In the piece, she reflects on buying trends we have noticed over the past few months at Black Brick, discussing the rise in overseas buyers and impacts of Brexit and the pandemic.
Read the full article here.
As the much-anticipated Autumn Statement from Chancellor Rachel Reeves looms, Black Brick Founder & Managing Partner, Camilla Dell is reflecting on what she believes the budget should address, and how.
Writing in PrimeResi this week, Camilla shares how ‘indiscriminate’ tax hikes are simply too short-sighted of an approach to overcome the country’s economic struggles. What the government should be doing is encouraging people to buy, sell, invest and remain in the UK – not put them off it.
Read the article here.
Announcing the news in PrimeResi, our Founder & Managing Partner, Camilla Dell shared what recent successes our team has had to lead to this huge feat.
Read the article here.
“Buyers are clearly bored of being out in the sticks, and are looking for the excitement of city centre living once again, particularly if they need to show their faces at the office,”, our Founder shared with PrimeResi, in their latest article highlighting the very best luxury penthouse sales of the year so far.
Read the full article here.
In a new piece that delves into the issue, PrimeResi spoke with Black Brick buying agency Founder, Camilla Dell to hear her thoughts, alongside a host of fellow other buying agents and experts.
“There’s been a lot of talk amongst certain HNW’s about London’s increase in crime and how terrible things are and they are leaving. Donald Trump’s feuding with London Mayor Sadiq Khan also contributed to this rhetoric. As a Londoner, having lived and worked in London my whole life, my own personal experience is that I haven’t noticed an increase in crime. I continue to wear my wedding ring, eternity ring and new apple iWatch and I have never once felt threatened or at risk walking the streets of London.
As a buying agent, I walk the streets a lot. I’m not trying to take away from other people’s negative experiences, but I do think a few high profile people have jumped up and down about crime in London but they aren’t leaving London for the crime. They are leaving because they prefer to live in countries such as Dubai with lower tax rates, or for other business reasons. London’s crime index is 53.8 with a safety index of 46.2 meaning we have a relatively moderate crime level compared to other major cities around the world.
For clients where security is important, we work with a few trusted security firms, many are ex-police officers who advise our clients on how to make their homes more secure. Security isn’t just about preventing burglaries and intruders but also cyber criminals – something which is often overlooked.”
Read more in the full article here.
Sharing the news in PrimeResi this week, we reflected on this new trend in the property market, citing “buyers are clearly bored of being out in the sticks, and are looking for the excitement of city centre living once again, particularly if they need to show their faces at the office”.
Read more here.
“I have found that there tends to be a long delay, in a market which is slowing, for that message to sink in for sellers that they need to be realistic about prices,” our managing partner Camilla Dell, commented. “We are just starting to see prices coming down a bit – even where we have been previously told that a seller is in no hurry – and some sellers are becoming more amenable to negotiation.”
Read the full article here.
Transactions are likely to remain low in Prime London during the months ahead, as buyer and seller expectations remain out of alignment.
This is the prognosis from PCL buying agency Black Brick, which has reported a “very sticky” start to the summer, with buyers “far more price sensitive” than they were at the peak of the pandemic.
The firm suggests it will take time for vendors to accept this fact, and start pricing homes at the lower end of the PCL scale at a level to tempt interest. Until then, unfortunately, much of the market looks set for deadlock…
“I have found that there tends to be a long delay, in a market which is slowing, for that message to sink in for sellers that they need to be realistic about prices,” said managing partner Camilla Dell. “We are just starting to see prices coming down a bit – even where we have been previously told that a seller is in no hurry – and some sellers are becoming more amenable to negotiation.”
While there’s no sign of the double-digit price falls that were being predicted at the start of the year, the team is seeing a “very selective market” which has more in common with pre-pandemic times than with the rollercoaster journey since 2020.
“Buyers are still out there”, said the firm in the update to clients, “particularly cash buyers operating at the top end of the market, but despite healthy budgets they are not willing to pay over the odds for properties. They are also taking the time to be very choosy when it comes to location and specification. As a result, while prices are holding firm, the number of deals being made is the indicator which has taken a hit.”
“Those 2023 forecasts were always ridiculous,” added Caspar Harvard-Walls, a partner at the firm. “The problem was that they did affect buyer confidence and sentiment”.
He suggests the market is now undergoing “normalisation”, with interest rates no longer at a record low, and the race for space far less of a driving force: “We were just spoiled during the Covid-19 market…It was a false reality, a completely unusual set of circumstances. Now buyers are saying hold on, that property is the wrong price, and that is how it should be.”
The latest LonRes data showed PCL sales activity in April was 34.7% lower than in 2022, with the year-to-date total down more than 24%. The number of properties under offer was down 11% year-on-year.
The high-end sector of the market has outperformed, however – agreed sales above £5mn were up 26% on last year and are more than 50% above the average levels seen between 2017 and 2019.
Dell says the reason for the “two-tier” market is simple: “The people who are buying at the moment are wealthier clients who are less reliant on mortgage finance. They include overseas buyers who are still buying in London because of the weak pound, and they tend to have bigger budgets.”
The estate agency Strutt & Parker decided to retain its 2023 sales market forecasts last week, citing “renewed confidence” and “signs of recovery and stability” in around South East, East of England and Prime Central London as cause for a relatively bullish outlook.
At the national level, Strutts expects the average UK house price to drop by up to 5% through this year (something between a -5% and a 0% annual change), while Prime Central London could see prices either rise or fall by 3% (a -3% to +3% forecast range for the current year).
Prices in Prime London and around the UK are still on track to rise by between 10% and 15% over the next five years, according to the firm’s analysts.
“A Labour win isn’t going to have a positive impact on the super prime London property market. Labour want to increase tax on overseas buyers which is already at 15%, an extortionate amount.”, Camilla shared. “Most overseas buyers aren’t even competing with first time buyers as they are buying well above £1 million. What the London property market needs is more affordable stock, not higher taxes. Higher stamp duty will cause the market to stall meaning fewer transactions, but not necessarily huge price falls.”
“The last time stamp duty went up the London market fell pretty much in line with the increase. How much the market falls this time all depends on what the extra increase looks like.”, she continued. “A 60% tax, such as what the Singapore government have brought in for overseas buyers, would be disastrous and would erode confidence in the market in London. Right now, most overseas buyers are unaware of the changes a Labour government would implement if elected but I imagine that will start to change as we get closer the GE”
Read the full article here.
“I’ve never felt that being a woman meant I couldn’t do or achieve anything I wanted to. Maybe I was/am naïve but I simply refused to believe I was at a disadvantage because of my sex. I think mindset is key and believing in yourself no matter what.
I absolutely recognise that women are severely underrepresented in the property industry, but that is starting to change. And it’s not just property – the world of finance, private equity, hedge funds even charities are too white and too male.”, Camilla shared.
Read the full article here.
Managing Partner Camilla Dell and Property Consultant Tom Kain recently offered their insights to PrimeResi, sharing where buyers should be looking in London this year and taking into account key economic and cultural considerations.
Whether you’re looking for a classically elegant townhouse or an ultra-luxurious penthouse apartment, we can help you find the most exquisite properties in the most exceptional London locations.
Read the article here.
Looking for our 2024 guide? Our updated insights on London’s prime property market can be found here.
