How interest rate cuts will help revive our flagging housing market

By David Byers.

Black Brick: High Taxes Are Hobbling Prime London as the Market Splits in Two

Britain’s spring property market has fractured sharply along geographic and price lines, with prime central London bearing the brunt of tax-driven headwinds — and Black Brick’s Camilla Dell has been providing expert commentary on what this means for buyers and sellers at the top end, according to reporting in The Times.

After a record-breaking March — when 177,370 sales completed ahead of the stamp duty deadline, more than double the prior year’s figure — the market cooled abruptly in April. Zoopla reports 15% more homes for sale compared with the same period last year, but only 1% more buyers, leaving a record 104,794 sellers reducing their asking prices in April alone, according to TwentyCi data.

The divergence between prime London and more affordable northern markets has rarely been starker. In Mayfair, Marylebone and Fitzrovia (W1), just 9% of listed properties are under offer. In parts of Chelsea (SW10), the figure is 11%. By contrast, markets in Carlisle and Stockport are recording 73% of homes under offer — reflecting the very different pressures at work in different parts of the country.

Dell was direct about what is driving the freeze in prime postcodes. “Buyers of prime London property are nervous about buying into a market with excessively high stamp duty rates and an exodus of wealthy people leaving our shores for more favourable tax jurisdictions,” she told The Times — a clear-eyed summary of the twin forces suppressing demand at the top end.

For well-advised buyers, however, the conditions are creating genuine opportunity. With sellers under pressure, stock levels elevated and the Bank of England cutting interest rates — with further reductions expected — those with the right guidance are well placed to negotiate meaningfully in a market where motivated sellers are increasingly willing to engage.

As featured in The Times

Read the full article here.

‘For the brave, there are real opportunities’: Camilla Dell on buying PCL property in a global financial crisis

“The playing field has changed substantially”, Black Brick Founder & Managing Partner, Camilla Dell told PrimeResi this week.

Speaking on the current (rather turbulent) global financial market, Camilla sat down with PrimeResi for a new article about how Trump’s tariffs have caused chaos for London’s prime central property market.

“In 2008–2009, we saw a clear flight to safety,” Dell said. “At the height of the global banking meltdown, with names like Lehman Brothers, Bear Stearns, and AIG dominating headlines. Many of our clients turned to London property as a tangible, stable alternative to volatile stocks and bonds. Activity surged, driven both by opportunists and those seeking the security of bricks and mortar.”

This is not the case today, however. “We don’t anticipate a sudden rush of overseas buyers flooding the market, despite the current financial volatility,” Camilla commented, despite Black Brick seeing “notable momentum from UK domestic buyers those upsizing, downsizing, or purchasing second homes.”

Read the full piece here.

Will Trump’s tariffs impact the UK property market, and if so, how?

By Hugh Graham, David Byers and Carol Lewis

Black Brick: Prime London Was Already a Buyer’s Market Before Trump’s Tariff Turmoil

As global markets reel from the uncertainty unleashed by US trade tariffs, Black Brick founder Camilla Dell has been putting the impact on London’s prime property market into its proper context — offering The Times a measured, expert perspective on what the turbulence means for buyers and sellers at the top end.

Dell, who founded Black Brick in 2007 on the eve of the global financial crisis, was clear that tariff uncertainty is the latest headwind for a market already under significant pressure — not the primary cause of its slowdown. Stamp duty for overseas buyers can now reach 19%, compared with 4% in 2008, non-dom tax advantages have been abolished, and buy-to-let incentives have largely disappeared. “The result of stamp duty increases and non-dom tax changes have caused prices in London to decrease to levels not seen since the financial crisis,” she told The Times.

Crucially, however, Dell drew a sharp distinction between the current environment and 2008. Today’s market challenges are structural and tax-driven rather than the product of a credit crisis — meaning the doom-loop of repossessions and forced selling that characterised the financial crisis is not a feature of the current landscape. Homeowners are far more extensively stress-tested than they were in 2008, and repossession rates remain extremely low.

For buyers in prime central London, the combination of elevated stock levels, motivated sellers, prices at multi-year lows and the prospect of further interest rate cuts creates a window of opportunity that well-advised buyers should be considering carefully. Black Brick’s experience — founded in the depths of the last downturn and active through every market cycle since — positions it uniquely to help clients navigate conditions like these.

As featured in The Times

Read the piece here.

Spring Budget 2025: The prime property industry’s hopes & fears

By PrimeResi.

