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Thursday, June 13, 2024

5 Prime central London property trends and how to embrace them

‘Spring season’ is the first of two market surges in the real estate calendar. Alex Bourne (pictured) – who stars in the new Netflix series ‘Buying London’ and is co-founder of prime real estate company, London House, explains how real estate experts can make the most of industry trends as interest in prime property spikes. 

Consider your domestic buyer

Brexit, covid and changes to the so called “non-dom” scheme this year have meant huge changes to London’s prime property industry. Potential buyers may have left London, or decided to move back, and interest among UK based high net worth individuals (HNWIs) has increased amidst a fall in international buyers.

Between January and April this year, London House saw a 38% increase in enquiries from UK based high-net-worth-individuals (HNWIs) compared to the same period in the previous year, as global investors are likely being deterred by the abolishment of non-dom tax benefits. However, this is somewhat short-term as the resilience of the Prime Central London Market is demonstrated by its historic gems and one-of-a-kind properties on offer, such as our current penthouse listing at St Pancras Chambers, a Grade I listed building valued at £19.95M.

Utilise social media as a client network

The portal model, where enquiries are submitted through a website, is becoming increasingly unpopular among potential buyers. We have seen an uplift in property enquiries from social media, including TikTok, which highlights the need to match the perfect buyer with their dream home by utilising the platforms they use the most.

Social media is a great way to showcase prime property homes, their unique details and generate widespread interest. We are noticing that potential buyers like to view from afar before making an enquiry, and have even sold a property using video call with an international buyer. We are prepared to do what it takes to find the perfect buyer or home, and this requires a bespoke approach to every relationship.

Connect people with their perfect lifestyle

Bricks and mortar alone do not sell a property and it is often connecting a buyer with their perfect village or lifestyle that becomes a deciding factor. Traditionally, agents in the Prime Central London property postcodes have limited themselves to a particular area or postcode, however this rules out opportunities for clients and business growth. Looking across the whole of Prime Central London means you will be able to introduce clients, particularly those who are unfamiliar with the city, to the unique quirks and differences in its villages across prime postcodes.

Celebrate London’s cultural capital

Short term changes and market fluctuations do not change London’s long term offer to HNWIs. The city is the go-to location for cultural heritage and architectural gems. We’ve just sold a home owned by Harold Pinter, a rare collector’s item designed by John Nash located near Regents Park, valued at almost £15M. By letting the buildings do the talking and telling their stories, you can capture the imagination of buyers.

Grow your business with the right staff

We look for staff that place people at the heart of what they do. We pride ourselves on our discreet client relationships and understanding their needs. Consider looking outside of the sector before recruiting, or indeed looking for those with decades of wisdom. Our staff are creative, ambitious and lovely to work with. They are experts in their neighbourhoods and we really value their life experience as much as their work experience. We love everything London has to offer, and whether it’s finding the perfect village restaurant, green space or school, staff who understand lifestyles across prime postcodes will be able to take a holistic approach to each client.

Pic credit: Zoe McConnell/Netflix

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