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Opinion: Important advice for the Bank of Mum and Dad – do your research and think about what your child wants, too

Rising house prices, together with stagnated salary inflation, have meant that more first time buyers are struggling to afford to get onto the property ladder, particularly in London where Hometrack data shows current property values are 85% higher than they were eight years ago. As a result, the “Bank of Mum & Dad” has become much more prevalent in helping their offspring onto the ladder, with the average hand out per child in London amounting to £24,800. So far this year, 20% of our clients have been buying for their children and we predict that this will increase by 10-15% over the next two years.

For those who plan on helping children financially, the first thing to work out is affordability. Some parents will have savings but others will need to borrow to help their children out. There are several ways to do this, for example, by remortgaging, or apply for a loan. Whatever option you decide, it’s a good idea to seek independent financial advice first.

For parents who want their children to repay the loan at some point in the future, drawing up a loan document is straightforward and it should set out the repayment terms, and any interest payable. It needs to be signed by both parties.

A common preference for parents buying for children is two-bedroom homes, and within close proximity to good transport links and other amenities. These offer a good future investment due to their broad appeal either for buy to let, first time buyer or professional couples. Areas such as Ladywell are proving particularly popular for first time buyers who are looking for value for money and within easy reach of Central London; we recently bought a two-bedroom property there for a client for £370,000. While there is a demand on new builds from first time buyers, we are seeing more of an interest in second hand properties which are often less expensive due to the premiums attached to new builds.

With so many ways to help your child get onto the property ladder, it’s important to put the time in to properly research the various options that are available. I would strongly advise carefully reviewing all potential risks and benefits and speak to your son or daughter about the option that is best suited to their needs as well as your own.
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Focus on Marylebone: No longer a modest pocket of London, W1U is now as expensive as Mayfair

It’s hard not to think about the Monopoly board when considering what the most salubrious areas are in London. Park Lane and Mayfair may be the highest prized, but in reality, they’re being outstripped by a train station.
Over the past 12 months, Marylebone has been the top performing area in Prime Central London, according to data by Knight Frank. From March 2016 to March 2017, house prices have risen by 0.7 per cent, which may not sound like much until you factor in that prices have dropped by 6.4 per cent on average across PCL.

“During a more challenging market, we found that buyers look outside their traditional locations,” says Christian Lock-Necrews, partner and office head for Knight Frank’s local branch. “Many found Marylebone in that period to be an area of London that represented best in class properties in a central London location, yet it allowed them to get more for their money than Mayfair or Knightsbridge.”

Indeed, Knight Frank’s report found that UK buyers were generally downsizing from Hampstead and Highgate or relocating from Mayfair, with some agents now saying it’s more popular than the toast of the Monopoly board.

“Marylebone used to be the ‘forgotten’ postcode and property prices were typically 30 per cent lower than Mayfair,” says Camilla Dell, managing partner at buying agency Black Brick. “There is now very little difference in pricing between the two.”

Data from David Fell, research analyst at Hamptons International, puts half of all sales at over £1m, with the most expensive property ever sold going for £12.75m on Blandford Street in 2014, which is surprising for an area not known for large houses, but its converted apartments in Georgian mansion blocks and Victorian terraces.

“Unlike most of its neighbours, Marylebone was never built for the super-rich,” adds Fell. “Terraces and squares were colonised by the comfortably well off. Homes were built one bay window wide with porchless entrances and few stucco details. Prices remain reflective of this social divide to this day with Oxford Street presiding over one of the largest price gaps anywhere in the capital.”

Historically, new builds have been relatively thin on the ground – there was a boom in the late 90s when the sidings of the railway station were converted into 380 flats – but a recent slew of high end homes have undoubtedly changed the character of the area. Notable schemes include Galliard’s The Chilterns, Ronson Capital Partners’ Chiltern Place, The W1 on the high street and Park Crescent overlooking Regent’s Park.
Portland Place has been singled out by Simon Deen, director of Aston Chase, as the most desirable street, saying it’s “fast becoming the Park Avenue of London.”

The retail offering in Marylebone is another big draw to the area for domestic buyers. Landowners Howard de Walden Estate and Portman Estate have been hugely influential in this area, curating a village atmosphere and a retail mix that’s 71 per cent independent. There are an impressive 83 restaurants in the area, including celeb-haunt Chiltern Firehouse, only pipped to the post by estate agents, of which there are 84.

The area’s increasing desirability (not to mention Crossrail, which will fling frequent flyers to Heathrow in under 30 minutes) has attracted a lot of new overseas buyers, too, largely from the Middle East, India and South Asia, according to David Adams, director of Humberts, who has been working in the area for over 30 years.
He adds that international investment has been fuelled by George Osborne as much as anything else. “The high stamp duty on property discourages British homeowners from moving locally, but it is more affordable for international investors buying with US-backed currency and those from low-tax regimes such as Dubai.”
Foxtons says its values the average one bed flat in Marylebone at £800,000, while family houses are commanding prices of over £2.5m.

Area highlights
Famous things first: the Chiltern Firehouse has overtaken The Ivy in recent years as the go-to place for celebrities to be papped. Yet, it’s not the only restaurant that’s been creating a stir; L’Autre Pied, Trishna and Orrery all have Michelin stars and Artesian has claimed the title of world’s best bar twice. Selfridges, while hardly a hidden treasure, is still an impressive local department store to call your own. It’s the second largest in the UK after Harrods in Knightsbridge. For a touch of culture, Regent’s Park Open Air Theatre is nearby and has become a fixture of summer in the city, fitting 1,200 people for each performance. Wigmore Hall is also on your doorstep, an intimate Victorian concert hall hosting chamber music and lunchtime recitals. Visit one of Europe’s finest art galleries in Hertford House. Admission to the Wallace Collection is free and is also home to a world class armoury.

Area guide

House prices Source: Zoopla
DETACHED
£1.196m
SEMI
£1.413m
TERRACED
£2.221m
FLATS
£1.383m

Transport Source: TfL
Time to King’s Cross: 12 mins
Time to Liverpool Street: 21 mins
Nearest train station: Marylebone

Best roads Source: Hamptons International
Most Expensive: Wyndham Place: £5.325m
Best Value: Frampton Street: £408,000

The play’s the thing: developers appeal to culture vultures by building theatres right next door to home

By Nicola Venning

There are many reasons for buying a home: location, size and lifestyle all spring to mind. But equally important, though more elusive, is a sense of community. For Sarah and Justin Savage, who work in the theatre industry, that comes from a vibrant arts scene with pop-in-for-tea neighbours and a friendly local.

“We are used to having a community and chatting to our neighbours, and want to carry on doing that,” says Sarah. “As well as being close to a good theatre.”

Sarah and Justin, both 60, first met four years ago – after finding each other on the Telegraph dating website – at the Riverside Studios in Hammersmith, west London, where early episodes of Doctor Who, Hancock’s Half Hour and Play School were made.

Sarah, a former actress and scriptwriter, and Justin, a theatre producer, married two years later and started the hunt for a home for their new life together.

When the newly-weds discovered that Riverside Studios was being redeveloped as an arts hub in conjunction with a new apartment complex, Queens Wharf, they realised they had found their “forever home”.
“It was a no-brainer, really,” says Sarah. “It enabled us to have access from our building to the cinema, theatre, restaurants, bars, and have places to take clients. It is the perfect spot for us at this stage in our lives.”
The couple – who now run their own theatrical management agency, Savages, representing actors – bought a three-bedroom apartment with a large terrace, and plan to move in this November.

A flat at Queens Wharf, sold through CBRE Residential. Two-bedrooms start from £1.15 million, rising to £1.425 million for a three-bedroom flat

Queens Wharf has 165 apartments, which are being sold through CBRE Residential; two-bedrooms start from £1.15 million, rising to £1.425 million for a three-bedroom flat.

