Rasika Sittamparam

‘A little bit of grey hair is quite valuable at the moment,’ says Robert Bailey. ‘A lot of young people haven’t seen a bad market before. Ask the questions that need answering and you’ll get there.’ Indeed, it seems Bailey’s experience has insulated him from some of the difficulties. ‘It hasn’t been tough for us at all. We’ve had a really good year – everything has stabilised. But it’s been a long time coming.’ That, of course, refers both to Brexit and to the stamp duty increases under the Coalition. But Bailey has been able to add value: ‘Buyers have dipped their toe and in and thought, “We need some help – maybe a buying agent will open up the market?”’ Bailey had ten years at Knight Frank, as head of its private office, and founded the firm’s dedicated buying arm, the Buying Solution. It’s that level of experience and in-depth knowledge which is sometimes lacking in competitors: ‘There are a lot of people who have started out as sole traders. A lot of people didn’t bring to the table what they said they would. We are very effective at what we do.’ He’s noticed the trend towards lateral apartments, but he isn’t sure it’s right for everyone. ‘A lot of buildings have pools that people don’t use – you’ve got to watch the cost of living,’ he warns.

Guy Meacock of Prime Purchase is brimming with positivity when Spear’s calls. Following news that 2018 saw a 30 per cent uplift in new client registrations, he adds: ‘Our average deal size, deals done, and all the financials were up, but the key driver was that we did a number of large deals that weren’t there in the same way in 2017. That said, we did a great spread of business at all levels, so a healthy market in our humble opinion!’ Now into his 14th year at Prime Purchase, Meacock adds: ‘It was a very strong year. We’re all chipper here. Hoping for more of the same – but it is a difficult world to forecast. Last year we transacted on a number of sizeable deals in both London and the country and that seems to have made the difference.’ He says the twin uncertainties of Brexit and stamp duty have not only created the need for a guiding hand through the market, but also thrown up significant opportunities for ‘those brave enough to swim against the tide’. Being part of the Savills group, and the only buying agent in the country with ISO accreditation, comes with its associated compliance burden, but equally he says: ‘This not only demonstrates the rigour with which we conduct ourselves but also underlines the credibility of clients we represent.’

It has been a tough year for London’s top property experts, but the best of the best remain open, honest and, most importantly, optimistic. Nathalie Hirst, Spear’s 2015 Property Adviser of the Year, tells us she’s had to adapt after what she describes as being her ‘worst ever in terms of acquisitions’. She adds: ‘The uncertainty in the market has paralysed people, and understandably I did more rentals than purchases. And although it is reassuring to read about some major transactions taking place – and in fact I was outbid between Christmas and New Year on a property that originally came on the market at £140 million – these stories are few and far between.’ However on the other side of the coin, ‘for opportunist buyers, this is an excellent time. Vendors, however, have to be realistic and appreciate the quality of the bid, and not just the bottom line figure.’ Hirst began her career in property more than 20 years ago relocating bankers from Goldman Sachs, JP Morgan and UBS to London. Now an eminent figure in the business of relocating global HNWs to prime central London, she has a clear and important mantra: ‘I am a buying agent who only buys – and never sells.’ Peers unite in praise. ‘Nathalie operates at the top end of the market and feedback from clients is always positive,’ says an industry expert. ‘Incredibly nice. Incredibly hard-working. Incredibly successful.’