Burnham Bounce Or Bust?
Britain’s seventh Prime Minister in a decade is settling into 10, Downing Street.
It is far too early to say how Andy Burnham’s policies will impact the capital’s property market.
But that has not stopped intense speculation about his plans. A long-ago stated support for scrapping both Council Tax and Stamp Duty and replacing both with an annual tax based property value, became a racing certainty. It was not until last week that Burnham squashed this idea, saying Stamp Duty reform would not be part of this year’s budget.
“Rumours like this are bad for property markets – as we saw last year when the wild conjecture about the imminent imposition of an extortionate Mansion Tax which went for months before the budget. None of our clients wanted to exchange contracts. It’s therefore encouraging that the new Prime Minister has come out publicly and confirmed there will be no changes to stamp duty. It’s killed the uncertainty.” said Camilla Dell, managing partner of Black Brick.
Black Brick has long been an advocate of Stamp Duty reform, arguing that the tax simultaneously deters owners from selling and adds a hefty financial disincentive to buyers.
But we also know that revaluing homes would be a gargantuan task, and while there are certainly unfair examples of regional owners paying more Council Tax for modest homes than some Londoners do for valuable properties, any fundamental, across the board change could bring about unintended consequences.
London’s market would certainly be hit by value-based charge. But other, lower-value markets might heat up too quickly, pricing even more buyers off the housing ladder.
“The Government needs to do some serious modelling, to make sure that it doesn’t end up doing something which actually provides less revenue,” said Tom Kain, a partner at Black Brick.
Super Prime Weathers The Storm
While London’s prime market is struggling to keep its footing amidst a series of economic and political blows, one rarefied sector of the market is showing resilience.
The super prime market continues to outperform, according to a trio of new reports.
First housing analyst, LonRes, reported that transaction numbers in the £5m-plus price band have increased by 7.1 per cent year on year – and are 11 per cent higher than the pre-pandemic average.
Meanwhile, the number of homes under offer is up by 11 per cent, in the same period.
Then, JLL chimed in with news that sale of homes priced at £10 million or more climbed 50 per cent during April, May, and June, compared to Q2 2025. This was the highest number of quarterly sales for three years.
Estate agent Savills added yet more positive data to the super prime mix. It found that transactions in the £15m to £20m bracket rose by almost 40 per cent, also in the second quarter of this year compared to last.
Kain points out that this is an extremely rarefied market with historically small transaction numbers, so the impressive percentage gains might reflect a modest number of extra sales.
But despite this, the direction of travel is positive.
“I think that one explanation here is that there has been so much global wealth generation in the past few years, particularly in America,” said Dell. “As people get wealthy, they invest in property. At first, they buy a bigger home, but then they look at buying additional property assets around the world and London is right up there on the list of places to buy.”
The Enduring Bucket List Charm Of London Real Estate
Meanwhile, a study by property developer London Square of people living in New York, Singapore, Dubai, Hong Kong and Paris, said they would live in London if the opportunity arose.
Almost half believe London has the best career opportunities in the world, and
70% associate London with stability, global tech sector leadership, and diversity. Respondents also admire London’s culture and history, and its schools and universities.
Interestingly, London is also seen as a very safe city in which to live, suggesting that many people have taken Donald Trump’s recent claims that crime is rampant with a very large pinch of salt.
Dell thinks that what really sets London apart from other global cities is its lifestyle, from world-class cultural and sporting events to a buzzy restaurant scene, and the sheer variety of its different neighbourhoods.
Kain notes that a lot of people are introduced to London when their children attend school or university in the city, and are impressed enough to invest in a second home in the city for regular visits.
Another major appeal of life in London, is its long history of tolerance and diversity. “You can wander around, and it doesn’t matter your nationality, your religion, whether you are gay or straight,” said Kain. “You don’t feel threatened.”
Paved With Gold?
London is a city of micro markets and right now, there is nowhere hotter than a tree lined street in a north London suburb.
In the past year, almost £100m worth of real estate has been sold on Hamilton Terrace, St John’s Wood, according to new research by estate agent Aston Chase – more than in any of the previous three years.
Between June 2025 and June 2026, eight homes exchanged hands with an average price of more than £11.5m. Most had five to six bedrooms and large gardens and were bought by a mix of family buyers from India, Europe and the UK.
These types of good quality family homes tend to perform strongly, irrespective of wider market trends and St John’s Wood is a particularly aspirational area with its good stock of period, detached houses, peaceful streets and proximity to the West End.
But there is another reason for Hamilton Terrace’s stellar performance over the past year.
At the peak of the market, said Dell, a house on the terrace sold for a record £3,188 per sq. ft in 2014. This year, homes have traded at closer to £2,000 per sq. ft.
“I think this is why there has been a flurry of sales,” she said. “Clients are sensing the opportunity they currently have in London and on Hamilton Terrace where it is now 40 per cent cheaper to buy than it was 12 years ago.”
