PR: How did you get into the property industry and what is your current role within it?
EA: I started my property career as an estate agent in Notting Hill, before moving on to work for a property investment fund based in Chelsea. During this time, dealing with prime central London property and high net worth buyers, I realised my strengths lay in identifying on and off-market property deals and I noticed a gap in the market for a niche buying and investment service, so the idea to launch Aldersley London was born.
Aldersley London offers a service to buyers looking within prime central London - generally upwards of £5million. We work with and on behalf of individuals both locally and overseas who want to purchase property – either for personal requirements or as an investment or development opportunity, for the best price possible. Ultimately, we work for the buyers, not the sellers (unlike an estate agent).
Our service is a huge benefit to our clients for a number of reasons. Firstly, we know and understand the prime central London property market extremely well so we are able to identify property in the right location and at the right price.
Secondly, our service enables our clients to be relatively hands-off, which is a particular need for those who are time-poor. Furthermore, it extends beyond buying, to property development and design. Our clients can be assured that if they purchase a property that requires extensive renovation, we will take the reins and produce a finished home for them that’s ready to be moved into.
Finally, and most importantly, our service offers anonymity throughout the buying process where otherwise a client’s buying position may mean that they would be over-charged an unnecessary premium by an agent or seller. We work on behalf of a number of high profile business-people, celebrities and premiership footballers whose prominence alone can make buying a property at the right price difficult.
PR: The impending hike in foreign buyer stamp duty tax is due to kick in in April, the stamp duty holiday (should it not be extended) will also end around the same time. How are things on the front line at the moment?
EA: At the moment, due to the pandemic, there are less foreign buyers in the country and within Prime central London in particular. Whilst people are still buying online – we recently completed on a property purchase with a private client who was based overseas throughout the pandemic, for whom we conducted the viewing and meetings via video-link – right now there are fewer buyers for prime property in the market, and so there is less competition. So what we have in London is a buyers’ market. Regardless of whether Stamp Duty is increased or not, because you currently have the opportunity with less competition and, when buying through us, purchasing below market value, you’d still make a saving.
PR: Has the pandemic had an impact on business in any way, what changes have you seen with regards to the way people are investing?
EA: Generally, we’re seeing people buying prime London property for investment or development purposes more so than purchasing for personal requirements. So, whilst we’ve seen a trend for people upsizing their homes across the rest of the UK during the pandemic, these buyers are within that niche of people who don’t necessarily need to upsize and don’t need to wait for a stamp duty holiday to be able to move. Instead, they’re buying because right now they can purchase at the best price possible, taking advantage of the dip and when the market starts to rise again, they know that the price of their investment is likely to as well – far faster (and more secure) than many other investment assets. We call this the “smart money” - buying now.
PR: What do you predict the biggest challenges will be for HNWIs over the next twelve months?
EA: As we start to emerge from what we hope will be our “final lockdown”, we will see many more buyers begin to return to London, which will mean increased competition, potentially bidding wars and sealed bid scenarios. Thus, getting a great deal then will become much more difficult than it currently is. Rather than a buyers’ market, London is likely to become a sellers’ market once again and it will be harder for investors to purchase property at an attractive value.
PR: Aside from wealth, what would you say are the main differences between HNWI and everyone else?
EA: The main differences lie between want and need. HNWIs tend to look at property from a different angle, with fewer compromises simply because they can better afford to. They may buy a prime property in which to live, and whilst the reason will be because it feels like the best property for them at the price they want to pay at the time, many of them will also buy because of the capital growth factor over the years to come. They look at this property as not only a place for them to live or use personally but also knowing that their investment will ultimately increase significantly in value if they decide to sell later down the line.
Whilst you could argue that most homeowners consider this, most ‘ordinary’ buyers choose a property based on need and what their budget dictates – they’re far more likely to be making compromises on one factor or another whether it’s a home or an investment they’re buying.
PR: What property-related headline would you most like to read this year?
EA: “London’s Prime Property Market Prices Surge Post-Lockdown”
And if that is to come true, then those in the market want to be buying now and selling later.