Black Brick Calls for Stamp Duty Overhaul as Industry Unites Ahead of Spring Statement

Camilla Dell, Managing Director of Black Brick, has added her voice to a chorus of prime property leaders calling on Chancellor Rachel Reeves to reverse the damage done to London’s property market by a decade of stamp duty increases and non-dom tax changes, in a widely-cited industry roundtable ahead of the Spring Statement.

Dell’s diagnosis was characteristically direct. The changes to stamp duty introduced since 2014 have been “like pouring glue into the London property market,” she said — suppressing transactions, removing the incentive to move and steadily hollowing out activity at every level of the market. Her solution is equally clear: revert to the pre-George Osborne slab system, with a top rate of 7% and a 3% surcharge for overseas buyers or second homes.

On non-dom reform, Dell argued that the government’s approach had been unnecessarily blunt. “A much smarter move would have been to keep the regime intact and instead charge a much bigger annual fee for non-doms to retain their tax status,” she said — a position that would have preserved London’s appeal to international wealth while still raising meaningful revenue. Instead, Black Brick has been fielding calls from clients selling up specifically because they do not want their entire estate drawn into UK inheritance tax.

Dell also flagged the unintended consequences of the Renters’ Rights Bill, which she warned could accelerate the landlord exodus and reduce rental supply — ultimately harming the very tenants the legislation is designed to protect.

The roundtable, which brought together leading estate agents, buying agents, developers and mortgage brokers, reflected near-unanimous concern across the prime sector: without meaningful tax reform, London risks cementing its reputation as an increasingly inhospitable destination for international wealth and domestic movers alike.

As featured in London Property

Read full article here.

The UK’s new £1m property hotspots include this south-east London grown-up hipster favourite

By Ruth Bloomfield.

Black Brick on London’s Rising Family Property Markets

While prime central London continues to face headwinds from tax changes and international buyer retreat, demand for family homes in well-connected outer London neighbourhoods is telling a very different story — and Black Brick’s Camilla Dell has been highlighting the opportunities this creates for buyers, according to reporting in The Times.

Dell, Managing Partner at Black Brick, pointed to the strength of the market for Victorian family houses in areas such as East Dulwich — one of London’s best-performing postcodes over the past year, where the proportion of £1 million-plus sales rose from 26% to 32% of all transactions. “We have seen a lot of activity, and competition for three- to four-bedroom Victorian family houses near to transport links and good schools,” she said. The contrast with the super-prime market could not be more striking. “Compared to prime central London it is like a different country,” Dell added.

The divergence reflects a broader structural shift in where London buyers are focusing their search. As stamp duty makes ladder-climbing increasingly costly, buyers are skipping smaller properties and targeting spacious family homes in outer prime areas offering good schools, green space and transport connections — often at a fraction of the cost of equivalent space in Mayfair or Kensington.

The trend is also reshaping the national map of seven-figure markets. Cambridge, Chichester and Winchelsea have newly entered the ranks of areas where at least 20% of homes sell for £1 million or more — all within commutable distance of London and offering the lifestyle and space that buyers are increasingly prioritising.

For buyers seeking genuine value relative to prime central London, Black Brick’s expertise spans these outer prime and emerging markets as well as the capital’s most prestigious postcodes.

As featured in The Times.

Read the article here.

Why are so many of London’s luxury houses empty?

By Melissa York, David Byers and Cathy Hawker.

Black Brick’s Property Management Service at the Heart of London’s Empty Homes Story

As London’s most expensive neighbourhoods see a growing number of high-value homes standing empty — the result of tax-driven departures, a sluggish sales market and the multi-residence lifestyles of ultra-wealthy international owners — Black Brick’s property management division has emerged as an essential service for absentee homeowners, according to in-depth reporting in The Times.

Camilla Dell, founder of Black Brick, explained how the service came about. After helping clients acquire London properties, she would call to check how they were settling in — only to discover they were staying in hotels on their visits to the capital. “When I asked why, they said it was because they knew their homes would not be ready for them — dusty, not fresh linen, no food in the fridge,” she said. The solution was immediate: a service that ensures owners can return to a warm, clean, fully stocked home simply by turning the key in the door.

What began as a concierge-style offering has evolved into a comprehensive property asset management service. Black Brick’s Prime Property Asset Management division now oversees nearly 50 properties, with 40% of its clients having signed up for the management service last year. Jason Wei, head of the property management division, explained that some insurance policies require weekly property visits — a legal as well as practical necessity for owners away for extended periods. “We look after one property in Knightsbridge worth in the region of £10 million and the insurance policy requires us to visit every week,” he said.

