London
property – getting on the ladder
Over several decades, London
has established itself firmly as a global city to rival any other. Reflecting
this, London property has also become one of the go to places for investors
from across the world. 2016 alone saw £4.6 billion worth of investment from
Asia into the London property market according to Savills1, while Q3
2016 saw £685 million worth of investment from the US2.
Alongside investment in
commercial property, interest in residential London property has also spiked
across the globe. Fitzrovia, Belgravia, Mayfair – the names of these
neighbourhoods are synonymous with elegance and class globally, and they are neighbourhoods
where pockets are deep. Interest in being part of the luxury London brand has
contributed to substantial growth in London property prices over the long-term,
with the latest data showing 7.5% growth in the year to December 20173.
While this investment is
great for the city, and is actively changing the face of London with
destinations on what were once the peripheries such as Canary Wharf and the
Greenwich Peninsula becoming ever more important, it also means the market has
become increasingly competitive.
Whether investing in London
to generate income, or simply to own and inhabit your own slice of the city,
competing with investors in what has become a global market place can be
challenging. As many of those new to the market have found, often a property
has already sold by the time it appears in the estate agents window.
Surveying
your investments
Once an investor has found
the right property in the right location and at the right budget, a second
challenge is to ensure the property is as good on the inside as it looks on the
outside.
Arriving in London from
certain directions could leave you with the impression that you’re entering a
hypermodern city – full of glass towers and new build apartments. While this is
true to an extent, what also makes London great are the countless historical
buildings and neighbourhoods that give the city such character.
Buying these properties and
in these neighbourhoods can deliver an investor a property full of style and
historical features, but it also means detailed surveys will need to be
undertaken. Historical buildings bring with them their own unique challenges.
Listed buildings for example, may bring with them certain obligations to
maintain the property to certain standards, or within certain parameters.
Further to this, investors will need to consider any local planning
restrictions or listings which may impact future plans for the property.
On the other side of the equation,
investors should also remember that London is an incredibly dynamic and fluid
city, with a skyline that is constantly growing. Investors need to consider the impact of potential future developments upon their
property. Will the view of the river that can be enjoyed today, be a view of
the back of another tower tomorrow?
While it’s hard to keep
track, recent reports suggest in excess of 400 skyscrapers are currently being
planned across London4. Investors need to find out how many, if any,
of these will be being constructed in their neighbourhood and consider how
comfortable they are with that.
Beating
the competition?
So, how can investors beat
the competition to find the right property, make the right offer and then
ensure that the bricks and mortar they are investing in is built on solid
foundations? Both foreign and domestic property investors are increasingly
turning to buying agents to help them negotiate the challenges between them and
their perfect investment.
Buying agents can save an
investor time and money by ensuring they find the best deals and by bringing
local, specialised expertise into the search and acquisition process.
Henry Sherwood, CEO of the
Buying Agents says, “London is at present one of the world’s great property
hotspots alongside other great global cities such as New York, Paris and
Singapore. It is an exciting place for any investor, whether the individual
looking to build a successful property rental business in one of the world’s
most in-demand cities, or the family looking for a convenient home close to the
offices of the Square Mile.
“The very things that make
London such an attractive proposition for would-be investors however, also
ensure that investing in the city can be a huge challenge. Not only do
investors need to negotiate the fierce competition in the market, they also
need to consider the neighbourhood they are investing in, the historical fabric
of the city and the impact of future growth.
“It is imperative that
investors also find the right professionals to manage their investment, the
surveyors and lawyers, even the choice of removal firm needs to be considered
carefully! This is where a buying agent can save an investor time, money and a
great deal of stress. The detailed knowledge of, and love for, London’s
property market which an agent can bring to the table is priceless and a must
for anybody thinking of making a serious investment into the capital.”
The Buying Agents,
based in London, is an award winning property search and acquisition company
covering London, the UK and popular destinations in Europe. It provides a
personal one to one service to home buyers and investors, active in the prime
property market for nearly 15 years with a focus on London but also covering
other exclusive parts of the UK, France and Monaco. With a wide range of
properties available (which you won’t find in the estate agent windows), The
Buying Agents offers a full, bespoke service, taking investors from initial
searches, to managing the move, exchanging contracts and opening the door to
London property.
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To arrange
an interview or comment from Henry Sherwood, CEO, The Buying Agents, please
contact Liam Thompson at lthompson@sks-london.co.uk , http://sks-of-london.com, or on
+44 (0) 20 3290 6001
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