Jaffray Estates

London Property Buying Agents

We have the local knowledge, experience and relationships required to buy the perfect central London residential property on your behalf.

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Latest London Property News – August 2016

Market Overview

The London property market has seen a challenging last couple of months from the introduction of new stamp duty rates in April and the EU Referendum in June. That said, there has been little change in prices. According to data experts LonRes, buyers are now paying on average 6% less for homes under 2m, and 10% less for homes over 2m. Buyers adopted a wait and see approach in the run up to the referendum.

Prime Central London, Prime London, and Prime Fringe (Tower Bridge to Hammersmith), experienced 41% fewer properties sold in the second quarter compared to first 3 months of the year. London saw a slowdown in the new-build market – Prime Fringe –with premiums for new build properties over the secondary market change from over 50% to less than 30%. September, traditionally a busy month for the London property market, will more than likely provide some clarity as to growth in prices and transactions. In some cases, values in Prime Central London are back to 2013 levels. Overseas buyers continue to benefit from even larger discounts due to a weaker sterling.
Latest London Property News – August 2016

Case Study: Vista, Chelsea Bridge Road, SW8

Jaffray Estates have recently acquired two prime, two bedroom apartments in the Vista development (pictured below) on Chelsea Bridge Road, SW8.   OUR CLIENT’S BRIEF: A long-term investment in two new-build/off-plan properties that would provide capital growth, easily rented and were to complete the transaction over two years. The budget was c. £4m and the client was flexible on location as long as it was close to Zone 1.   THE PROPERTY SEARCH: We put together an initial list of twenty-four developments across London. Together we narrowed the list down to a shortlist of six options all of which were on the periphery of Zone 1. Jaffray Estates produced weekly reports summarising the recommended developments which we discussed with the client. After previewing the short-list on our client’s behalf, we agreed the top three developments to view. All three sites were viewed on the same day of the client’s itinerary, and included an in depth report on all salient points, including local amenities, transport links and capital appreciation. On selecting the two units to buy, we were bidding against another buyer for one of the apartments, however since our client had retained our services this enabled them access to a solid relationship with a leading London developer and were able to negotiate and secure both properties. This included two parking spaces and a considerably more flexible payment plan to suit our client. The two apartments had west facing views over Battersea Park and partial views of the River Thames – two of the most attractive units in the development. The development will benefit from two new underground train stations: Battersea and Nine Elms, as well as the new commercial amenities in the Nine Elms development area.   RECOMENDATION AND REFERRAL: Our client sought our advice and recommendation for a tax adviser and solicitor, both of which we introduced, providing a best in class service. Since acting for the client they have referred our services twice. Within this process all transportation and appointments were arranged on the client’s behalf to ensure a seamless itinerary.   For more information on buying new-build and off-plan property in London see how we can help: Buying New-Build Developments with Jaffray Estates.
Vista, Chelsea Bridge Road, SW8

From now to year end – what to expect

Analysts at UBS Wealth Management predict that regardless of the Brexit vote, we can expect house prices to remain constant, with a worst case scenario of a 5% fall. Forecasters previously predicting falls of 25% following Brexit was always an unlikely scenario as it would have been worse than the peak-to-trough decline during the financial crisis between 2007 and 2009. The key difference is there is no shortage of bank financing to keep the market moving as rates on mortgages are falling. A slowdown is predicted in the London property market and UBS is no exception. Like others, it says the problems in Prime Central London set in long before Brexit, with stamp duty changes affecting high value and investment properties.
To discuss your future property plans, email Nicholas Jaffray at: nicholas@jaffray-estates.co.uk or telephone: 020 3091 9311. Full details of our services can be found via our website: www.jaffray-estates.co.uk.
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