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Agents report rush of business in Scotland after referendum vote
Scotland has seen renewed activity in the residential real estate market in the weeks after the historic referendum vote. Agents across the country have reported an upsurge in sales, many of which they believe had been delayed due to the upcoming vote. Indeed some buyers had asked for a clause that allowed them to get out if the vote had been a Yes. Momentum has accelerated significantly according to estate agency Strutt & Parker which reports that early indications suggest that the property markets will make up for lost time after an understandably quiet few weeks in the build-up to the vote. It has three offers made on the first working day following the referendum and across Scotland Strutt & Parker has launched 14 properties since then and is preparing another 15 for sale. The agency has organised more than 100 fresh viewings in the last week, received 11 offers and held several successful closing dates for best and final offers. This is set against very subdued activity in the month leading up to the referendum. ‘There has been a demonstrable rise in activity levels. After a lull prior to the referendum, the telephones are ringing again with inquiries from both potential vendors and purchasers,’ said Andrew Rettie, partner in charge of the firm’s estate agency in Scotland. He pointed out that the autumn market is traditionally strong but it has this year been delayed by at least a month. ‘However, the referendum is now behind us and the uncertainty surrounding it is consigned to the past. We know that Westminster is committing to plans for Devo Max and we hope these will be clarified as soon as possible,’ said Rettie. ‘Most of the buyers and sellers I have spoken to are relieved that the referendum is out of the way and that they can get on with their business life, and make the decisions they may have delayed in recent months. It is early days but evidence from the past week suggests the market will kick off from this point and that we will see a renewed vigour in the autumn,’ he added. Strutt & Parker was instructed to sell a sporting and agricultural estate early on the Friday morning after the vote which is now being prepared for the market. It also held a successful closing date for a farming and residential estate in Argyll on the Tuesday after and launched a Borders estate a week after. Other estate agents report selling 50 properties in the week after the vote. Continue reading
Analysis reveals similarities between prime markets in Central London and Monaco
The prime residential property markets in central London and Monaco are like twins with both representing Europe’s leading locations for luxury property, and having very similar features, trends and buyer profiles. A new analysis of both markets show they both cover similar land areas, are experiencing a huge global demand and have upward pressure on property values due to their locations. The findings from Pastor Real Estate, which has offices in both locations, also says that buyers are attracted to them because of their political stability, advantageous tax regimes, concentration of luxury hotels and shopping facilities and ultra-prime residential markets. It points out that both have seven ultra-prime districts which together represent 14 of the most valuable addresses in the world. At £3.43 million, the average apartment price in Fontvielle, Monaco’s most expensive address, is higher than the equivalent in Knightsbridge at £3.27 million, but the price gap between Monaco and London has been closing. A significant proportion of Ultra High Net Worth buyers who acquire or rent ultra-prime property in London also have an address in Monaco. Just as Monaco’s Fontvielle district has challenged Monte-Carlo, traditionally the most expensive area, in terms of highest residential prices achieved, so Mayfair is challenging Knightsbridge. Overall the report analysed seven ultra-prime districts which it describes as ‘city villages’. In London they are Mayfair, Marylebone, Knightsbridge, South Kensington, Marylebone, Belgravia, Westminster and Chelsea. And in Monaco they are Fontvielle, Monte-Carlo, Boulevard des Moulins/Saint Roman, La Condamine, Larvotto, Monaco-Ville and Jardin Exotique. The residential markets and new development in central London and Monaco are both constrained by planning regulations, protected historic buildings and geography. Geographical constraints in London refers to the protected Royal parks, the Thames and protected views, whilst Monaco is constrained by the sea from which over 100 acres of land has been reclaimed since the early 1960’s, the mountains and the border with France. Both central London and Monaco are viewed by global wealth as highly attractive islands of stability in an often turbulent world, according to the report. Each has as heads of state highly popular Royal dynasties, benefits from stable political systems and has strong economies based on banking/finance, tourism, cultural facilities and commerce. Both locations are also economically stronger than the regions surrounding them. Both locations have a high proportion of foreign nationals, who comprise over 80% of those who live in Monaco and an estimated 50% to 75% of those who reside in Knightsbridge, Mayfair, Belgravia and parts of Kensington and Chelsea. In addition, a significant proportion of UHNW buyers who acquire or rent ultra-prime property in London also have an address in Monaco. There are an estimated 2,000 British high-net-worth individuals who reside in Monaco, many of whom also own homes in central London. It says that Fontvielle, the most expensive area and the main beneficiary of land reclamation in Monaco is similar to South Kensington in London. Fontvieille has the highest proportion of Monaco homes which have… Continue reading
London’s Mayfair once again becoming top prime market
Mayfair has not always justified its status as the premier address on the London Monopoly board but it is now on track to be a prestigious location again. Construction of its mansions and garden squares began in the early eighteenth century and what was once farmland became London’s most exclusive neighbourhood. However, the Second World War dented its desirability as a residential district, with businesses moving to Mayfair because their offices in the City had been destroyed and in recent decades, as post-war temporary office permissions expired, properties have been converted back to residential use. However, according to research by international real estate firm Knight Frank there is a more profound change underway. The premium nature of the development pipeline indicates a step-change taking place in relation to quality and pricing in Mayfair. ‘With achieved prices for the best new build schemes approaching, and in some cases exceeding, £5,000 per square foot, Mayfair is on track to regain its status as London’s premier address and merit its position of supremacy on the Monopoly board,’ said Knight Frank’s tom Bill. He added, that in addition to an abundance of Michelin starred restaurants and five-star hotels, Mayfair’s reputation for exclusivity derives from the high number of private member’s clubs, embassies, Royal residences and high-end shopping streets. ‘Mayfair has not had a residential pipeline with such an overwhelming focus on quality for several decades. It is symptomatic of how developers are addressing the increasingly stringent demands of buyers in prime central London, and has led to a step-change in relation to quality and pricing for the best residential property in Mayfair,’ he explained. Also, buyers, particularly in higher price brackets, are less loyal to particular areas of London and have become more product-driven. ‘As more buyers look north of Hyde Park for the right property rather than the right postcode, successful Mayfair developers are combining the cachet of the area’s name with the sort of exceptionally high-quality finish and services that buyers demand,’ said Bill. Indeed, according to Knight Frank, the percentage of all £10 million plus sales in central London over the last year, underlining how the pace of sales is accelerating to a greater degree in Mayfair than in Kensington, Knightsbridge or Belgravia. Mayfair, Knightsbridge and Belgravia form the trio of super prime markets in prime central London. However, Mayfair’s exclusive origins, global reputation for luxury and premium development pipeline give it a particular cachet among buyers that is likely to rise. Continue reading
