Diary of an Agent: Caroline Foord and Hamish Humfrey

Caroline Foord (CF) is office head in Notting Hill, London, and Hamish Humfrey (HH) is part of Knight Frank’s Country Department covering the South West.

What’s happened since the market reopened in May?

CF – I was amazed at how quickly we came out of the blocks. Initially the mid to lower market sector recovered quickest, but the family house market has come back strongly since. We are busy - some properties are generating competitive bidding - and it’s looking like we will have a strong run into Christmas.

HH – We’ve been very busy as this year’s sales have been compressed into a smaller window. While not every property has flown off the shelf, we have had a strong period and some properties that had sat on the market for a few years have sold post-lockdown, sometimes attracting competitive bidding.

What do you put this down to?

CF – People had a chance to re-examine their lifestyles during lockdown, and in some cases decided to prioritise family life. There has been a subtle shift to a longer-term mindset, with fewer buyers obsessing about the property’s short-term price performance. They are buying a home, first and foremost.

HH - The West Country still offers value for money and the travel connections are good. An increase in the amount of people working from home was coming, and the pandemic has accelerated this trend. While it’s dependent on the industry you work in, there is going to be far more of a blend of office and home working in the future. That’s opened areas such as Dorset and Somerset up to buyers and seen properties sell that were previously overlooked due to their location.

How has the escape to the country trend affected you?

CF – Notting Hill once encompassed a racecourse, and its subsequent 19th-century redevelopment left it with 16 large communal gardens. Many of the properties we sell have access to these gardens and provide a taste of country living in London. This, and access to nearby Holland Park and Kensington Gardens, means that the area has maintained its appeal even as people have looked for more space and greenery. Apartments that don’t have a second bedroom to work from or outdoor space are taking longer to sell at present, though.

HH – We’ve seen a lot more buyers from London, and it’s been a younger demographic as people have taken the decision to move out of the capital slightly sooner than they would have done. There’s been strong demand for second homes, especially in the Waterfront market, and while there has been an influx of Londoners we’ve had interest from the South East, Midlands and ex-pat community.

Has the stamp duty holiday proved useful?

CF - It certainly has, although more so towards the mid-lower end of the price range as it becomes less of a factor in higher price bands. One thing that is a topic of conversation is the 2% surcharge that’s due from April of next year. There’s pent-up demand as international buyers can’t get over to London at present due to travel restrictions, and the window to act is narrowing. While it’s not welcome, I don’t think it will stop people buying in London as purchasing a property here will remain globally competitive.

Does pricing remain key?

HH - Prices have held up well, with upward pressure on certain types, such as waterfront, where supply is limited. Buyers will not overpay but they know that to secure the property they want they must make an offer at the right level.

What are your thoughts on London after Covid?

CF – London remains a world-class city that has historically outperformed the UK property market. It also offers some of the best education and culture globally, as well as stability. Nothing has changed in that respect, and we will see more international activity once travel restrictions are eased.

Is it still a good time to sell?

CF - The agency rulebook has been ripped up this year and while traditionally I’d advise against putting something on the market in the run-up to Christmas that’s not necessarily the case this year. While some clients are considering holding on until the spring as they expect the second quarter to be stronger buoyed by the news of the Covid-19 vaccines, I’d argue a ‘bird in the hand is worth two in the bush’, and with the market showing resilience now is the time to act.

HH – I deal with a lot of waterfront property and usually in the winter people aren’t as motivated to sell or buy. But this year’s seasonality hasn’t been as pronounced. There’s still a lot of interest with things going under offer and while we would traditionally have recommended a private sale at this time of year, in 2020 we are saying there is still an opportunity to be had on the open market. There are plenty of buyers that lost out in the initial surge after lockdown ended in May that are still in the market.