Creating cultural spaces within new apartment blocks is a growing trend as developers have realised they help sell homes and create communities. “People want to live and work in a place where things are happening: arts exhibitions, music venues, street parties and celebrations in the community,” says David Twohig, chief development officer at the group overhauling Battersea Power Station.
Twohig is tasked with the challenge of creating a sense of community in the sprawling, shiny new development.

Arts spaces and socialising are incredibly important for all areas, but particularly new ones. They enable people to come together and help build community. It is the stuff of life David Jubb, artistic director and the boss of Battersea Arts Centre.

Battersea, which will ultimately have 25,000 people living and working within its 42 acres, will have 250 shops, cafés and restaurants and nine entertainment “platforms”, which include open squares, parks, playgrounds and indoor areas. The Village Hall, a rather bucolic-sounding name for an urban community space, sits within Circus West Village, the first phase of 865 apartments where prices start from £400,000.

Events there are being curated with the help of local Battersea Arts Centre, and are designed to draw in the wider community as well as new home owners. A choir is already up and running while theatre, stand-up comedy, Ted talks and local celebrations such as weddings are in Battersea’s vision.

“Arts spaces and socialising are incredibly important for all areas, but particularly new ones,” says David Jubb, artistic director and the boss of Battersea Arts Centre. “They enable people to come together and help build community. It is the stuff of life.”
A vibrant cultural centre also helps create a sense of place. As well as several restaurants, a pool and gym, One Tower Bridge by Berkeley Homes will include a new theatre alongside its 376 apartments.

The 900-seat Bridge Theatre, run by Sir Nicholas Hytner and Nick Starr, both veterans of the National Theatre, opens this autumn. Not only will it add glam to the already high-end apartments (with prices starting at £1.475 million), but it will enhance a relatively overlooked section of the South Bank.

Increasingly, creative outlets are the amenity of choice. Brewery Gate, a development of 28 family homes by St James’s in Twickenham, has foregone a gym in favour of a community hub and 320-seat theatre. The success of an arts – and indeed any – public venue depends heavily on how it is run, and this facility, where homes start from £1.55 million, will be managed by St Mary’s University.

Such venues also transform the merely interesting into the highly desirable. Television Centre is generally regarded as “one of the coolest and hippest new developments,” says Camilla Dell, managing director of Black Brick, a buying agency. And that is despite being in less-than-fashionable White City. Formerly part of the BBC, the much loved Grade II listed building is being turned into 950 homes. Prices start from £750,000 for a one-bedroom apartment.

It includes a host of the usual amenities (health club, hotel, cinema), but it is the building’s television history and its three soon-to-be-reopened studios (home of Strictly Come Dancing, among others) that make it stand out. Wander down from your flat to a live recording of your favourite show – how’s that for local culture?

Focus on Clerkenwell: The City’s cooler cousin is celebrating its Design Week and anticipating price rises after Crossrail

By Melissa York

From 23-25 May, Clerkenwell Design Week will be upon us again. The annual event, with its artisan furniture makers and 3D-printing architects, will be the eighth celebration of the area’s transformation from post-industrial, City backwater to the home of more creative businesses and architects per square mile than anywhere else in the world.

And it hasn’t just found favour with businesses, but residents too, as increasing numbers of Londoners look to the design district as a desirable place to live. The local branch of Dexters estate agents says Clerkenwell “is the high-end face of edgy east London, with its eclectic mix of loft-style apartments, period homes and modern blocks within a commercial setting.”

The only thing to say about Clerkenwell’s housing stock is that it’s incredibly diverse. Foxtons notes that only 12 per cent of the property portfolio is freehold, which accounts for the popularity – and higher asking prices – for apartments and terraces. Property prices vary enormously, depending on the particular dwelling. This variation is due to the absence of a single masterplan to develop the area, as it was owned by over 100 different estates.

“Narrow streets lined with old industrial buildings saw Clerkenwell give birth to loft living in London during the early 90s,” says David Fell, research analyst at Hamptons International, who marks Manhattan Loft Corporation’s first project in Summer Street as a turning point. “Local developers were quick to follow, with warehouses vacated by artisans converted into flats for the legions of new City workers created by the 1980s Big Bang.”

The number of conversion schemes has meant two thirds of sales sold last year were new homes. While these conversions are still wildly popular, they are not all created equal. Jamie Burnhope, a buying consultant at Black Brick, says, “In the 80s and 90s, developers did not spend a lot of money maintaining the integrity of the buildings, and as a result, many lost their original character. There are only a few buildings that deliver the type of flat associated with the area, including 190 St John Street, Paramount Building, Ziggurat Building, 1-10 Summers Street and Warner House.”

But it’s not just the architecture that draws people to live in Clerkenwell; it’s the social life. Restaurants, gastropubs, boutiques and theatres have come moved in, and 80 per cent of its retailers are independents. “The main difference between what it used to be five years ago and now is how cosmopolitan and upbeat the area has become,” says Foxtons’ Josh Walsh. “It used to be seen almost as an extension of the City, buzzing during weekdays, but quiet at weekends.”

The area’s newfound vibrancy means it’s seen year-on-year house price growth of 7.7 per cent, according to Hamptons International data, which also recorded 102 sales of over £1m in 2016. Your average two bedroom flat will cost in the region of £950,000, around £2,500pcm to rent, proving a solid buy-to-let investment, according to Jo Eccles, managing director at Sourcing Property.

“Gross rental yields are much higher than other parts of London; we’re achieving on average 3.4 per cent for the landlords whose properties we manage and the investment properties that we bought have all let extremely quickly, typically to finance, tech and media tenants.”

Work is also nearly complete at Farringdon for the new Crossrail station, which is expected to arrive in 2018.
“From here you can walk into the City but creating that link between Farringdon and Canary Wharf is going to provide a huge change,” says Chris Rowe, sales manager at KFH Clerkenwell. “No one’s buying now knowing that they’ll then be able to get to work in a year’s time. People want to move in when the transport links are there, so I don’t think we’ll really see that jump [in prices] until it’s here. But they are definitely going to jump.”
But until that time comes, Clerkenwell will have to settle for being the City’s cooler, creative cousin.

Area highlights
There are more great local restaurants in Clerkenwell than you can wave a greasy spoon at. The Hawksmoor team are behind Foxlow, a modern European restaurant that loves its meat, while fancy French can be had at the Bleeding Heart, and its neighbouring pub and bistro. For a cracking brunch, head to The Modern Pantry, serving up cooked combinations that are a mile away from your standard eggs benedict, or go bottomless at the Bourne & Hollingsworth Building at the weekend. Smithfield, London’s oldest meat market, is as popular as ever, while Exmouth Market, on a semi-pedestrianised street, is its trendier neighbour. See some of the best dance companies in the world perform at Sadler’s Wells, the sixth theatre on the site since 1683, while the Charles Dickens Museum, near the border with Holborn, is also worth a look-in for original manuscripts and personal artefacts.

Area guide
House prices Source: Zoopla
DETACHED
£279,082
SEMI
£366,196
TERRACED
£934,883
FLATS
£803,010
Transport Source: TfL
Time to King’s Cross 3 mins
Time to Liverpool Street 5 mins
Nearest train station Farringdon

Sealed bids and gazumping return to central London in boost for property market

By Jonathan Prynn

Sealed bids and gazumping have returned to central London in a remarkable spring revival of a market in “deep freeze” for two years.

Buying agents said the number of clients looking for “Brexit bargains” in areas such as Knightsbridge and Canary Wharf had soared by as much as a third in recent weeks.

Interest is most intense in the sub-£1 million bracket where stamp duty rates are lower, but also in the £3 million to £5 million range, with Chinese buyers particularly keen to invest.

Prices in prime central London areas have fallen by an average of 12.5 per cent since they peaked in late 2014, when former chancellor George Osborne increased stamp duty on properties over £1 million, according to agents Savills.

