Christmas Issue Barbican Flatwatch – Different Strokes

It’s amazing how the same piece of research can generate what appear to be totally different stories in the media.  It makes one wonder if all the accusations of ‘fake news’ which have been appearing sine President Trump came to power in the USA are actually due to differing interpretations of the same basic facts. The specific research I’m referring to here was put out by major estate agency Savills which generated seemingly totally contrasting headlines: “London prime property prices set to stagnate” trumpets the Financial Times while the rather less conservatively oriented Daily … [Read more...]

Flatwatch Autumn 2018 – Prices to Stabilise in 2019

  Of the local estate agents serving the Barbican and surrounding areas, Hurford Salvi Carr (HSC) always comes up with some interesting research on both the sales and lettings markets at half yearly intervals. The latest such research, published in August suggests that overall prices have come off around 4% in the first six months of 2018 – mainly due to Brexit uncertainty and the imposition of the new Stamp Duty Land Tax and second home levy making buy-to-let a less attractive option. It should be recognised that HSC covers a rather larger area than just the Barbican, which tends to … [Read more...]

Barbican Property Prices: Doldrums or Decline?- Flatwatch Summer 2018

We are seeing increasing evidence that property prices in London have been turning downwards - perhaps falling as much as 10% in the City of London according to some estimates. However even such a small area as the City hides a broad variety of price movements relating to area, property type, size and asking prices and what applies overall may not be an accurate representation of trends in very specific areas like the Barbican or for specific sizes of properties.. In general analysis of the housing market is seeing falling prices across the board ever since the Brexit referendum, but this … [Read more...]

Steady as she goes! – Flatwatch Spring 2018

The media has been suggesting, at the very least, a hiatus in property price increases in the London area, although it appears the principal price fall sufferers have been at the real high end of the market, and in the outer zones with Zone 1 properties perhaps less affected. Certainly, if one checks asking prices on the websites of those agencies specialising in Barbican properties, prices seem to be holding up pretty well. But – and there’s always a ‘but’ - if one talks to the agents there is an indication that Barbican flat pricing levels are at best flat and may even be turning down a … [Read more...]

Up or down? Mid to long term prospects remain positive

Are Barbican flat prices coming down or not?  Anecdotally it does appear that properties are taking longer to sell and some vendors have been reducing asking prices accordingly, but we see little sign of any serious general degradation in apartment values.  The froth may have come off the top of the asking price expectations, but this could be considered a dose of reality after some fairly spectacular increases.  Nevertheless, gone are the days, at least for the time being, of sealed bids and properties selling within hours of hitting the market.  The Barbican flat market goes though times … [Read more...]

SDLT impacting top end properties

In the last issue of Barbican Life we commented that the Barbican sales and lettings market was getting back to normal given all the uncertainty ahead of the June general election, the start of Brexit negotiations in July and the implementation of a new stamp duty range which has had the effect of making many Barbican sales more costly, given the high valuations of Barbican properties.  Also, as you will see in our Personal Finance column, being able to offset mortgage interest payments against buy-to-let income is gradually to be withdrawn which will affect this sector of the market. We … [Read more...]

Barbican flat sales market nearing normal again

We read a lot in the media about property prices falling across the board, although still up by a small percentage year-on-year.  However, talking to the local estate agents, who probably have the best handle on what is really going on, it does appear that the Barbican housing market is getting back to normal after a temporary hiatus.  True there is the uncertainty of a general election, which will have taken place by the time you get to read this edition of Barbican Life, and the longer term impact of the Brexit negotiations to come, which will undoubtedly see fluctuations with the ebb and … [Read more...]

Uncertainty still reigns

It has become apparent from talking to our local Estate Agents that uncertainty about the potential for rises and falls in Barbican apartment purchase prices is continuing.  The froth has probably come off some properties on the market seen as overpriced and looking at movements in London house prices over the past year a significant part of the overall percentage decline, or weakening in advances – depends whose figures one takes - problem may well be the plus £925,000 homes which now attract a higher level of stamp duty (10%) – and there are/used to be an awfully large proportion of Barbican … [Read more...]

Barbican sales hangover but lettings positive

FLATWATCH - CHRISTMAS 2016 The property market still seems to be suffering a hangover from the aftermath of June’s Brexit vote, but to an extent the fallout has been mixed.  The sharp fall in the pound sterling is perhaps leading to some stronger interest from overseas, although the top end of the market has been depressed, but perhaps more due to the pre-Brexit vote stamp duty changes.  Even so, given all the uncertainties involved, Barbican prices appear to have been remarkably resilient so far.  The local estate agents are reporting some small price falls, while it is perhaps too early … [Read more...]

The Brexit Effect – Bust or Business As Usual?

Well, the Brexit vote is now behind us and, contrary to the doom and gloom merchants, the sky has not fallen in – at least not yet.  Indeed this seems to be the case across the economy.  Retail sales and Manufacturing have not slumped – indeed quite the opposite according to the latest figures - and even the pound is beginning to recover despite a seemingly hard line being taken by Theresa May’s Cabinet.  Tales of the UK’s economic demise appear as if they may have been greatly exaggerated. The Barbican is something of an always-in-demand micro-market so is perhaps less prone to serious … [Read more...]