Minutes from Parliament at Westminster, 9 Millbank used to be the headquarters of Imperial Chemical Industries, formerly the largest manufacturer in Britain, which once made products such as the acrylic plastic Perspex.
Buyers are sitting on their hands waiting. Waiting to catch that mythical sweet spot between interest rates falling and property prices rising.
In the early summer the sun was shining, the air was scented with lilac and Kam Babaee was full of optimism when he put his former family home on to the market for £7.95 million.
Owning buy-to-let property can offer a range of benefits, including a passive income and the potential for capital growth. And for those with property in London’s prized ‘golden postcodes’, there’s also the added allure of status.
Who would you trust with the biggest investment you’ll ever make; the Labour party or the Conservatives? A year on from Liz Truss’s mini-budget, with mortgage interest rates of 6.5 per cent biting into incomes, it feels as though the connection between politics and the housing market has never been stronger.
Demand may have fallen off a cliff during the pandemic, but 2023 has seen apartments mount a resurgence in PCL, accounting for a growing share of sales as lockdown memories fade: 44% of £5mn+ transactions across the capital in the year to last month, up from 40% last year and just 28% in 2021.
London may be no different from other world cities in this regard, but recent media reports have painted a particularly grim picture of the capital: widespread looting, armed burglaries and attacks on high-profile personalities in broad daylight have all featured on the front pages over the summer – and security concerns have even been cited as a factor in some A-listers’ decisions to move out to the country.
After falling out of favour during the pandemic, it seems demand for apartment living is well and truly back. A top buying agency in PCL has revealed that 90% of deals it’s been involved with so far this year have involved flats, up from 43% last year.
On the face of it, the Royal Borough of Kensington and Chelsea, with its palace, its Michelin star restaurants, and its fabulously expensive real estate, has little in common with the down-to-earth Lancashire town of Clitheroe, where the main attractions include a tiny Norman castle and some outstanding traditional pubs.
Transactions are likely to remain low in Prime London during the months ahead, as buyer and seller expectations remain out of alignment.
The wisteria-covered portico pillars of Belgravia are in full bloom, and the world’s wealthiest are on the hunt for a safe haven for their families — and their cash.
For most of us, buying a property is the most significant investment we’ll ever make. But how can we know whether we’re getting a fair price, or judge whether a negotiation will be fruitful? Asking the right questions is key.
