So… that election. A surprise result for many and, depending on what side of the fence one sits, either a huge relief or a huge disappointment. What can’t be denied, though, is how things changed immediately afterwards. Almost at once, any procrastinating or concerns seemed to go out the window and wherever there was a shortfall in activity because of an anxiety over the result of the election, it was simply washed away.
It is quite extraordinary just how much disruption uncertainty can cause, particularly around money. It is also, we imagine, quite a lesson for any political party to make its intentions perfectly clear from the outset when announcing a financial policy. Without giving people enough detail to be able to make an informed decision, they will simply assume the worst and run away. Not rocket science, we’d have thought.
Anyway, properties over £1,000,000 have now been freed from their momentary purgatory and are selling once again. What this does not mean, dear reader, is that they’ll sell for whatever you ask, but if priced correctly they do have an audience that is ready, willing and able to commit.
The lettings market remains the same as ever, and we could almost copy and paste this these words every month: not enough stock, but an abundance of quality tenants. The consistent lack of availability in the sales market is fuelling the demand for rental property, although many of the tenants we meet are well and truly up for buying a home. Trouble is, they can’t find something they want. The people we talk to don’t want to live in a boring apartment in an anonymous tower on an empty and windy ‘piazza’, so despite the amount of new developments going up, they simply don’t cater to our audience.
Right now, it’s the East End that’s getting all the attention and the demand for unique property in this part of the capital is disproportionately high compared to elsewhere the city. In part this comes down to the building stock of repurposed industrial and commercial spaces, but it’s also because there is simply nowhere else in London that buzzes, evolves and delights in anywhere near the same way. North and West London are simply too established as historically residential locations to undergo a similar transformation, so if the passion for all things East does expand we’d say South East London is the one to watch. Just looking at what’s going on in Peckham, of all places, is surely an indication of the future aspirations of London’s affluent creative set.
And finally, let’s go abroad. A couple of the properties we sold in May were for people who also own a unique property in other countries. Thankfully, they were so impressed with our service that they asked us to sell their foreign property as well. Perhaps Unique International is on the horizon…