Diary of an agent: Hugh Dixon and Jamie Robson

Hugh Dixon (HD, pictured left) is part of Knight Frank’s Private Office and a Global Wealth Ambassador for China, specialising in next generation wealth and the film and media sectors. Jamie Robson (JR, pictured right) covers prime sales in the Midlands and the Cotswolds.

As we leave lockdown, what impact has Covid had on the residential property market?

JR – With the arrival of Covid and successive lockdowns, those in London that had been planning a move away from the capital in the next five years brought their plans forward.

HD – In the first lockdown we had a lot of requests for country rentals as people looked for boltholes. This has evolved during the pandemic for requests for a place in the country with great work from home areas.

What do you think the long-term impact of these changes will be?

JR - Suddenly a house in the Cotswolds with a few acres of land is what everyone wants. Such was the demand at the start of the pandemic that we even sold a house with a guide price of £3m without a viewing. It’s left stock levels low.

HD - Individuals and businesses have been forced to adapt. Many buyers have realised that they won’t need to commute five days a week, and due to this they are comfortable with moving further away from London to gain more space.

Supply has tightened in recent months. Is it increasing?

JR – In the Cotswolds we don’t get a huge number of houses coming to market each year even in normal times. The market is hot now, and while some sellers could realistically expect to achieve a premium if they sold, few in the Cotswolds want to as they are happy and settled.

HD - We’re going to see a real uptick in the next few weeks but it’s tight currently. I had some great buyers looking to purchase recently in London and it’s been a struggle to find something. There’s a fair bit of activity happening off-market at present consequently, with approaches to owners of suitable properties being made.

Do you think the escape to the country trend is over?

JR - Absolutely not. Between £2m to £8m there remains very strong demand, predominantly from English buyers coming out of London. There’s also strong demand for second homes, and with the adoption of working from home, an increasing amount of country properties are replacing London homes as primary residences.

HD - I would travel to China frequently before the pandemic. Despite current travel restrictions, interest from Chinese buyers in the North Surrey area remains strong. I’ve had plenty of early morning calls to keep individuals and families apprised of opportunities ahead of international flights resuming.

But London’s on the way back?

HD - The pandemic has confirmed London’s status as a leading wealth centre and the success of the UK vaccination programme has had a halo effect in terms of its international reputation. Although we have the non-resident surcharge in place now the cost of purchase in the UK compared with other international markets remains competitive.

What’s your expectation of the next few months?

JR – The third lockdown delayed the spring market and therefore stock has been slower coming to market than normal this year, which has delayed the process. Traditionally we are busy from the spring through to August in the country market but this year I can see activity remaining high through to October.

HD – The UK’s stable economy, and vaccination success, means it remains a place people want to invest. We’ve seen lots of interests from young entrepreneurs, including those operating in areas such as Fintech, that are looking to expand and London remains a popular choice. The international market has looked again at London and they like the business opportunities it offers, its standard of living and world class education.

Banner photo by Ivy Barn on Unsplash