The service ranges from simple weekly inspections charged at an hourly rate to comprehensive management of larger homes with complex requirements — including smart home systems, swimming pools and security protocols — running to several thousand pounds per month.

The backdrop to this growing demand is significant. Almost one million homes in England are not regularly occupied, according to Action on Empty Homes, with 256,061 empty for six months or more — the highest level since 2011. In prime central London, the combination of non-dom departures, elevated stamp duty for overseas buyers and unrealistic vendor pricing has left streets in Notting Hill, Kensington, Knightsbridge and Belgravia notably quieter than in previous years.

As featured in The Times

The secret lives of London’s mega mansions

By Emma Magnus.

Black Brick’s Property Management Service at the Heart of London’s Empty Homes Story

As featured in The Times.

Read the full article here.

Why London’s luxury property market has dived, whilst Dubai’s has soared

By Emanuele Midolo.

Black Brick: London Offers Americans 43% More Space Per Dollar Than a Decade Ago

London’s prime property market is offering American buyers the best value in a generation — and Black Brick is actively capitalising on the opportunity, according to reporting in The Times covering Knight Frank’s annual Wealth Report.

The data is striking: $1 million now buys 34 square metres in London, up from 23 square metres a decade ago — a 43% increase in purchasing power. A 200 square metre penthouse in Marylebone that would have cost close to $8.7 million ten years ago can now be acquired for under $6 million. It is the biggest shift of any major global city over the period, driven by a combination of falling prime prices and favourable currency movement.

Camilla Dell, founder of Black Brick, was unequivocal about what this means in practice. “We’re pretty busy, despite the fact that the super-prime end of the market is coming down — and that’s just a fact,” she told The Times. The agency’s client base is now 25% American, and Dell described a market of exceptional opportunity for buyers with the right guidance. “I’ve just signed on a £20 million deal for an American client. We saved almost 25% from the original asking price,” she said. “I’m inundated with options. I’ve got a dozen options for a single client in Mayfair. That’s unheard of.”

Dell also highlighted activity at lower price points, noting a purchase in Chelsea near Sloane Square for close to £5 million for an American client seeking to be close to the city’s energy and amenities. The dollar advantage extends beyond US buyers: nationalities whose currencies are pegged to the dollar — across the Middle East and Asia — stand to benefit equally.

The contrast with rival destinations is instructive. Dubai prime prices have risen 147% over five years, Seoul 18.4% last year and Manila 17.9% — meaning London, once considered expensive, now offers dramatically more value per dollar than many of the cities its wealthy residents have been migrating to.

As featured in The Times.

Read the full article here.

Why do some properties get snapped up quickly, while others struggle to sell?

By Hugh Graham.

Black Brick: London’s Family Home Market Is Thriving — But Only If You Know Where to Look

London’s property market is deeply divided, with fierce competition for well-presented family homes below £1.5 million sitting alongside a stagnant super-prime sector and widespread overpricing at higher price points — a bifurcation that Black Brick’s Camilla Dell has been tracking closely, according to reporting in The Sunday Times.

Dell identified the structural reason behind the heat in outer prime London family neighbourhoods such as Fulham, Clapham and Wandsworth. “In the outer prime London family neighbourhoods like Fulham and Clapham we’re definitely seeing increased competition, sealed bids, not enough supply and more buyers than there is available stock,” she told The Sunday Times. The cause is partly demographic and partly tax-driven. “Part of the reason is people are moving less. In the days when stamp duty was lower, people would take baby steps up the housing ladder. Now they save and live with their parents for longer, and when they are ready to buy, they start with a family house. And that has caused increased competition.”

The data bears this out. PropCast analysis of 35 London postcodes found 26 were hot or very hot for properties between £1 million and £2 million, with Dulwich and Tulse Hill (SE21) recording 71% of listed properties under offer — a genuinely frenetic market by any measure. Homes in this price bracket sold 14% more quickly than at all other price points across the capital in 2024, according to Savills.

The picture changes sharply above £2 million. In the £2 million to £5 million bracket, 26 of the same 35 postcodes were cold or very cold — reflecting a smaller buyer pool, stamp duty friction above the £1.5 million threshold, and persistent buyer aversion to properties requiring renovation. Only 34% of properties listed above £1 million sold in 2024, according to TwentyCi, underlining the importance of realistic pricing and expert guidance in navigating this polarised market.

For buyers and sellers alike, understanding exactly where the heat lies — and where it does not — is where Black Brick’s expertise delivers most.

