Top Five Property Finance
‘George Osborne introduced 26 new property taxes — how many advisers understand where they sit at the moment? We do,’ says Munford, commenting on the greyest area of the property landscape.
MCIFA’s CEO, with more than 26 years’ experience, has his finger on the City’s property pulse, says such astute understanding of the former chancellor’s policy ‘insulates’ clients from ‘the rigours of change’.
‘Life’s getting more complicated, we’re here to make it simpler,’ the engaging Munford says. The ‘Brexit heart-attack’ is over, he had previously told Spear’s, and the weakness of the pound has increased property purchases from abroad, calibrating the 2016 skew towards refinancing.
‘London is liquid — people like that,’ he adds, adding that there is currently strong interest from Arab, Chinese and Latin American investors who are drawn not only to the currency advantage but also to its overall appeal as a ‘safe haven’ in comparison to their economies.
Although Europeans are less drawn to the pound drop, Munford has still recently seen an Italian family ‘buying every building that comes on the [Mayfair] market. It is what the real estate market really needs,’ he says.
What sets MCIFA apart from others in the field? ‘The highest level of experience in the high-end London market,’ he replies. It is such credibility that enables the firm to think of quality propositions to lenders and ‘deliver in weeks what might take months’.