This, combined with a 16 per cent fall in the value of the pound against the dollar since the EU referendum last June, means that the London market is now around 30 per cent cheaper for a foreign buyer — and as much as 50 per cent less expensive for some individual properties.

Trevor Abrahmsohn, managing director of agents Glentree International, said: “We’ve been through a torrid time but Brexit has saved the property market at the higher end. I am delighted to say we have agreed £30 million of sales in the past two weeks. We had a run of seven sales in the £3 million to £5 million range and are now short of stock.”

The recent stability in the pound has also persuaded some investors that it is now “safe” to plough their money back into London bricks and mortar.

Jo Eccles, of buying agent Sourcing Property, said: “The market is definitely picking up across all price brackets. We have been bidding on a family house in Knightsbridge for just under £5 million, there is competition from another buyer and the vendor has this afternoon asked to go to sealed bids.

“We have seen nearly 35 per cent increase in the past three weeks in the number of buying clients we are representing and a 60 per cent increase in serious enquiries from potential buying clients over the past two weeks.”

Camilla Dell, managing partner of agent Black Brick, said: “We are also seeing a return of competitive bidding across the spectrum, particularly on property that is priced correctly in line with the current market.

“We have also seen a return of gazumping. We recently secured a flat in Canary Wharf for a client at £1.48 million. Our initial offer of £1.44 million was accepted but we were gazumped by another buyer who offered £1.5 million. Luckily, we managed to re-agree the sale at the original asking price as our client was a cash buyer.”

Cherie Blair was allegedly gazumped by a British actress after trying to buy a five-bedroom house in Marylebone for her daughter. The barrister, 62, is said to have had an offer of £2,765,000 accepted for the Georgian property, only to be outdone by a higher offer from St Trinian’s star Talulah Riley. The actress, 31, who divorced tech billionaire Elon Musk for the second time last year, reportedly paid £3 million.

Another factor has been the closing of the price gap between central London and the suburbs where there have been double-digit annual rises in prices over the past two years. An example of prime property being snapped up is a five-bedroom townhouse in Highgate that was on the market for £6,950,000 and is now under offer.

Jonathan Hopper, managing director of the buying agents Garrington Property Finders, said: “Prices in the outer boroughs will never catch those in prime London, but the boom in the ’burbs is narrowing the gap with the flagging centre — and making properties of all sizes in desirable postcodes appear better value.”

‘Very British and very discreet’: the revival of London’s St James’s

By Nicola Venning

In its heyday, dukes, dandies, artists and politicians all lived and socialised in St James’s, London. The district, convenient for both St James’s Palace and the Houses of Parliament, was the height of fashion. Gladstone, Sir Isaac Newton and William Thackeray all lived here.

The Earl of Shelburne, later Marquess of Lansdowne and Prime Minister, liked St James’s so much he even founded his own club, Boodle’s, in 1762.

There are still nine private members’ clubs and hotels in and around St James’s Street. The area, which is only now beginning to return to its residential roots, was the place for the wealthy gentleman.

“It’s old English posh,” says Peter Byfield, a restaurateur and entrepreneur who moved to St James’s from Mayfair 18 years ago and has lived there ever since. “St James’s is an incredibly old-fashioned and dignified place to be.”

After the Second World War, the area gradually became more commercial and, with fewer people living there, St James’s lost some of its charm. Now, however, a change in planning rules, allowing office-to-residential conversion, is creating more homes and giving the district “a new lease of life”, says Simon Burgoyne of Knight Frank. “The quality of the apartments is attracting both the British and the international market.”

One such development is Dukelease’s Beau House in Jermyn Street, named after the Regency dandy Beau Brummell. The socialite’s fastidious dress sense and patronage of the local tailors helped make Jermyn Street famous – and the new homes reflect this. The eight apartments are as bespoke as a handmade suit and with the same attention to traditional detail.

A two-bedroom apartment in St James’s Chambers is on the market with Knight Frank for £3.25 million

The many unique features include leather-panelled walls, walnut cabinetry and herringbone-pattern oak floors. There are Calacatta marble floors, Boffi kitchens and Romana Salperton wall lights.

Prices start from £1.85 million for a one-bedroom apartment over 657 sq ft, and rise to a sizeable £15 million for the three-bedroom furnished penthouse, which comes with a TV-equipped roof terrace and views of Christopher Wren’s St James’s church. The homes are being marketed by Knight Frank.

Jermyn Street’s distinctive shops, some of which are still owned by the descendants of the original families that established them, have been frequented by Diana, Princess of Wales, Ted Heath and Joanna Lumley.

Its ‘olde worlde charme’ and postage-stamp size mean that buying a home in St James’s is not easy

“Jermyn Street is a curiosity area,” says Richard Harvie, owner of Harvie and Hudson shirtmakers. “People love going into old family businesses that have not changed a lot, with slightly creaky wood floors, and which do not exist anywhere else in the world.”

However, St James’s “olde worlde charme” and postage-stamp size (it is wedged between Piccadilly and the Mall) means that buying a home here is not easy, as “there are very few flats”, says Caspar Harvard Walls, partner with the buying agency Black Brick.

Westminster council estimates that there are just 7,239 households in St James’s. Unlike Mayfair or Knightsbridge, there are few large blocks of serviced apartments and even fewer with fancy hotel facilities, gyms and spas.

“St James’s is not showy; it’s very British and very discreet,” says Harvard Walls. “It appeals to a certain type of buyer.”

A bespoke decorated flat in Dukelease’s Beau House in Jermyn Street, on the market with Knight Frank from £1.85 million

The majority of developments are boutique, with clusters of (generally small) one- and two-bedroom flats for between £1 million and £2.5 million – roughly £2,000 to £2,500 per sq ft. Newbuild apartments, often behind elegant Georgian and Victorian listed facades, are pricier and reach £3,000 per sq ft and more. Knight Frank is selling The Pall Mall Collection and three of the four apartments remain; a three-bedroom flat is £4.95 million and a four-bedroom penthouse is on the market for £8.95 million.

House prices there are not all in the millions, as Horne and Harvey is selling a one-bedroom flat on the fourth floor of a portered building in Duke of York Street for £950,000.

“The streets are quite densely packed and often people want to be higher up, on the second floor or above, as it can be quite dark lower down,” says Harvard Walls.

The Crown Estate, which owns around 50 per cent of the buildings in the area, is halfway through a £500 million refurbishment programme of its St James’s portfolio, which, although it consists mainly of retail such as St James’s Market, includes some new homes as well.

There’s a lot of demand, too: recent redevelopments such as Cleveland Court, near St James’s Palace, have all swiftly sold.

Forthcoming apartments, which will only be available to rent, include huge, lateral three-bedroom flats and a five-bedroom penthouse in 30 St James’s. All will be available at the end of this year.

Surrounded by art galleries and smart restaurants, with the West End and the park within strolling distance, St James’s appeals to the buyer who “has a house in the country and wants a pied-à-terre in London”, says Harvard Walls, “so they can walk to work and to the opera”.

Virtual reality tours for house hunting? We aren’t convinced!

By Annabelle Williams

Estate agents are investing in headsets, but not everyone is convinced.

Estate agencies are spending tens of thousands of pounds developing virtual-reality tours of high-end properties, so buyers can privately gaze at the interior of immaculate homes, including those yet to be built, in their own time.

JLL, the property consultant, is working with a virtual-reality company to offer virtual tours of properties for sale, or to let. It says the tours, available this spring, will be “fully immersive and as close to reality as possible”.

“The benefits include saving time,” Tim des Forges, a director at JLL, says. “Rather than the buyer being taken to see 20 flats, they can view them virtually and perhaps opt to see only their top three in person. Some may buy or rent only after seeing the virtual tour.”

The estate agency Carter Jonas is going one better. Using new technology, it has launched what it believes is the first virtual-reality tour to include an estate agent — viewers can follow an agent through a house, yet virtually look around and turn away from them. Carter Jonas says you would not let a buyer wander round your home without guidance, so why would you do so virtually?

