Chelsea in Bloom

1 May

May is a wonderful month to live in London, as the weather gets warmer and the city comes alive with a cosmopolitan energy. Shrugging off the long winter, people are outside enjoying drinks, strolls and farmers markets. Chelsea is especially vibrant in May, with the Flower Show and also ‘Chelsea in Bloom’. During this annual floral art exhibit, over 100 shops and restaurants adorn their shopfronts with an array of floral decorations.

It’s no surprise that May is also a busy time for property launches and transactions.

St Leonard’s Terrace

We are managing the sale of an extremely special house on St Leonards Terrace overlooking Burton Court. The house has buckets of Chelsea charm and has been in our client’s family for over 50 years.

Market Update

In the first half of the year, we completed transactions for retained clients in Belgravia and Fulham and have properties under offer in Chelsea.

The family house market in Kensington & Chelsea throughout Q1/2 has continued to outperform flat sales, as buyers and sellers of family homes make the natural moves of upsizing & downsizing.

The more internationally driven 'flat market' is aptly named, as flat sales above £3m remain relatively slow due to the more discretionary buyer pool and higher interest rates. Knightsbridge, for example, is very international. Buyers tend to be discretionary and need a compelling reason to buy, like value. These markets will likely see further stagnation with the proposed changes to Non-Dom status.

The exception to my comments is that brand-newly refurbished properties continue to trade quickly as buyers' appetite for building work (unless it's a best-in-class property!) is minimal.

Although Andrew Bailey warned that an interest rate cut was not a “fait accompli”, sub 5.00% money is available for buyers with sensible loans to value. Hopefully, this is the start of the debt market heading back in the right direction.