Prime London is a hotbed of housing activity as foreign nationals consider it a safe bet for stashing their wealth
What is the market doing in London? Why read my view when you can pick up any Sunday newspaper and be told in detail by someone calling themselves a market analyst or even worse an industry consultant.
True these people are usually connected with big companies but they all have one thing in common they are all about as close to the coalface as I am to playing in the Ryder Cup.
Of course statistics sound impressive and describing something as 5% up here or 10% down there makes for easy reading.
Well, let me tell you what it’s moment. I apologise to anyone reading this who doesn’t work in our great metropolis, but I think we all concede that a thriving London is vital to our industry on all levels.
Over the years I’ve heard countless phrases to describe our capital city but a few weeks ago I read the best yet and I wish I had thought of it.
London is the world’s bricks and mortar safety deposit box, which says it all.
Prime London is booming and by prime I mean anywhere that’s a generally good area with transport links and, crucially, where demand outstrips supply.
London is the world’s bricks and mortar safety deposit box, which says it all. Prime London is booming
This means anywhere within 10 miles of the City with a few exceptions of course.
What is noticeable is that three-quarters of buyers are foreign nationals because London is still seen as the number one place to invest.
Our country is stable by and large you won’t see a Middle East or African-style uprising and I can’t remember the last time I saw a tank being stopped by a student in Parliament Square.
When have you opened your window in London in the morning to see floodwaters lapping at your back door or a tornado appearing over the horizon, or even worse a bush fire consuming your garage?
With rare exceptions things like this only happen on News at 10 in far-flung corners of the world visited by touring England cricket teams.
All this adds to London’s attraction as a safe place to invest your dosh rather than let Vladimir Putin get his hands on it.
These days every valuation I do for purchase purposes has two or more punters in the background making offers over and above the asking price.
And my estate agency friends are bemoaning the chronic lack of stock that of course pushes prices upwards. I appreciate that all this is London-centric and that I am lucky enough to inhabit a rarefied world. But good news makes pleasant reading for a change and at least you are hearing it from someone who doesn’t mind getting his hands dirty.