We are still waiting for the retrospective building consent for our Garchey removal years ago. Making progress but it’s like swimming through treacle. Anyone having similar issues, get in touch if you need what experience we have gleaned from this exercise!
Brace yourselves, renters! London landlords are celebrating double-digit rent increases, leaving other regions in the dust. Between March 2023 and 2024, London rents skyrocketed by 11.2%, jumping from £1,848 to £2,055, according to analysis by London lettings and estate agent, Benham and Reeves. London now leads the pack, with Scotland being the only other region to see double-digit growth at 10.5%.
While London landlords are busy celebrating, it’s a different story on the other side of the fence. The latest data from quick sale specialists, Open Property Group, shows a surge in sellers opting for speedy sales. Relocation, short leases, and divorce are driving factors, but financial troubles and exiting landlords are also contributing to a jaw-dropping 81% increase in sellers using the quick sale platform.
So, while landlords are raking in the rent, some homeowners are making a quick exit.
Lease Extension Information Sessions
Let us know if you are interested and we’ll send you invites (email barblifeedit@gmail.com). If you have questions and don’t enjoy Zoom or email, please contact us and we’ll share what we know to get you started. Phone 078 42 23 52 68 or drop in a note with your contact details to 15 Defoe House and we’ll call you back.
Salvage Store
Currently in need of sinks, taps, electric sockets and switches so please contact barbicansalvage@gmail.com if you are having any work done and can donate.
LOCAL ESTATE AGENTS’ COMMENTS
SALES
Marco Fugaccia at Hurford Salvi Carr: We approach the summer following an exceptionally busy and constructive spring. The expected influx of buyers has returned, many keen to find their perfect home. We have also started to see the recovery of the pied a terre sector and the continued drive of the younger first-time buyer market helped and financed by their parents, moving them from rental to home ownership. The sales market continues to fall into two clear sectors, best in class homes in favoured buildings with esteemed addresses achieving super prices, whilst homes that fall into normality taking longer to attract interest, of course this is all price sensitive.
Marco Fugaccia at Hurford Salvi Carr recently returned from Milan’s Salone del Mobile 2024, the world’s largest trade fair for home, office, design, and interiors. Known as the premier exhibition for all things home, it features the best and latest trends showcased in Milan’s palazzi, museums, lofts, and exhibit halls. The event’s scale is immense, attracting 360,000 attendees and an additional 50,000 participants. The city of over 4.3 million inhabitants becomes a bustling hub, with seamless organization allowing easy booking of hotels, restaurants, and aperitivi. The vibrant atmosphere and extensive displays keep visitors engaged and constantly on the move. Email Marco at Marco.fugaccia@h-s-c.co.uk for his full report.
Nick Scott at Scott City: The mortgage rate continues to be an issue for the sales market with buyers still being a little cautious. The first quarter of this year was excellent for sales after a quiet end to 2023 so we are now seeing reduced stock which is having a reflection on prices of City apartments. The Barbican is still seeing buyer confidence reflecting in the recent sales on the Estate. We have a shortage of Barbican flats for sale and with continuing demand we are achieving good prices. If you’re considering selling please contact nick@scottcity.london
Glen Cook of Hamilton Brooks: Its been a pretty slow second quarter, not due to lack of buyers but lack of instructions for sale, I do get asked all the time what are possible sellers waiting for, and my honest reply is they are not wating for anything, they are happy in the Barbican and don’t want to sell! I have seen Tower apartments in very high demand, we have sold 6 this year so far. I think again the next quarter will be slow in terms of transactions, again not due to lack of buyers, but happy Barbican owners, who can blame them!
Nicola Lee at Nicola Lee Limited: We have seen an increase in the number of buyers and properties available for sale since Easter, as expected. But buyers have become more discerning, and, will often show interest only in properties where the lease has been extended. Similarly, buyers will ask whether the correct permissions have been granted for any alterations carried out. The buy-to-let market has softened as lenders have tightened their lending criteria, making it harder for buyers to secure finance. Impending legislation, designed to better protect tenants, has had a dampening effect on values in the buy-to-let market, especially with smaller properties where values have not increased for years. People are buying fewer pied-a-terre properties, due most likely to increased purchase costs and taxes – including council tax – that affect second properties. More positively, we anticipate a good market for owner/occupier properties throughout the summer. Our outlook overall remains optimistic for well-presented properties.
Tina Evans at Frank Harris: We’ve had a very busy first quarter in the Barbican, with one bedroom flats achieving in excess of one million and continued demand for two bedroom flats, in all configurations. We also went to “Best and final offers” on two properties on the Barbican estate, please do call us for a free market appraisal if you are considering selling in the near future.
LETTINGS
Marco Fugaccia at Hurford Salvi Carr: The rental sector now moves into its busiest period of the year. Corporate companies, new job starters and the elite student market now need to find before the end of September, they have deadlines that must be met, for the shrewd landlord it is a time of year when rental values once again hit new heights and we currently have a vast number of qualified tenants keen to find.
Nick Scott at Scott City: Demand for rental property continues to remain high and the outlook continues very positive for the Summer months. High rental prices reflect the shortage of property available. We’re very short of rental stock throughout the City and especially the Barbican where tenants are prepared to pay a premium. Please contact Jack if you are considering letting your property jack@scottcity.london. We will be pleased to offer you a very competitive rate for a managed or non-managed agreement.
Glen Cook of Hamilton Brooks: Demand remains exceptionally strong, with pretty much no supply, rents continue to rise on the back of high demand.
Lindsay Lee at Nicola Lee Limited: There has been a slowdown and a push-back in timings with people looking to rent in August and September. The hike in rents from the past 2 years may be starting to have an effect on the rental market. Rents, however, remain high because there is a smaller stock of rental properties due to the contraction in the buy-to-let market. If you are thinking about letting your property, or if you would like more information about Barbican and Golden Lane lettings in general, please don’t hesitate to get in touch; we are – as ever – happy to offer advice on this.
