The coming property crash?

Section:

Conclusions from Tuesday’s ‘The Steeple Times’ 12 Hay Hill debate on the London property market

 

On Tuesday 17th May, The Steeple Times hosted its second panel debate at 12 Hay Hill in Mayfair. A lively audience of fifty people quizzed a panel of four chaired by Jackie Branston and discussed the topic: “Is there a Dante’s Inferno coming for London’s property market?”

 

The panel and chair – From left to right: Genny Henderson, Andy Smith, Jackie Branston, Alan Miller and Nick Crayson

 

After drinks with 12 Hay Hill’s chief executive Simon Robinson and marketing and events manager Gabriella Torres-White, the assembled panel – which included property consulant and Crayson managing director Nick Crayson, interior designer and founder of The Room Company Genny Henderson, SCM Group co-founder and “Britain’s original hedge fund man” Alan Miller and luxury property agent and founder of 1st Asset Andy Smith – spent an hour in conversation with Jackie Branston and answered questions from those who had travelled from as far as Oxford, England and Melbourne, Australia.

 

Starting with a response to a question from Mayfair based Mark Norris of Merrick Real Estate on the effects of interest rates, Alan Miller announced he “was not personally bullish on the property market” and added “estate agents would say everything is going up forever”.

 

Nick Crayson responded to suggest: “London property prices have always been high in general” but cautioned with the idea that “you can’t talk about ‘London’ generally… Each area is its own animal and each behaves differently”.

 

Andy Smith took another view and argued that prime central London is not led by interest rates. He pointed out that 90% of top end purchases are made in cash and that there is no relativity at the top-end compared to the bottom end. Smith then moved the debate on and pointed out that though Kensington and Chelsea may be a long-term “best bet”, the market in such places as Kent and Birmingham is now rocketing as “London is hesitating”.

 

Genny Henderson, whose main clients are in Marylebone and Mayfair, noted that Savills in W1 had told her earlier in the day that they were “selling well at the top-end” and brought up the fears of what might happen as a result of BREXIT. The audience expressed mixed views on this and whilst one, Gina Miller, raised the prospect of the effects of banks moving their headquarters out of London, another, Penelope Bouchot Humbert instead blamed “George Osborne’s tinkering” as a factor that has dampened the market.

 

Moving on, Jackie Branston lamented “soulless London” and how so many longstanding businesses – such as Allen in Mount Street, Mayfair and Talisman in Ebury Street, Belgravia – have been forced to close due to soaring rents. Andy Smith pointed out that this is in part the fault of greedy landlords such as Cadogan and Grosvenor but property agent Mira Navi cautioned with a thought about the fact that 25 to 35 year olds now simply cannot afford to buy in Chelsea “as much as [she] enjoys the SW3 lifestyle”. As a result, with no lights on and nobody home (other than empty units bought by foreign investors), it is not surprising that businesses fail most agreed.

 

Taking this further, Alan Miller pointed out that only those on a salary of upwards of £87,000 could afford London’s average home price of £650,000 and though Andy Smith suggested this be compared to similar situations in Hong Kong and Singapore, the audience generally agreed with Nick Crayson that “the uber wealthy do skew the figures” with such purchases as £100 million penthouses in One Hyde Park.

 

A comment from barrister James Dove about how agents selling his mother’s home in Chiswick had told him “anti-money laundering legislation has virtually halted their business with foreign investors” surprised some. A fellow audience member from Zest Media – publishers of the Absolutely series of property-led titles – argued instead: “It is wrong to be resigned to London being dead, foreign money is coming into such places as Clapham and Islington now” whilst Andy Smith countered by suggesting “boundaries always move… It used to be Chelsea and then it was Fulham… People now look for value in places like Kent instead”.

 

The panel concluded by talking about short leases and whether agents needed to be licensed. Nick Crayson surprisingly went as far as to say “yes” to regulating the industry and suggested education of them and the public is required; Alan Miller offered something else: “People at the top aren’t currently buying, people at the bottom simply can’t afford to buy”.

 

Dante’s Inferno and a property crash, in conclusion, haven’t arrived yet in London and though it is unlikely either will anytime soon, here was a panel that agreed that something has got to give.

 

Pictures by Simon Ogilvie-Harris.

 

David Webb and Mark Norris
Mira Navi and Jackie Branston
Panel member Nick Crayson and guests
Alyssa Sherman and panel member Genny Henderson
Bhavna Ahluwalia and Matthew Steeples

 

 

Subscribe to our free once daily email newsletter here:

    Success! Thanks for Your Request.
    Error! Please Try Again.