The prototype is being used for a development in Leinster Square, in Notting Hill, west London, and is expected to be offered at two other central London developments, and one outside the capital. “The difference [with our technology] is that I’m in the video speaking,” says Amelia Blake, a London residential sales specialist at Carter Jonas.

Virtual-reality technology has been around for decades, but has not yet been good enough, nor cost-effective, for general use. Yet it has made big leaps in portraying spatial depth, which buyers can’t gauge from a floor plan or pictures.

Tours typically will be offered through an app downloaded on to a smartphone and viewed through a headset.

In Asia, however, tours are often viewed on tablets.

“Some clients do not want to put goggles on their head,” says Alex Newall, the managing director and founder of Hanover Private Office, a property consultancy.

The technology is often aimed at overseas investors. “In the prime central London market, international buyers are crucial to the business so we do what we can to accommodate their needs,” Blake says. Virtual reality has been vital for developers selling off-plan apartments, says Newall, and at a time when high-end property sales have slowed, estate agents might consider investment in virtual reality money well spent.

However, not all experts are convinced that virtual-reality viewings, however high-tech, are going to catch on for properties already built. “They are fun gimmicks, but anyone who is going to buy a house will visit it,” says Newall. “It doesn’t sell the house.”

He says that investment in drone photography has been more revolutionary for marketing properties.

Camilla Dell, the founder of Black Brick Property Solutions, an independent buying consultancy, says: “I have seen very little evidence of high-net-worth clients using this sort of technology. When people are spending millions, 99.9 per cent of the time they will get on a plane and see it, and we would be worried if they did not.” At best it may help clients to draw up a shortlist, but ultimately the virtual-reality experience cannot replicate being in a property and seeing the neighbourhood, and older buyers see it as a faff rather than helpful, Dell says.

Nonetheless, sellers yet to be convinced of the usefulness of virtual reality should perhaps keep the faith; it will provide them with useful analytics, including “how long buyers spend in each room, what they look at and what’s important to them,” says des Forges. “Sellers can take this information to maximise the potential of their property, and agents will be able to use it for future instructions, for example, by telling you that 60 per cent of virtual reality viewing was spent looking in the kitchen — so it’s good to place an emphasis on it.”

What to look out for when you’re buying a new build property in London

By Camilla Dell

As property advisers, we are often asked what is the best kind of investment in London – a new build property or an older style or period property?

New build developments certainly have a natural appeal in that everything is brand new, which means buyers can put their own stamp on the property and maintenance should be low. People also like the concept of buying off plan, on the basis that prices will rise as the development nears completion. What’s more, off-plan developments often offer more flexible payment options.

When buying off plan, there are a number of things to be wary of. The biggest risk is that you can’t actually inspect the property. You need to be able to read the floor plan and visualise how the flat will look and what the outlook will be like, which can be challenging for the untrained eye. Swanky marketing suites can also often be very misleading.

You also need to take into account things like service charges, as many developers now calculate service charge on price per square foot basis, which can be confusing, and can significantly add to your annual expenditure, an important factor to consider particularly if you plan on renting the property out.

It is also important to consider the potential for capital growth. Many new builds can be priced as much as 30 per cent higher than surrounding re-sale properties, and as a buyer, you need to ask yourself whether that premium is justified. Looking back over the boom and bust periods of London’s property market, it is the older, period style properties which have tended to appreciate most over time.

New builds usually appreciate far slower, especially as they are often located in ‘up and coming’ areas, where supply outstrips demand. When the market drops, these developments tend to take a much bigger hit due to a combination of location and the fact that there is a higher density of similar properties in the area, with prices falling up to 20 per cent in some cases.

We recommend taking into consideration the location, as well as the “rarity” factor of the building. For example, we have purchased several apartments in the former BBC Television Centre development in White City for clients. This is a particularly interesting new development thanks in part to its history, its proximity to transport links, as well as Westfield shopping centre.

Clients of ours who bought into the scheme in early 2015 have already seen a 10 per cent uplift in the value, and we are encouraged by the fact that there is very little evidence of buyers trying to sell on their contracts before completion.

Another consideration when buying new is that there are deals to be had. Developers with completing stock are more able to play with their margins and are able to give ‘deals’ to their buyers. Buyers should be wary of developer incentives, such as offering to pay stamp duty, though – the cost is often made up in the asking price of these so-called “incentives”.

When weighing up the options, the key to buying new build property is to do your homework; seek impartial advice on the developer, the area – check the local council’s housing policy for further developments – and the property itself.

Yes, you can have a ‘glam room’ like Melania

By Ruth Bloomfield

A dedicated space for doing hair, nails and make-up is becoming a must-have in high-end homes

Donald and Melania Trump have been handed the keys to the White House. This means that, in keeping with tradition, the Trumps are allowed to make changes to the property to meet their family’s needs.

While Michelle Obama spent her early days as first lady focusing on cultivating the vegetable garden so her family could eat fresh vegetables, this week we discovered that Melania’s priority is to add a “glam room”.

“There will absolutely be a room designated for hair, make-up and wardrobe,” says her make-up artist, Nicole Bryl, reassuring those who were worried there wasn’t going to be.

It is in this room that Bryl will toil for the 75 minutes of “uninterrupted focus” it takes to do the first lady’s make-up each time. “Melania wants a room with the perfect lighting scenario, which will make our jobs as a creative team that much more efficient,” Bryl adds.

Yet Mrs Trump is not the only woman who takes her beauty routine so seriously that it warrants its own room. Glam rooms are a feature in the most expensive homes in this country — and may become more popular among women who hope to copy Melania’s über-groomed approach to life.

So what is a glam room? It’s a glorified dressing room — a room with good lighting and space for a hairdresser and make-up artist to work their magic, possibly with a hair-washing station. Above all, it is somewhere with eye-wateringly expensive shelving, with compartments for belts, rings, watches and handbags. One central London glam room even features a cosmetics fridge designed to keep the owner’s make-up at the optimum temperature.

Camilla Dell, a buying agent, reports that she has viewed homes with not only glam rooms, but glam suites, where a separate lounge area containing a minibar and TV is located off a dressing room, so “all the girls can discuss and debate outfits”, Dell says.

Carrie Bradshaw would approve; Emmeline Pankhurst, not so much. Penny Mosgrove, the chief executive of Quintessentially Estates, a company that sells houses starting at £3 million and rising to £20 million, says that among her clients glam rooms are a must-have. If one doesn’t exist, some wealthy buyers will sacrifice a bedroom to create one.

The estate agent Charlie Gibson, who works in the Mayfair office of Carter Jonas, reports that he has also seen properties with a male equivalent, called grooming rooms. “I have seen a barber shop set-up within a very expensive property, where the Mayfair barber Geo F Trumper visits for a grooming appointment,” Gibson says.

It is common for the incoming president and the first lady to redecorate parts of the 132-room political mansion. The Obamas filled the property with contemporary art and replaced a bust of Churchill with that of Martin Luther King; Laura Bush faithfully restored the Green Room, used for small receptions and teas.

As with the presidential campaign, the Trumps may do things differently. Based on the interiors in the family’s New York home, the glam room — possibly like the rest of the house — will feature a 1980s aesthetic, with lots of gold, ostentatious chandeliers and pictures of Donald Trump in manly poses.

The interior designer Mhairi Coyle says: “It is like the interior design you see in casinos: the more detail, the more pattern, the more colour you can put in the place, the better. With a personality like Donald Trump’s, he’d want everything over the top.

Ten places where house prices are set to rise

By Ruth Bloomfield

Some locations are defying a downbeat Brexit market — with revived urban areas leading the way even at the best of times there are no sure things in property — and with political and economic uncertainty as a backdrop, coupled with tax changes that have hit many buyers hard, this is far from the best of times. Nonetheless, there are silver linings amid the dark pall that has hung over the market since last spring.

