We are delighted to announce that Prime Central London estate agency, Napier Watt, has joined Bien Media’s roster of clients. Napier Watt specialises in the sale, rental and acquisition of residential property within Prime Central London, with particular emphasis on Marylebone, Mayfair, Knightsbridge, Regents Park, Hyde Park and throughout the Royal Borough of Kensington and Chelsea.
Based in Mayfair, Napier Watt has over 30 years experience of helping people find their perfect home. But the market has changed significantly during that time, with repeated tax changes making UK property less attractive to international buyers than in the past. Jonathan Adams, director of Napier Watt, comments: ‘With tax change after tax change after tax change, many international buyers are questioning whether the UK is a place where they would like to buy.’
The general election is undoubtedly also having an impact on the Prime Central London market. Jonathan continues: ‘There are many international buyers sitting on their hands and not committing to a property purchase. It is the same with every general election but this one seems to be worse, perhaps because of Labour’s proposed Mansion Tax.
‘However, while buyers are reluctant to commit, the lettings market is very busy, with many new properties coming onto the market. There is a sense that people like to try before they buy and while they wait to see what will happen with mansion tax, they still need somewhere to live.
‘While demand for rental property is good, in certain areas it is hard for landlords to get the rents they want unless the property is dressed to a really high standard. Many professional landlords are now doing a very good job of dressing properties, so the bar has been set high. It costs so little to furnish a flat but it is important to get it right with attention to detail – make sure there are duvets on the beds, etc.
‘It is also worth remembering that with hundreds of brand new flats swamping the market in certain areas, older properties aren’t going to let because they are competing with more attractive and fresher alternatives.’