Mews on the news: ITV’s Tonight takes a tour with Lurot Brand
In an appearance on ITV’s “Tonight” documentary series entitled “Brexit: What’s your house worth?”, James Robinson, General Manager of London estate agent Lurot Brand, has advised that another dramatic “take off” for the capital’s property prices is unlikely to happen in the short term as a result of the Brexit vote.
The programme, which was broadcast on 28th July, gathered together property experts from housing associations, urban and provincial estate agents and construction companies, inviting them to predict ways in which Brexit might affect the property market. The documentary also focused on prospective house buyers who were either unable to afford a house or holding back because of the uncertainty resulting from the referendum decision.
As specialists in mews properties, Lurot Brand was invited to comment on recent adjustments to the London property market. Showing presenter Jonathan Maitland round an extensively refurbished 3-bedroom townhouse in Bayswater, James Robinson said that although “more and more” foreign investors were showing interest in purchasing London property, sellers’ expectations were now more realistic.
“There was definitely a great deal of optimism that we could just get on with life and see another ‘take off’”, he explained. “It’s a reality check to some buyers who were asking very high prices: now the expectation of getting that sort of ‘lottery win’ is gently receding.”
There was an unexpected moment of humour during the interview, when it became clear that the recent heatwave had affected plants growing inside a spectacular vertical planter. As Jonathan Maitland stepped outside he commented: “There are plants here: albeit dead”. James Robinson quickly retorted that the £3 million house offered “an opportunity to grow a living wall”, causing the presenter to laugh and reply “I get it”.
Following the broadcast, James Robinson commented: “The evidence shows that asking prices, which have been way too high, are now dropping. The actual selling prices, however, are not. To sell on this market your asking price needs to be within 5% of the property’s true market value. Asking more is simply a decision not to sell.”
Lurot Brand has a fantastic portfolio of mews properties, available to buy or to let, so if you are looking to buy a mews house or rent a mews property in one of London’s most exclusive neighbourhoods, we are always happy to advise. Call us today for more information.