Looking at the current market there are two key challenges – the first is high Stamp Duty and the second is Brexit.
This is important to make clear because I believe that these movements have caused the mentality of the buyer to shift. Whereas in the past the market was forgiving, in today’s market if a property is not truly exceptional – it will not sell and if it does, certainly not for a good price.
The key to succeeding in such conditions is to build a home that creates an emotional desire for a buyer to purchase. The reality is, nobody looking in London’s luxury residential market needs to buy; they already have a roof over their head and therefore without an emotional desire for a home the buyer simply won’t make an offer. I think of it like this; a short while ago, having taken a trip to Venice I found myself wandering the streets of Murano. Curious about both the manufacturing process as well as the finished product I ventured into many beautiful showrooms, each with their own incredibly intricate hand-blown glassware – I left the Island empty handed however.
In spite of the astounding craftsmanship, I simply didn’t feel an emotional desire to purchase anything that day. I realised then that property was much like the glass, if a buyer doesn’t love the finished product; there is no negotiation or haggling on the price, they simply move on to the next.