Following his recent appointment as Director of Henry & James, Steve Cook shares his thoughts on the current market trends and takes questions from local residents. As always our Motcomb Street office welcomes anyone looking for property advice, pop in for a chat and a coffee.
Firstly, I am delighted to be appointed Director of such a highly regarded and prestigious agency. I am proud to be part of a positive team that has consistently delivered at an exceptionally high level. During my five years supervising our Letting & Property Management departments, and short fifteen years in the industry, this consistency and positive attitude has always allowed for growth and development whilst upholding traditional values and exceptional service.
What are you most excited by?
Aside from the new position at Henry & James, Wimbledon! It was a fantastic idea to show the event on the big screens and the sunshine and deck chairs set up in the arcade opposite Motcomb Street makes it difficult to get any work done! Also with the support of local businesses such as Mosimann’s and Rococo – we are spoiled with our very own strawberry ice cream and Pimm’s.
What else is new?
So many things at the moment. Next door to our office, Waitrose has closed for renovations. There will be a brand new store opening 1st August 2019. The Pantechnicon Building is also almost complete and opening soon. And our continued work with James Bailey, now of JBB Property in a new capacity to help and advise clients looking to the sales market as well as our traditional Lettings & Property Management Services.
What impact has Brexit had on the Belgravia property market?
We have already seen an increase in the number of properties on the lettings market in the last two years as vendors wait it out and the political uncertainty continues. This has previously affected the achievable rental values, which dropped slightly with the increased supply. This also meant that many tenants have chosen to renew their tenancies rather than make the move.
What will happen next?
Who can say? Now we are getting close to the next deadline of 31st October, we can see a clear divide between those who are waiting for a decision and are dependent on the outcome and the fortunate few, who are confident of their future plans and are signing new long term agreements, without hesitation. Those extra properties on the lettings market have since levelled out and the pricing is back to normal with a steady 3% RPI. I don’t expect any dramatic changes to the capital values either.
How can we prepare?
Like we have prepared for changes in legislation, changes in the market and changes in office, we have asked questions internally and focused on the things we can control. Stay informed, try to avoid the nonsense, stick to the facts and speak to someone you trust. Whatever happens, we will be thinking positively and keeping you up to date.
For Lettings and Property Management advice Steve can be contacted on +44 (0) 20 7235 8861 or email@example.com.