Some areas set to benefit from transport improvements, some are the focus of multimillion-pound regeneration projects, while others are simply benefiting from a strong ripple of buyers moving from more expensive areas, pushing up prices.

You may not have heard of them all — yet — but if the experts are to be believed, these are the locations that will lead the market in 2017 and beyond.

Southern Gateway, Manchester

Close to Manchester Metropolitan University and the University of Manchester, the Southern Gateway is set to follow the city’s Northern Quarter success story of regeneration and price growth.

The Gateway, to the south of the city centre, has an impressive development pipeline of 7,500 homes to be built in the next few years. Nick Whitten, an associate director in JLL’s residential research department, says that this emerging neighbourhood is not going to be a sea of flats; it already includes the £25 million HOME arts complex, and there are plans for enough shops and restaurants to turn it into a “destination”. With tram and rail links already in place, the Southern Gateway has great connectivity, and Whitten forecasts that prices will grow 7 per cent in 2017 and 28 per cent by 2021. Today you can pick up a one-bedroom flat for £145,000.

Bishopthorpe, York

The redevelopment of the old Terry’s chocolate factory close to York Racecourse into luxury flats, and a smart restaurant and shop, is focusing buyer interest along Bishopthorpe Road.

Ed Stoyle, a partner at Carter Jonas, believes that the development — The Residence — will help to push local prices up 5 per cent this year.

“We’re advising buyers, from first-timers to investors, to act because, once the amenities are in place towards the end of 2017, a premium will be added to asking prices in the area,” he says.

Michael Redmond, the managing director of Redmove estate agency, says that York is set to benefit from the HS2 rail link and agrees that “Bishy Road” will be the focus of growth next year. A two-bedroom terraced house costs about £300,000.

Carmarthenshire

Historically overlooked in favour of neighbouring Pembrokeshire, Carmarthenshire has appealingly low prices. In Carmarthen town, things have been looking up since the £74 million St Catherine’s Walk shopping centre opened in 2010, and in 2018 electrification of the Great Western Main Line will cut journey times to London Paddington by half an hour.

“It is also within a few minutes’ drive of the glorious coastline, beaches and rolling open countryside,” says Carol Peett, the managing director of West Wales Property Finders. “With excellent schools, a hospital and the University of Wales Trinity St David, S4C television studios, as well as theatres, restaurants, cinemas and shops, Carmarthen town is a vibrant place to live.”

For those looking for a quieter life, Carmarthen has tranquil outlying villages such as Laugharne and Llansteffan. A modest three-bedroom house in Carmarthen or a nearby village costs between £110,000 and £115,000. For £500,000 you can buy a family house with generous outside space.

West Kilburn, north London

Look beyond the resolutely tatty Kilburn High Road, and Kilburn has plenty going for it — period houses, leafy streets and posher areas all around.

Jo Eccles, a buying agent and managing director of Sourcing Property, believes that homes in West Kilburn are particularly good value, at about 20 per cent below those in neighbouring Queen’s Park and Maida Vale. “Four years ago, when we started buying there for clients, that price gap was closer to 40,” she says. “We expect the price gap to completely close over the next three to five years.” Today a two-bedroom flat costs about £550,000.

Woking, Surrey

It’s far from the most posh of commuter towns in Surrey, but the £550 million being thrown at Woking in the form of new homes, town centre upgrades and road improvements will boost its profile. Commuters can be at London Waterloo in less than half an hour. Woking’s average prices — about £375,000 for a two-bedroom flat and £475,000 for a three-bedroom house — are fantastic value compared with the capital.

Sudbury, Suffolk

The impact that buyers leaving London can have on prices in the commuter belt is well known, but Alan Williams, the managing partner of Fenn Wright, is putting his faith in the “double ripple” — buyers moving on from well-known commuter towns, farther out into the sticks. “These movers will compromise on travel if that means they can reside in a town that retains its traditional feel and charm amid beautiful surroundings,” says Williams.

Commuting from Sudbury isn’t horrendous; trains to Liverpool Street take 71 minutes. “Buyers get more house for their money and a lifestyle that many wouldn’t exchange for one of the busy commuter towns,” says Williams. It won’t only be London workers eyeing Sudbury; Bury St Edmunds and Cambridge are within commuting distance.

East Leeds

Rather like east London, the suburbs of east Leeds are finally blossoming, with areas such as Cross Gates, Colton and Rothwell experiencing price growth of 4.2 per cent in 2016. “They are traditionally affordable locations, yet all have good retail offerings within their centres,” says Andrew Hunt, a partner at the Allsop estate agency. He believes that price growth will continue in 2017, thanks to good city centre transport links and development of the nearby Thorpe Park business centre, with its offices, shops and homes. “We would expect in the next year house prices to rise in each of these suburbs by a further 4 to 5 per cent,” says Hunt. The average house price is £182,000 in Rothwell, £186,000 in Cross Gates, and £229,000 in Colton.

Edinburgh city centre

A lack of supply is driving up prices in beautiful Edinburgh, and for this reason Nick Whitten, of JLL, believes that they are likely to grow by 5 per cent in 2017 and by 23 per cent by 2021. Prices start at about £160,000 for a one-bedroom flat. Although there are several significant regeneration schemes on the cards that will deliver necessary new homes in the city, Whitten says that most will not be ready until 2020. “However, the seven-and-a-half-acre New Waverley and 1.7 million square foot Edinburgh St James regeneration schemes are transforming a large area of the city centre,” he adds.

Cambridge

The city has enjoyed extraordinary price growth of 61 per cent in the past five years, but there is still plenty in Cambridge’s tank, according to Martin Walshe, the director of the estate agency Cheffins. He describes the market as “incredibly healthy”, and expects price growth of about 5 per cent next year. “If we have a strong Brexit deal, I forecast a return to the days of price growth at astronomical levels,” he says. “If Europe drives a harder bargain, Cambridge prices will grow, but probably in a more sustainable manner.” All eyes are on the north of the city thanks to Cambridge North station near the Science Park, which is scheduled to open in May.

Garston, Liverpool

Already close to the Jaguar Land Rover factory, Garston will benefit from jobs created by the expansion of Liverpool airport. It has a station, with services to the city centre taking about ten minutes. Stuart Law, the chairman of Assetz Property, expects price rises of 10 per cent over the next three to four years. “A two-bedroom flat costs about £90,000 and Assetz expects that to be £100,000 by the end of 2019,” he says. He expects that three-bedroom homes, which are averaging £150,000, will increase to £170,000 in the same period.

Other areas on the way up

Preston, Lancashire

Electrification of the train line to Manchester by December 2017 will make this junior partner in the Northern Powerhouse a more commuter-friendly option.

North and South Moreton, Oxfordshire

These are two desperately pretty villages three miles from Didcot Parkway station. Electrification of the Great Western train line will reach Didcot by the end of 2017, making the London commute faster.

Tottenham Hale, north London

With 10,000 new homes, 5,000 more on the cards and the possibility of a Crossrail 2 station, this is the London suburb du jour, says Camilla Dell, the managing partner at Black Brick.

Bracknell, Berkshire

This commuter town is getting a shot in the arm in the shape of a £240 million regeneration. The Lexicon shopping and leisure centre opens in September.

Canterbury, Kent

Planning consent has been granted for 4,000 homes in this growing cathedral city. Humberts forecasts that prices could increase by £35,000 a year in the short and medium term.

Old Oak Common, west London

Plans for 25,000 new homes, two new stations and a railway hub make this industrial wasteland the capital’s biggest regeneration project since Stratford. The knock-on benefits should be felt in the surrounding areas of Park Royal, North Acton and Willesden Junction, where pretty railway cottages cost between £500,000 and £600,000.

Southampton waterfront

Work on the £450 million Royal Pier Waterfront development, featuring homes, shops, restaurants, a casino and hotel, will start in 2017.