Special Focus: Property Management
London is a hugely popular place to own a second (or third, fourth, or fifth) home, but the problem with owning a home which is empty for much of the year is how to take care of it.
This is why Black Brick has a property management division, to take care of problems as – or even before – they arise.
The vast majority of the clients who engage Jason Wei, managing director of property management at Black Brick, are primarily based overseas. “Although, we do have a few who are full time professionals and are just really, really busy,” said Jason.
Having somebody taking care of your London home is vital from an insurance perspective. “A lot of people don’t know this, but home insurance policies have a requirement that a property is visited at regular intervals, usually a minimum of once a month,” said Jason. “If you make a claim, this is the first thing they will ask and if you can’t show the home is being taken care of, they will not pay out.”
The other big concern is security. If a home is vacant for most of the year, it becomes vulnerable to squatters and burglars. Regular visits from a property manager – usually once or twice per month, depending on owner requirements – can help ensure that the place looks cared for. Things like piles of post and junk mail on the doormat and overgrown gardens are a green light to criminals, but a property manager will keep it looking lived-in.
Jason and his team look after their clients’ safety in other ways too. They will supervise housekeeping staff and during visits, inspect the property to make sure there are no leaking pipes or other maintenance issues in need of action. They also have a “preventative maintenance” schedule, regularly servicing power supplies, checking that the AV system is running properly and the heating and air conditioning are working.
“We recently had the gas fireplace tested in one of our properties,” said Jason. “It turned out that the copper pipes were old and had rusted and it was leaking gas, which was incredibly dangerous. We were able to have it fixed before it became a problem.
In homes which are only occasionally used, another health issue is Legionnaires’ disease which can develop in water systems. To make sure our clients are safe we take water samples for testing.
When a client is on their way, we also make sure their home is ready for them. This could mean filling the fridge with their favourite foods and bringing in florists. The temperature will be set to each client’s individual requirements and the team have arranged for homes to be set up for birthday parties and even hired DJs. During their stay, housekeeping and dry cleaning can be arranged.
“In the past six months, we have seen an increase in demand,” said Jason. “There are many reasons for this, but one is that people are leaving the UK because of the non dom situation, but are keeping their homes because they do plan to be back and forth.”
For clients who require more support than just property management Black Brick has recently launched a concierge service too. This takes our care and attention to a whole new level. If you need childcare once in London, or somebody to walk the dog, this can be arranged. Private jet? No problem. And if you want a table at an exclusive restaurant or a sold-out event anywhere in the world, from the US Open to New York Fashion Week, we can get you there.
Black Brick News
We are delighted to have been included in the annual Chambers High Net Worth ranking of London’s best buying agents – with the company recognised for the fourth year in a row. The “competitive and charming” Camilla Dell was also given top honour in Chambers’ individual rankings, for the seventh time in a row.
The Chambers High Net Worth Guide is an annual directory published by Chambers and Partners that identifies the world’s leading professional advisers serving wealthy individuals, families and family offices. Their independent, rigorous and trusted research, involves over 366,000 interviews and surveys with in-house counsel each year, establishing them as one of the most reliable rankings providers in our sector.
We are honoured to be included in this prestigious guide, which we believe reflects our team’s dedication to delivering high-quality, expert services to all of our valued clients.
Acquisition Of The Month: Gilstead Road, Fulham, SW6 – £1,686,500
Family homes tend to hold their own no matter the challenges the wider market is facing – parents who need more space or to be close to a particular school, have a strong incentive to get on with moving.
Our clients wanted to live in this corner of south west London to be within the catchment area of their favoured school. They wanted a home which was in great condition, and which they could move into before the start of the school year in September.
With time of the essence, Black Brick was able to find a beautifully refurbished 1,700-plus sq. ft period house on a popular street, and got our clients in to see it the moment it came up for sale.
Another buyer was also interested in the property but, in part thanks to our good relationship with the selling agent, our bid was chosen. Our clients paid just a fraction under £1,000 per sq. ft for their forever home.
Rental Of the Month: Regent’s Park, NW1 – £11,500 Per Week
Our clients are a family of five who are relocating from New York to London for work and needed help to find a family home in an established neighbourhood.
There is nowhere in London quite like Regent’s Park, with its elegant streets of white stucco houses, ample open space, and fabulous location within walking distance of the West End. It is also close to the school the family had chosen for their children.
Rental houses in good condition can be hard to find, particularly from afar, but with our help, they have secured a magnificent Grade I listed townhouse which had, until recently, been a family home and was being listed off market.
We made a well-structured offer for the property and were able to agree a two-year tenancy 12 per cent less than the guide price. We were also able to persuade the landlord to use a professional managing agent, ensuring our clients will be well looked after during their time in London.