Dawes London October 2023
As Dawes London enters its third year of trading, I would like to reflect on the incredible opportunities and trust many clients have put in the business. To date, 95% of our clients who have transacted have been referred from an existing client; this is a statistic I am incredibly proud of.
I’m delighted to share a testimonial from a client we acted for in the purchase of a very special house in Chelsea.
"Harry’s guidance was simply invaluable in helping me successfully navigate the London property market. His deep knowledge, rare insight and ability to assess true value made the relationship feel like a true partnership from the beginning. His easy manner and straight talking instilled confidence which ended with me securing an off-market home that without Harry’s diligence would have never crossed my path. I highly recommend his expert guidance to find a property or home bespoke for your own requirements. I would not hesitate to employ his service again as it should be part of the home investment process.”
A recent completion on St Leonards Terrace, SW3
In other news, we recently acted on the purchase of a flat on Wilton Place, SW1, which was being sold on a mid-term lease (42 years). The property presented real value and went to sealed bids. Although we were not the highest bidder, our client’s offer was accepted due to the pre-contract due diligence we conducted on their behalf. How you are presented as a buyer is often vital when it gets competitive!
Market Update
Whilst the top end of the market is resilient to the increased cost of debt, it is not entirely immune. Opportunities to secure value are growing as no doubt some sellers are facing a very real squeeze on their liquidity.
There are nuances in every postcode, but interestingly Lonres.com (a trade multi-listing website) released data in September that showed 43.8% of properties currently available in Kensington & Chelsea have been on the market for more than six months.
It would also appear that the rental market in prime central London is past its hiatus (growth in rental prices achieved in Kensington & Chelsea is in the region of 17% + for 2023), with more properties now available. This might force some landlords to sell, who have clung on through the increased cost of debt.
There is nothing I would like more for our industry than for a government to reduce stamp duty land tax. So it is frustrating to see the Conservatives flimsily suggest they will consider cutting Stamp Duty in response to Labour’s pledge to increase stamp duty for overseas buyers. Any relief in SDLT will likely be for first-time buyers and properties sub £500,000; it will be interesting if Mr Hunt has anything further to say in his Autumn statement.