London’s Battersea is finally having its moment (largely thanks to the newly redeveloped Battersea Power Station!).

Reflecting on the resurgence of the region, which is proving to attract plenty of high-end property buyers, Black Brick’s buying agent Caspar Harvard-Walls shared in the The Financial Times how he recently brokered the sale of a three-bed duplex facing the river by the power station for over £5 million.

In March, Caspar Harvard-Walls of Black Brick, a buying agent, brokered a sale on a three-bedroom duplex river-facing apartment within the power station listed at £5.55mn.

“The buyer was looking for a house in Knightsbridge or Chelsea for £5mn but thought the turbine hall property with its floor-to-ceiling Crittall windows was too impressive,” Caspar commented.

Read more in the full article here.