     

    The Steeple Times
    We research and background check our articles. If you believe we have made and error in some detail please get in touch, we seek always to write the truth and stand against a press owned by a self selected few. Please help us, we will accept all your likes, subscriptions and anonymous suport. The Editor and his team at the Steeple Times.
    Advertisement

    5 COMMENTS

    1. London will always go up long-term but at the moment it is still sheer madness… Not as mad as two years ago but still utter lunacy.

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Advertisement

    £1 per week Supports The Steeple Times

    Help journalism to remain honest & independent. You can make a difference to the world today.

    2,783FansLike
    2,068FollowersFollow
    11,804FollowersFollow

    Subscribe For DAILY NEWS

    Please subscribe, like and share this unique site, it helps us tremendously. The Steeple Times in return will send you an email at noon each and everyday, that we sincerely hope you will enjoy & look forward to seeing in your inbox.

    AD
    Advertisement

    Recent and Popular

    A Pair of Privileged Pillocks – Lord Rothermere and Lady Victoria...

    As Lord Rothermere shows desperation in his bid to take the Daily Mail and General Trust private, he trips up by giving promotional pages to privileged pillocks like Lady Victoria Hervey.

    Ghislaine Maxwell – Abuse Victim To Abuser?

    Interview between Matthew Steeples and Shaun Attwood about Ghislaine Maxwell’s likely fate goes live just as John Sweeney and Kirby Sommers reference what she allegedly suffered as a child at the hands of her truly wicked father; did that turn her from abuse victim to abuser?

    (Un)Signed Ghislaine

    Crowdfunder for documentary supporting alleged mucky madam Ghislaine Maxwell fails to sign up a single supporter just as signs go up at her former home about filming and dog pee.

    Bosie – Stop Clowning Around

    Matthew Steeples suggests Boris Johnson needs to stop clowning around and tell the truth about his strategy to fight COVID-19 and Omicron this winter.

    Ghislaine Maxwell – A Genuinely Poisonous Apple

    References to Adam and Eve from Ghislaine Maxwell’s defence team ignore the fact she is a genuinely poisonous apple; references to Jeffrey Epstein being like James Bond are equally ludicrous suggests Matthew Steeples.

    Lowbrow Lindsay Lohan Reaches A New Low

    When you thought lowbrow loser Lindsay Lohan couldn’t go any lower, the ‘celebutard’ predictably delivers.

    Ghislaine Maxwell’s Day Of Destiny

    As Ghislaine Maxwell faces her day of destiny at the ‘trial of the century,’ her brother ridiculously claims their pension robbing father’s “reputation was trashed beyond belief” and announces of his sister: “This time, let’s bring this ship home.”

    Rolling With Karl Lagerfeld

    Three Rolls-Royces that belonged to the late designer Karl Lagerfeld to be auctioned by Sotheby’s; the eccentric never drove them himself.

    Over a Million Views

    Who REALLY is Omid Scobie?

    An examination of the true character traits of the Duchess of Sussex’s PR peddling biased ‘bestie’ Omid Scobie by Nikolay Kalinin.

    Justice for James Scurlock

    Power of social media proven after senseless killing of James Scurlock in Omaha, Nebraska allegedly by a controversial bar owner named Jake Gardner who has been photographed with Donald Trump.

    Moron of the Moment – Prince Harry

    With his marriage to the woman formerly known as Meghan Markle, Prince Harry has morphed into an utter bore   Prince Harry used to be a fun loving sort. He boozed, partied and enjoyed playing pranks. Now, having married ‘Murky Mucky Mendacious Meg,’ it seems those days are over.   Supposedly, according to...

    Scobie Orf!

    ‘MeGain’s’ bestie Omid Scobie deservedly gets slammed by ‘Yankee Wally’ Sadie Quinlan for getting her shut down on Twitter; this childish chap should now just ‘belt up, wrap up and shut up.’

    A Massive Media Maelstrom – McCann, Mandelson and Maxwell

    Matthew Steeples highlights how the ‘Mandelson Media Method’ is very much in play in both the case of the Prince Andrew-Jeffrey Epstein connection and the renewed interest in the Madeleine McCann disappearance.

    Moron of the Moment 2021 – Richard Madeley

    As the new Diana, Princess of Wales statue is mocked as looking like him, ‘Dorian Gray of Daytime Telly’ Richard Madeley pathetically claims he got PTSD due to worrying about his son’s wedding.

    Weather

    London
    clear sky
    2.7 ° C
    4 °
    1.2 °
    87 %
    0.5kmh
    0 %
    Tue
    7 °
    Wed
    7 °
    Thu
    7 °
    Fri
    6 °
    Sat
    5 °
    Exit mobile version