The property market is resolutely not as dismal as the daily newspapers would have everyone believe.
The property market is resolutely not as dismal as the daily newspapers would have everyone believe. According to Phyllida Poltock of Henry & James – the Motcomb Street-based estate agency that originally set up in the 1950s as a letting agent, adding sales to their agenda soon thereafter – business in Belgravia, Chelsea and Knightsbridge is as usual. Sales may be taking longer to go through, as people perceive it to be a buyer’s market and as such are more likely to be negotiating over prices, but go through they do.
‘A few price reductions are appearing but this could be taken as an adjustment of what was too highly priced to begin with,’ says Poltock. ‘There still isn’t an abundance of top properties available and there is, as always, a high demand for large lateral apartments, first floors with traditional elements such as cornicing and high ceilings and generously proportioned family homes.’ Where lettings are concerned, large family homes are less in demand and fewer applicants are registering in general, but those that do are focused and motivated by the thought of a bargain in an increasingly competitive market.
Landlords are now virtually forced to price their property correctly and present it to a high standard, lest prospective tenants shun it for a keener priced and better-maintained property. Luckily for the weary landlord, a simple call to Henry & James’ sister company and purveyor of award-winning interior design services, Brahm, will soon fix the wrongs of poor craftsmanship, dated wallpaper and muted palettes. If you’re selling, just don’t leave underwear lying around when showing to prospective buyers.