Donald Trump will be US president but there is no sign of panicked exodus to London

There was lots of talk around the US presidential election that if the controversial Republican candidate Donald Trump won, as he did, many horrified Americans would up sticks and leave as soon as possible, with London likely a popular destination.

And if you are so minded, there are plenty of good reasons why, aside from fleeing the Trumpian tyranny: the shared language, a similar culture, London is a vibrant world city with great schools, and the US dollar is unusually strong in relation to sterling due to Brexit. But has in the wake of the election result there been a sudden spike in interest from American buyers looking at London? There’s little evidence to suggest so.

“We haven’t noticed any measurable increase in activity from US buyers,” Brendan Roberts, director at the estate agent Aylesford International, told IBTimes UK. “I think it’s highly unlikely to happen. Trump is president elect and until his policies are clear and understood, I don’t suppose we will see any great reaction in terms of Americans relocating.”

A spokesman for the estate agent Knight Frank there had been “no obvious change at this stage” in interest from US buyers in reaction to the election result. Similarly, a spokeswoman for the buying agent Black Brick said there had been no spike in interest from US buyers after the vote.

But Camilla Dell, managing director of Black Brick, said after the election that the firm is “likely to see some wealthy US citizens, particularly those most offended by Trump, move to the UK as some of our American clients hinted to us prior to this outcome.”

“Whilst we have seen a list of LA pop stars who vowed to leave the US if Trump was elected, to date this has not materialised,” said Alex Newall, managing director, Hanover Private Office, an estate agent. “We have seen a small number of the business elite from around New York making enquires for homes in London – particularly Prime Central London in areas such as Belgravia, Knightsbridge and Mayfair.”

A Trump-driven exodus may happen eventually, but it all depends on how much the reality of his presidency lives up to his deeply divisive campaign rhetoric. “We may not see an immediate move, as President elect Trump’s transitional team start their work, but already the markets have reacted badly,” said Charles Curran, principal at Maskells, a London estate agent, in the hours after Trump’s victory.

“However, our view is that there may be a small knee-jerk reaction to his win, but if Americans are to move to the UK in significant numbers, it will be after he has taken office and established what the relationship will be like between the Republican House and Senate.”

“As Donald Trump doesn’t take office until January, any increase in American buyers will be dispersed over the coming months,” said Nick Davies, head of residential development at Stirling Ackroyd. “However, the chronic shortage of properties in London means that any additional competition to buy or rent homes could push up prices.”

“It is impossible to know how a Trump government might affect the global economy and, in turn, the prime London housing market,” said Jonathan Hewlett, head of Savills London, an estate agent.

There is a more subtle sign of what may come than immediate calls to estate agents. Zoopla, the property listings website, said its web traffic from America on 9 November — the day after the election — was 45.3% higher than the average for the previous 30 days and 25.5% higher than the average for the past six months.

“With the outcome of the US presidential election result now behind us, early indications show that Americans may be looking at setting their sights on the British property market as the election result brings uncertainty for some,” said Lawrence Hall, spokesman for Zoopla.

“Unsurprisingly, London tops the list of the most popular search terms with American home movers over the last six months and several locations in the hotly sought-after Prime Central London market – including Chelsea, Hampstead and Marylebone – are some of the capital’s most searched for residential areas by Americans.”

View the article online here

What does Trump’s US election victory mean for property?

Donald Trump was elected the President of the United States early this morning, in a surprising victory that saw the property developer and reality TV star beat Hillary Clinton to the White House. With a real estate veteran set to reside in America’s most famous house, what does Trump’s win mean for property in the USA and overseas?

Since the news that Clinton had conceded the race to the White House, the property industry has been weighing in with its reactions – and many believe that Trump’s victory could help make Britain’s real estate appeal great again.

“The US economy remains the force that sets the pace for the rest of the world. Even with the rise of China and the growth of other emerging markets, America is still the strongest economy in the world,” says Jean Liggett, Chief Executive Officer of agency, Properties of the World.

With uncertainty surrounding Trump’s policies and what his term in the Oval Office will be like, Liggett, like several property professionals, believes that Trump’s election could drive investors to consider alternative markets, such as London.

“The uncertainty in the US economy that will prevail till the new policies are formalised and laid down could spur increasing amounts of interest from the cross border real estate investors into markets such as Australia, Japan, Europe and India,” predicts Shishir Baijal, Chairman amd Managing Director, Knight Frank India.

“Trump’s victory may well prove beneficial for the UK property market, as investors seek to migrate their portfolios from the US to a more secure and predictable market – the UK,” adds Liggett.

London Central Portfolio also forecasts that “there will be a net positive impact on the market as investors retrench to blue-chip tangible assets”, with gold, the Yen and Swiss Franc forecast to benefit from safe haven demand.

Camilla Dell, Managing Partner at Black Brick, tells TheMoveChannel.com: “Following the victory of Donald Trump in the US election, we will almost certainly see market turmoil and weakening of the dollar. As a result, global investment into Prime Central London (PCL) property is likely to increase from investors who hold the view that Trump is risky for the markets. Indeed, we are already seeing a flight to safe haven assets such as gold this morning and PCL property has always been seen as a safe haven asset in turbulent times.”

Samuel Blake, residential partner at Montagu Evans, also tells The Standard that the UK capital could become a new target destination for “wealthy people who would have considered a move to New York City, in particular from the Middle East, Europe and China”.

The weakness of the pound against the dollar since the UK’s Brexit vote this summer has already prompted speculation that American investors will increasingly snap up the relatively affordable property in London and the UK. Trump’s victory “might level the playing field with the Brexit scenario”, Elisabeth Troni, head of EMEA research at property broker Cushman & Wakefield, told the WSJ.

Nonetheless, Brexit has also demonstrated that market fundamentals are not immediately transformed by wider political changes, as property activity in the UK has begun to show signs of stabilising after an initial slowdown, according to the RICS, and low levels of supply are predicted by JLL to continue underpinning house prices over the next five years.

It may be, therefore, that Trump’s victory does not dent the US property market’s attraction in the long-term. Since the election result, the dollar has weakened against other currencies, giving international buyers more spending power in America’s real estate. Indeed, the greenback’s recent strength was cited by the National Association of Realtors as a factor that caused international investment volumes to dip slightly year-on-year in March 2016.

In the US, 54 per cent of property professionals in a survey by portal Juwai.com said they thought a Trump presidency would increase Chinese investment in American property. Matthew Moore, the site’s President of the Americas, said that Chinese buyers would be “here to stay”, regardless of the election result.

Either way, with Trump not due to be sworn in until January 2017, it will take time for the full impact of Trump’s victory to be seen.

View the article online here

How Trump’s victory will affect the London property market

While there is a lot of economic doom and gloom over Donald Trump becoming the US President, property experts feel that the Republican’s win will be a boost for the London property market.

According to London Central Portfolio there will be a net positive impact on the market as “investors retrench to blue-chip tangible assets as uncertainty on the political and economic stage is heightened once again”.

It said: “Jitters in global equity markets driven by widespread speculation will be countered by flights to safety, with gold, the Yen and Swiss Franc set to benefit. Whilst the result will likely move the global spotlight away from Brexit, repercussions may be felt across Europe with the prospect of anti-establishment votes becoming keener. At the same time, the likelihood of the UK Parliament thwarting the people’s mandate to exit the EU has dwindled.

“Whilst all of this plays out, Prime Central London property, a traditional safe haven, is expected to benefit from a similar flight to quality, asset-backed investments.”

Camilla Dell, Managing Partner at independent property buying agency, Black Brick, said investment in the London property market is set to increase.

She said: “Following the victory of Donald Trump in the US election, we will almost certainly see market turmoil and weakening of the dollar. As a result, global investment into Prime Central London (PCL) property is likely to increase from investors who hold the view that Trump is risky for the markets. Indeed, we are already seeing a flight to safe haven assets such as gold this morning and PCL property has always been seen as a safe haven asset in turbulent times.