As featured in The Sunday Times

Read the full article here.

The show goes on for London’s prime property market

By Barclays.

Despite talk of a cooling market, the curtain is far from closing on London’s high-end property market. Sales of £5 million-plus homes jumped 25% in late 2024⁽¹⁾, proving that serious buyers are still firmly in the market. But beyond these eye-catching deals, something more subtle is unfolding.

“A combination of political uncertainty and the additional stamp duty surcharge for second homes and changes in non-doms taxation announced in the Budget has meant that it has not been plain sailing for prime London buyers and sellers this year,” says Nick Maud, Director of Research at Savills. “But the bounce in activity towards the end of the year is a testament to the resilience of this market, and the strength of appetite from domestic buyers.”

On the ground, however, the market does feel different. “I don’t think I’ve ever seen a market quite like it – there’s no shortage of homes to buy,” says Camilla Dell, Founder of buying agency Black Brick.

Jo Eccles, Founder of buying agents Eccord, agrees: “It’s firmly a buyer’s market. Typically, we’re now able to show clients twice as many properties as usual – a striking shift, especially given their sometimes-exacting requirements and high price points. A significant number of these homes belong to sellers rethinking their future in the UK ahead of the new non-domiciled tax rules.”

Shifting dynamics in central London

But it’s not just tax changes driving sellers to the market. Many who had been holding off for years – due to factors like Brexit, the mini-Budget, interest rates, and the general election – are now increasingly ready to sell, having grown weary of waiting for more appealing market conditions.

“For sellers who price realistically, it’s reassuring to know that there are buyers ready to act,” says Stephen Moroukian, Head of Product and Proposition for Real Estate Financing at Barclays Private Bank. “Equally, the current market presents chances for buyers to find high-quality properties at favourable prices.

“Alongside this, changes to the ‘non-dom’ rules are leading many high-net-worth individuals to reassess their long-term plans. Whether you plan to remain in London, rent your property out, or relocate entirely to somewhere like Switzerland, the French Riviera or the Channel Islands, understanding the financial and legal implications of these choices will be key to making informed decisions.”

Given the market conditions and general uncertainty, it’s no surprise that prices have fallen slightly in recent months – particularly in prime Central London, home to some of the capital’s most prestigious neighbourhoods, such as Mayfair, Knightsbridge and Belgravia, all renowned for their luxury housing and global appeal.

“Prime central London saw a slight softening in prices in the fourth quarter, and we expect a further 4% drop in 2025⁽²⁾,” says Lucian Cook, Director of Residential Research at Savills. “That said, with prices 20% below their 2014 peak, the area still offers strong value. We project a 9.6% increase⁽³⁾ in prices over the next five years as the market finds its footing in a changing fiscal and regulatory landscape.”

Cook adds: “One of the main reasons we don’t expect further significant price drops is the inflation-adjusted discount, which makes the current value even more compelling. Additionally, the relative strength of the dollar and the weakness of sterling continue to support demand. Moreover, few markets offer the same level of appeal and accessibility as London.”

Stuart Bailey, Head of Super Prime Sales in London at Knight Frank, comments: “Value is the key theme across prime markets right now. Whilst volumes are holding up – or even increasing – in both the prime and super-prime sectors, what has come down is the value of the properties we’re selling.

“So, we’re seeing a focus in the prime market (£5 million-£10 million) on the lower end – £5 million-£7 million – rather than the higher £7 million-£10 million range. In the super-prime (£10 million-plus), there’s also a shift towards properties in the lower ranges, between £10 million-£20 million. Buyers in the higher levels of each price bracket are slightly more hesitant, but deals are still happening – it’s just that we’re seeing some buyers there negotiating prices down.”

London: A city like no other

What makes London so remarkable is that few global cities can match its blend of heritage, culture and modern luxury. The city boasts some of the world’s finest museums and theatres, elite private schools, and a dynamic food scene, with 85 Michelin-starred restaurants catering to every palate⁽⁴⁾.

London’s reputation for safety, well-regulated property laws and political stability further enhance its long-lasting appeal. Its global connectivity – via the Eurostar and five major airports – ensures it remains a prime destination for international buyers.

“While there’s talk of people wanting to leave, some who have actually relocated are struggling to settle and are finding they miss all that London has to offer,” says Dell at Black Brick. “The reality is there’s no perfect alternative. And despite challenges like the introduction of VAT [value added tax at 20%] on school fees, the UK’s education system remains one of the best in the world and a key draw for families.”

