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Residential News & Views

July Property Snapshot

The first edition is here of our monthly Private Office property snapshot.

Authored by Jack Hudson

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Jack Hudson: Director, The Private Office

Going forward I will provide a monthly snapshot of the market as I see it - consider it a CBRE Private Office ‘house view’.

I will strive to make these concise, punchy and provide you and your clients with an overview of the super prime residential property market, including some useful titbits gleaned from my global network.

A Round Up of July

Somewhat surprisingly, and in contrast to what the media is portraying, I have just had my most positive month of the past year. This comprises not only a £10m completion in Surrey and a £15m exchange in Hampstead (both acquisitions), but a busy week of client tours in Notting Hill and Kensington. We have also seen a flurry of internal/external referrals with new clients looking to commit.

I promise this will not be a rose-tinted view every month - last year I would not have said this. Perhaps just a perfect storm of right clients at the right time. Sadly, I suspect this is the case. Let’s see how long my positivity lasts.

Our client base is incredibly varied right now. We have live buy-side mandates with nationals from Canada, Germany, Pan Euro, Singaporean, British and American. All are choosing the UK, despite the economic situation.

It’s important to remember, as I hear from my colleagues on my regular Global Wealth Network call, the issues of inflation and high interest rates are not limited to the UK (38% inflation in Turkey for example).

The front page of many papers last month showed ‘mortgage mayhem’, with the base rate forecasted (by some) to reach 6% by year end. Next month I personally leave the happy world of sub 1% interest rates to 5%+. I will certainly be feeling the pinch. So very happy for any offers to buy me a lunch over the coming weeks!

Super prime buyers are less sensitive to rising debt costs. The majority of our clients buy in cash, even if historically they have added debt at a later point. Even so, inflation data released yesterday thankfully showed that the tide may be turning - 7.9 percent in June, down from 8.7 percent in May. But there’s still a long way to go.

Useful Information:

38% of central London office leasing deals now ‘super prime’, up from 25% in Q1 2022
Chelsea leading the way in transaction volumes in Prime Central London

TPO

What's Next?

In my August note, expect a view on market conditions as well as an overview of pre-market and open-market.

Contacts

Jack Hudson

Director, The Private Office

Phone +44 2071822007

Mobile +44 (0)7982 727 517

Email

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The Private Office - July Snapshot

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