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August Market Update

Posted: August 2015

Transaction of the month: House with staff accommodation in Bayswater, £5.495m

We have just completed on an impressive house with staff accommodation close to Hyde Park for a long-standing client of ours. We knew exactly what he wanted and we showed him 2 properties in 19 days.

The first property was a false start as it didn’t have correct planning permissions in place and so we advised our client to withdraw his offer.

The second property (above) was perfect and, with an excellent solicitor on board whom we had recommended, we exchanged within eight days.

Overseas buyers noticeably absent from the London market

There has been a significant drop in overseas buyers over the past few months. As we move into September, we have seen a noticeable (and expected) increase in activity from buying clients but the absence of overseas buyers has continued.

Traditionally our client split has been consistently approx. 40% overseas based and 60% UK based, but for the past 4 months only 18% of our clients have been overseas based. We attribute this to a reduction in overseas buyers’ liquidity due to a combination of weakening currencies and uncertainty surrounding global stock markets and interest rates.

What makes some streets more desirable than others?

What makes some streets more desirable than others? There’s more to it than you might think. Jo Eccles quoted in The Sunday Times: Read article (NB subscription firewall)…