Another example of London’s enduring appeal, despite a market in flux, is the recent sale of The Holme in Regent’s Park, one of the city’s most prestigious properties – and once described as “possibly the world’s most expensive home”⁽⁵⁾. Situated in the heart of central London, this 29,000-square-foot, multi-million-pound estate is testament to the ongoing demand for the rarest and most luxurious homes. And although the market has softened, properties like The Holme continue to attract buyers who value exclusivity, size and historical significance.

All of these factors – and more – continue to attract buyers, particularly international ones, to London.

“Demand from American buyers especially has been building steadily over the past 12 to 24 months, and they now make up nearly 30% of our clients,” says Eccles at Eccord. “Currency discounts, along with the appeal of the UK lifestyle and education system, remain strong drivers. One of our super-prime American clients told us he had considered his options globally but concluded, ‘There’s only one London’, and is now buying a £20 million house here.”

A two-tier market emerges

Beyond The Holme’s near record-breaking sale⁽⁶⁾, the high-end property market is evolving, with a clear two-tier split emerging in how the market operates. Eccles of Eccord notes that homes under £15 million are becoming more price-sensitive, with buyers increasingly favouring move-in ready homes. “Anything overpriced is seeing little traction,” says Eccles.

Above £15 million, however, and off-market deals are becoming much more common. “There’s often a shroud of secrecy in many of these deals, too,” she adds. “We’re also seeing a growing divide between turnkey properties and those needing work. Buyers at all price points are willing to pay a premium for the convenience of move-in-ready homes.

“Meanwhile, properties requiring renovations – which make up the majority – are highly price sensitive. In the super-prime market (£20 million and above), there’s also an increasing supply of turnkey properties, as sellers leaving the UK are listing beautifully refurbished homes they hadn’t originally intended to sell.”

Black Brick’s Dell agrees, highlighting the growing challenge of accessing all available properties – especially for those relying solely on online searches. “London’s prime property market is flooded with off-market listings, particularly for homes over £5 million,” she says. “With properties circulating through private groups and networks, buyers are often only seeing a fraction of what’s available online – around 50%, and that can rise to 80% for properties over £10 million. Navigating this complex, invisible market is increasingly driving buyers to work with buying agents.”

Demand for family homes remains strong

Just below the highest property brackets – in outer prime areas like Fulham, Wandsworth, Hampstead, Highgate and Dulwich – demand for family homes remains strong, driven largely by domestic needs-based buyers. Well-priced properties are selling quickly, although buyers still have the upper hand here too.

“These outer-prime London markets have held their value, even showing modest growth⁽⁷⁾” notes Cook at Savills. “Beyond the capital, too, prime country markets are stabilising, with annual price falls slowing. However, coastal second-home hotspots remain more price-sensitive, reflecting broader economic pressures.”

Moroukian at Barclays adds: “We’re seeing ongoing demand in the domestic family home market. Although the market is competitive, these areas remain resilient, with families looking for stable, long-term homes – which is driving ongoing activity.”

Rental market shifts

Rental trends are also shifting. While some landlords are exiting the market due to lower returns, there are more ‘accidental landlords’ emerging, with those unable to secure their asking prices choosing to rent out their properties instead.

Then there is the new Foreign Income and Gains (FIG) regime, effective from April 2025, which replaces the old ‘non-dom’ regime and allows non-domiciled individuals to reside in the UK for up to four years without paying UK tax on foreign income and gains.

“We expect to see more people entering this regime and opting to rent rather than buy, given the time frames – even now, we’re seeing rental activity on the rise,” says Dell at Black Brick.

For those renting high-value properties, understanding the tenancy agreement and its implications is critical. “If you move into a rental property in England with a yearly rent of £100,000 or more, you will be entering into what is known as a common law tenancy,” explains Camilla Tunnicliffe, Knowledge Lawyer at Farrer & Co.

“Unlike tenants of an assured tenancy [which applies to annual rents under £100,000], common law tenants will not benefit from a range of statutory rights and protections intended to safeguard those living in rented accommodation, including those due to be introduced under the Renters’ Rights Bill. Given this lack of statutory protection and the high value of the property, we would always recommend seeking legal advice before entering into a common law tenancy.”

London: A prime destination for property buyers

Yet, despite some of the challenges mentioned above, London’s appeal remains strong. As a global powerhouse, it continues to offer long-term value and exclusivity that few cities can match.

“London will always be a prime destination for property buyers,” says Moroukian at Barclays. “Its ability to weather market shifts ensures it remains a prime location for property investors.”

Read the full article here.