“We are also likely to see some wealthy US citizens, particularly those most offended by Trump, move to the UK as some of our American clients hinted to us prior to this outcome. Foreign buyers, particularly those from the Middle East and of Muslim faith, may enter the London property market, too, as they decide not to buy property in the US due to his remarks about banning Muslims from entering the country.”

View the article online here

Property magnate becomes the American President: The prime resi industry reacts

o Donald Trump is the new Most Powerful (Elected) Person In The World, and gets the keys to 1600 Pennsylvania Avenue. He celebrated, oddly, by playing the Rolling Stones’ You Can’t Always Get What You Want and giving a surprisingly civilised speech. The FTSE immediately started to fall, Canada’s immigration website crashed, and the Russian Parliament “erupted into applause”, according to the BBC.

It’s the latest chapter in a let’s say strange year, and means that economic and political uncertainty is likely to be the new normal on both sides of the Atlantic.

Given the reliance of the UK’s luxury property industry on dollar buyers – Hamptons recently found that 6% of buyers in Prime Central London were from the US in Q3 this year, and Fine & Country reports a 23% increase in the number of US website visitors between Brexit and today in comparison to the same period last year – and the global high net worth community, there will inevitably be effects on the prime residential sector. It may mean an end to the “Brexit discount”, which has made British property up to 20% cheaper for buyers with dollars, or it may cause a short-term flood of American’s fleeing to Blighty…

Obviously no-one really knows what may come to pass over the next year or four, but here’s what some key players in the UK’s prime resi industry are thinking…

Global investment into PCL property is likely to increase from investors who hold the view that Trump is risky for the markets

Camilla Dell, Managing Partner at Black Brick

“Following the victory of Donald Trump in the US election, we will almost certainly see market turmoil and weakening of the dollar. As a result, global investment into Prime Central London property is likely to increase from investors who hold the view that Trump is risky for the markets. Indeed, we are already seeing a flight to safe haven assets such as gold this morning and PCL property has always been seen as a safe haven asset in turbulent times.

On balance it should be positive for the UK property industry

James Wyatt, Director at Parthenia

“The forgotten masses have spoken again and triumphed over the wishes of the establishment and Donald Trump has been propelled to the White House. Republicans now control the presidency and both houses, but Donald Trump won without the support of the Republican party.

“Donald Trump is known as an anglophile and unlike President Obama has promised to bring the UK to front of the queue for trade deals. He has also proposed spending on infrastructure, lower simplified taxes and to remove loopholes for the rich and companies. However, his rhetoric on immigration and foreign policy needs careful attention and it will be interesting to see if his position becomes more meted. What does all of this mean for the UK and PCL property? On balance it should be positive, as there may be an influx of dollar denominated buyers and an anglophile president may help the UK economy steer through the choppy waters of Brexit. Nunc dicam.”

We should see more Americans buying in PCL in the coming months

Alex Newall, Managing Director at Hanover Private Office

“Whilst the stock markets are quick to react, the property markets will be a little slower and buyers will place on hold their searches until the dust settles. This pause may bring a few short-term forced sells as loans expires due to failed sales. However, generally in the US prices should hold in the near term.

“Looking abroad, if Trump is to re-write global trade deals to increase US jobs and tax imports, we could see falls in the currencies of weaker economies. Currently with an historically cheap pound, now just might be the time to jump into UK property as borders tighten around the USA. Whilst we have already seen notional signs of USA buyers in the Prime Central London property market in recent weeks, we could see more emerging over the coming fairly soon. From disgruntled LA pop stars to the New York business elite hedging their bets, the west and east coasts who voted for Clinton maybe looking towards London as a good alternative. And why not? There are already many American Community Schools (ACS) here both in London and outside with the likes of ACS Egham near Wentworth and ACS Cobham near St George’s Hill – two American style gated communities.

“US Investment banks in London are numerous in the City and it’s generally a multi-cultural society which welcomes Americans. As ever, it’s just too early to tell what market movements will happen, but we should see more Americans buying in PCL in the coming months. Currently Belgravia is top of the list for one of our USA buyers.”

Central London’s property market is going to look increasingly attractive to those who fear the Trump effect

Louisa Brodie, Head of Search and Acquisitions at Banda Property

“Following this morning’s shock result in the US, London is waiting to assess what Donald Trump’s victory really means. With global stock markets currently in turmoil and the weakening of the US dollar, central London’s property market is going to look increasingly attractive to those who fear the Trump effect.

“We are likely to see US citizens, perhaps most of all those wealthy elite who were most offended by his campaign tactics, move to the UK now that the reality of the voters’ decision is sinking in. After a viciously fought campaign that has not endeared him to many around the world, particularly the Middle Eastern markets, London may now appear a far more attractive option to these buyers who had previously considered buying in the US.

“Banda has already seen an increase in US dollar buyers in central London since the Brexit vote in June and now we are going to see more Americans considering a move to London in the aftermath of today’s result.

“The recent fall in the value of sterling means there are even more attractive options available in the London market for buyers from across the Atlantic. With finance now cheaper than ever, perhaps we should be encouraging our American friends to head to London. West London in particular has been popular for Americans relocating with their families and our culture, legal and transport systems, language and educational facilities have always held an appeal.”

Financial markets might crash and the dollar weaken, effectively strengthening sterling

Gary Hersham, Managing Director and Partner of Beauchamp Estates

“I think it is likely that following the Trump win, the financial markets might crash and the dollar weaken, effectively strengthening sterling.

“It would therefore certainly help with pound based purchases in the US and Miami in particular, where unit prices in dollars per square foot are often below $1000, especially in off plan schemes with superb facilities such as The Missoni building in Edgewater, Miami.”

London will be high on the list for wealthy Americans keen to escape a Trump presidency

Nicholas Finn, Executive Director of Garrington Property Finders

“Prime London property has always appealed to the global elite as a safe haven investment and a political port in a storm. With America experiencing its own Brexit moment, and the weak Pound making UK prices highly attractive to dollar buyers, London will be high on the list for wealthy Americans keen to escape a Trump presidency.

“Chelsea, Kensington, St John’s Wood and Richmond already have sizeable US contingents and are likely to attract many of the newcomers. However it’s worth remembering that many US expats moving to London choose to rent rather than buy, so an American influx is likely to trigger rent rises as much as price rises.”

There will be a net positive impact on the market as investors retrench to blue-chip tangible assets

Naomi Heaton, CEO of London Central Portfolio

“There will be a net positive impact on the market as investors retrench to blue-chip tangible assets as uncertainty on the political and economic stage is heightened once again.

“Jitters in global equity markets driven by widespread speculation will be countered by flights to safety, with gold, the Yen and Swiss Franc set to benefit. Whilst the result will likely move the global spotlight away from Brexit, repercussions may be felt across Europe with the prospect of anti-establishment votes becoming keener. At the same time, the likelihood of the UK Parliament thwarting the people’s mandate to exit the EU has dwindled.

“Whilst all of this plays out, Prime Central London property, a traditional safe haven, is expected to benefit from a similar flight to quality, asset-backed investments.”

Our initial reaction to the US Election result for the UK property market is favourable

Charles Curran, Principal at Maskells

“Our initial reaction to the US Election result for the UK property market is favourable. Sterling has strengthened against the USD by 0.32% this morning which, notwithstanding a potential hike in the US in December, may start reducing some of the post BREXIT inflationary pressure in the UK. This is good for mortgage payers as it reduces the likelihood of the BOE’s hand being forced to increase rates to counter a strong dollar; the currency in which many of imported products are priced.

