Mews News Winter 2016/17
Total Page:16
File Type:pdf, Size:1020Kb
MEWS NEWS WINTER 2016/17 The best time to buy a Mews House Will London ever be ready for Donald J Trump? Basements - Do’s and Dont’s Running out of Mews Houses Do’s and Dont’s of letting your mews Produced by EST 1971 | MEWS NEWS - Winter 2016/17 WHEN IS THE BEST TIME TO BUY A MEWS HOUSE? We have been inundated Unlike any other investment a house appreciates you are doing with calls from sellers, buyers Prime Central London house is very well indeed. The average and Journalists, asking how on every investor’s wish list. Not ownership of a London house is only will it keep rising in value now ten years and in that time the referendum and Trumps they will normally have some houses in Holland Park Mews victory will affect the Prime kind of development opportunity have doubled in value which is Central London property (which if you live in it will bear £1,500,000 tax free pounds. The market. tax free gains) plus it will always year before the Credit Crunch let well. of 2008, Holland Park Mews Since West London was built its averaged sale prices of £1,570,000 We could debate for days whether houses have outstripped wage however by 2011 they had this is a seller’s or buyer’s market growth. To take Holland Park increased to £1,810,000. Only however it is said that the best Mews as an example you will see one house sold in the blood bath way to predict the future is to from this smoothed graph that of 2008, for £1,001,000. It was study the past. their value has grown, from their number 35 which was sold again Unless you can take advantage of original 1870 prices of between in September 2014, this time for a running scared European seller £85 - £147, to our recent record £2,540,000. mid Brexit is probably not the best sale price of £3,310,000. All of this said we can only sell a time for short term speculative By the end of the First World War house in the market we are in so property deals. However it is they had risen to over £1000, and it is important to remember that a good time for the long term increasing at an average of £83 per all properties go up and down investor/owner occupier looking to buy the best property in the best Holland Park Mews Average House Sales locations with less competition and £4m at more sensible prices. In 2012 a client of ours predicted £3m a property crash so sold his mews house hoping to take advantage £2m of what he thought would be a collapsing market. The market did the opposite and he ended up £1m buying the very same house back for £650,000 more than he sold £0m it for. A decision which lost him 1991 1993 1995 1997 1999 2011 2013 2015 £15,476 a month before costs. 2001 2003 2005 2007 2009 If the market has fallen or has year, while average middle class on the same tide. If you have to remained flat for a long time, wages stagnated at £150 per year. accept less you will be paying the temptation to remain out of less for your onward purchase so, the market and rent should be Between 1991 – 2016 they have especially if you are upsizing, this avoided as you will squander in risen to £3,000,000, an average is the perfect market to do so. rent whatever you may gain by of £120,000 per year, while the trying to play the market. If you average London gross wage is James Robinson Quoted in do you will miss the moment £48,000 per annum. Bricks & Mortar, The Times when you should have bought to It has been long said that if you 9th September make doing so worthwhile. earn more than your London MEWS NEWS - Winter 2016/17 | WILL LONDON EVER BE READY FOR DONALD J TRUMP ? James Robinson of London Among the many thoughts that issue around 550,000 UK visas to mews specialists Lurot went through my mind at that Americans per year. Brand remembers when moment, one was that London With a strong economy, a weak probably never will be ready for Donald J Trump was pound and a common language, Donald J Trump! London must look even more looking to ‘dabble’ in the Americans in London attractive than Canada, whose London property market immigration website crashed But not so for his fellow and suggests that Trump’s when his victory was confirmed. election victory could Americans who, after the Brits and Europeans, are our third most So is this good for London? As increase US buyers’ interest prolific buyers of mews houses. long as he manages to keep his in London property. pudgy little finger off the big red Back then, in 1995, Trump was one button, and we can receive a fair of only 10% of Americans who share of their investment and held passports. However, by 2016 “While watching the buttock talent, then hell yes! this figure has ballooned to 49% James Robinson as quoted in Evening clenching embarrassments that and they are very fond of the ‘Old Standard & The London Magazine. were the presidential debates I was reminded of when, in the mid ‘90’s. I was contacted by a relocation agent with a ‘money no limit buyer’ wanting to see the very best new build apartments London had to offer. I put together a two day itinerary and climbed into the armed limo cavalcade with who turned out to be Donald Trump. After enjoying the very affable billionaire’s company I thought it was time to close him for an offer on a sumptuous £12,000,000 whole floor flat overlooking Kensington Palace in 3a Palace Green, W8, which he had agreed was the best. He beamed broadly and said: Country’. So much so that 71,000 “Hell I am not going to buy Americans have already made nothing. I have just been using you. London their home and it’s is safe I was considering London for the to say that, following this election next Trump Tower but from seeing result, they are soon to be joined all this crap I can see London ain’t by many more of their friends ready for me yet.” James Robinson and family. After all we already General Manager | MEWS NEWS - Winter 2016/17 BASEMENTS - DO’S AND DON’T Houses have been built DO: DON’T: with lower ground floors n Accept that subterranean square n Bedrooms in the basement. No in London since the footage is worth less than above one wants to go downstairs to bed seventeenth century so ground space. or put their children to bed in the the concept of a basement basement with ducted ventilation. n Build open plan kitchen/ is entirely natural to Regardless of your architect’s dining/family rooms as they are advice do not do this thing. Londoners. the most saleable. n Unless building a house for n Make the internal walls non- your own indulgence don’t put Traditionally housing kitchens supporting so you or a buyer can a swimming pool under your and servants quarters the ‘bellow reconfigure them in the future. house as they can create smell and stairs’ accommodation can be n Its cheap space so free up your moisture problems. You will also compromised by a lack of natural more valuable floors by building narrow the audience when you light, views and ventilation so are laundry/ boiler rooms, storage come to sell. accepted to be the cheapest floors. and wine cellars down there. n We work with developers creating Unless targeting the Howard n some of London’s most desirable High ceilings with full height Hughes of the world do not build and saleable houses but some are doors give the best feeling of light basement golf ranges and gyms building iceberg basements with and space. unless they are for yourself. swimming pools, saunas, gyms, n Incorporate drop down fire n London is ghettoised so do golf-ranges and media rooms etc. walls and sprinkler systems to not target a group of buyers and these amazing creations are avoid wasting your space in who would never consider your failing to attract little more than corridors. area. If you want to sell to Arab laughter from buyers and estate or Russian Billionaires build in n Fit oversized sump pumps agents as they are asking more Mayfair or Knightsbridge not because if it floods it will be for them than house built above Notting Hill. If you do you will sewage not rainwater. ground. appeal to no one, it’s that simple. Conversely well-designed, single n We see hundreds so ask our n Lateral houses are more basements add considerably more advice as we know what sells. valuable as they have less square value to houses than their build n Be prepared to fall out with all footage wasted on stairs and cost. So if you are thinking about of your neighbours, when you landings. building or buying one here are dig one. the do’s and don’ts to consider: As quoted in Reece Mew’s - £3,595,000 An exceptional basement THE LATEST MEWS PROPERTY FOR SALE OR LET £3,000,000 W2 LEINSTER MEWS £1,495 Per Week A brilliant example of a three bedroom mews with everything from a large garage, enormous master suite and top floor entertaining space leading to a full roof terrace.