“Furthermore, this morning we saw that the Canadian immigration website crashed as US citizens sought to acquire Canadian citizenship. This bodes well for the UK, as it is one of the only other fully English speaking countries within financial market time zones and it is really those with country transposable skills (who can work anywhere) who may decide to make the move. London would make more sense than perhaps Australia or New Zealand, the other alternative being Hong Kong where property prices can be much higher than London.

“BREXIT may well have been a block to any moves by US Citizens, but in all likelihood, Parliament will be voting on Article 50 and will temper the hard Brexit line taken by the Government, which increases our chances of staying in the single market (most likely as part of the EEA), which we hope will allow for the continuation of pass porting financial service into the EU and access to the Single Market.

“Whilst we seen Americans buying all over London, there is a preference for St John’s Wood, Kensington and Chelsea due to the American Schools. However we have also seen more Americans put their children into British schools, so our advice would be to buy in an area with low debt levels, to protect their capital from any market volatility as a result of BREXIT.

“We may not see an immediate move, as President Elect Trump’s transitional team start their work, but already the markets have reacted badly. However, our view is that there may be a small knee-jerk reaction to his win, but if Americans are to move to the UK in significant numbers, it will be after he has taken office and established what the relationship will be like between the Republican House and Senate.”

The trend of Americans looking to swap the US for the UK has been building

Martin Bikhit, Director at Kay & Co

“With no language barrier, London and the wider UK is hotly tipped to be a location of choice for those leaving Trump’s domain. There would be no real culture shock and, despite the UK’s vote to leave the European Union, those Democrats leaving the US may find living under the remit of new left-wing Mayor of London, Sadiq Khan, more politically palatable. The world also perceives Teresa May, the longest serving Home Secretary for 50 years, and the new Prime Minister, as a safer pair of hands than the celebrity-cum-political Donald Trump.

“The trend of Americans looking to swap the US for the UK has been building as the combined factors of the US election and the weak sterling make such a global and unique city as London very attractive.”

Donald Trump’s win makes the potential effects of Brexit look like a garden party

Tim Macpherson, Head of Residential for Carter Jonas London

“As the world takes stock of Donald Trump’s election to President, we expect to see a movement of affluent Americans from major cities across the US into Prime Central London. The pound remains attractive to dollar based buyers in the wake of Brexit, who still see relative market stability in London, and as a result, view it as a place to invest their money in property. Keen to shelter from any ensuing political and economic upset, a number of buyers registered with us in advance during the presidential campaign, with a view to progressing their purchase following a Trump victory. Now that has happened, it is likely that a number of them will follow-up on their initial interest.

“We anticipate a potential power shift between New York and London, with a new wave of professionals,originating from Hong Kong, Singapore, Malaysia and even Tokyo, as well as investors from the Middle East, now looking to do business in alternative locations to the US.

“Although Donald Trump’s win signifies an unprecedented change in the political landscape that makes the potential effects of Brexit look like a garden party, London’s prime market is set to benefit – such is the attraction of our capital city and its place in the global economy. However, rather than relying on American based buyers for an improvement in the London market, perhaps our more immediate aspiration should focus around an SDLT reduction in the Autumn Statement.”

The surprise of last night’s result will be likely to be replaced by a more considered view of the implications of the new presidency

Liam Bailey, Global Head of Research at Knight Frank

“There may be a period of instability in currency markets, which will influence some short-term decision making around asset allocation.

“However, rather like the Brexit vote in the UK the surprise of last night’s result will be likely to be replaced by a more considered view of the implications of the new presidency.

“It is important to remember that almost alone of all developed economies the US has largely shaken off the impact of the global financial crisis and has led the way to improved economic growth.

“The business environment in the US and innovation in business services and technology providers based in the US have helped to drive property market demand globally – it is an incredibly strong platform to build from.”

The domestic property market particularly outside of Prime London won’t be affected

Ian Westerling, Managing Director of Humberts

“The Trump win will cause short term stock exchange fluctuations affecting buying decisions at the top end however we predict that it’ll be business as usual in the UK over the coming weeks. The domestic property market particularly outside of prime London won’t be affected – we’ve already seen our sales increase by around 5% on the same time last year and we expect that continue as we head to the end of 2016.”

Our fear is that the value of the dollar will fall… hence London will lose its attraction to overseas buyers

Matthew Kaye, Partner at Kaye & Carey

“Our fear is of course that the value of the dollar will fall to such an extent that it wipes out the advantage any dollar based economy has been enjoying against the pound – hence London will lose its attraction to overseas buyers as place to invest.

“One possible upside might be that high net worth American citizens decide to flee the US and settle here instead.”

This result could sway buyers to favour a London purchase instead

Simon Tollit, Central London sales director at United Kingdom Sotheby’s International Realty

“We have definitely seen an increase in US purchasers looking to buy in and around Prime Central London over the last six months. Whilst the impending election was causing concern for some, it is more likely this was being driven by the weak pound rather than the election results. It is possible this interest from US purchasers may wane as we have already seen the pound make strong gains against the dollar following the vote, with these currency shifts in mind we expect other foreign buyers to look to the London property market as a consistently safe investment. Investors do not like to buy in uncertain markets and a win for Trump means a change of party, meaning changes in policy are far more likely with a Clinton defeat. New York and London are historically rival property markets, meaning this result could sway buyers to favour a London purchase instead.”

Trump’s victory may well prove beneficial for the UK property market

Jean Liggett, CEO of UK-based Properties of the World

“Donald Trump’s US presidential election victory raises concerns over the impact of this outcome for global economies, including that of the UK. Today’s Trump victory is likely to cause market trepidation around the world. Many companies and investors may look to move their investments and companies, at least in part, out of the US to safer havens.

“Trump’s election could generate a significant movement in the US dollar and potentially jeopardise US diplomatic relations across the world.

“However, Trump’s victory may well prove beneficial for the UK property market, as investors seek to migrate their portfolios from the US to a more secure and predictable market – the UK. This may even mean that the sterling could rise in value. Under Trump’s stewardship, ‘predictable’ may need to be removed from the US English dictionary for the next four years. Only time will tell how the US property market – and others around the world – respond to his election victory.”

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The forecast for the prime London market? That depends on which part…

Forecast season may be upon us, but headline figures are of little use in the micro-markets of prime London, says Camilla Dell…

As we approach the year end, the UK’s leading agents and property analysts have the tough job of predicting the outlook of the property market. This year, their job is tougher than ever as the UK market faces extreme uncertainty as a consequence of the Brexit vote. Not only will the terms of the UK’s relationship with the EU have a profound effect on the country’s overall economic performance over the next few years, but the treatment of the financial sector will bear particularly on the London property market.

The collective response to this uncertainty is expected to be inaction, with both JLL and Savills predicting no growth for Prime Central London (PCL) in 2017. This is followed by a growth of 15.2% and 20.8% respectively over five years to 2021. Although we largely agree, we caution the usefulness of a single number for such a heterogeneous market as prime London. As we have seen in the past, just as some geographic areas have performed better than others; some parts of the market are likely to outperform the average.

For example, we expect the lower end, below £1 million, to remain active and resilient, supported by government programmes, such as Right to Buy. Furthermore, the current stamp duty regime continues to make properties at this end of the market relatively attractive to investors. This implies that outer prime locations are likely to do better than a more traditional – and more expensive – PCL.

There will also be outliers at the higher end of the market; we’re seeing stock dry up as vendors refuse to countenance the discounts needed to close deals. This can have effects in both directions; those sellers which come to the market are likely to be highly motivated to sell, and open to offers, while limited supply can see buyers pay up for high quality properties.

For the opposite reason, we remain very cautious on the new-build segment, which we think is still the most vulnerable part of the market. Some parts of London are flooded with supply and we’re likely to see properties offered with substantial discounts.

Of course, there is a near-term wildcard, in the Chancellor of the Exchequer’s Autumn Statement, due on 23 November. Budgets under George Osborne delivered raid after raid on the property market and we don’t know what – if anything – Philip Hammond has up his sleeve.