Diary of an Agent: Hina Bhudia and Daniel Fairbairn

As part of Knight Frank Finance, Hina Bhudia (HB) advises a wide range of clients, from first time buyers to ultra high-net-worth (UHNW) clients looking to purchase family home.

Daniel Fairbairn (DF) joined Knight Frank in 2018 and is a Senior Lettings Negotiator in the Islington office. He covers studio flats to penthouses and large houses.

Tell me about your role.

HB – Knight Frank Finance is part of the Knight Frank business but operates as an independent broker. There’s a team of more than 30 brokers plus support staff based at Baker Street, London. Typically, each broker has an assigned location. I’m unusual in that I look after Belgravia and Kensington but also Knight Frank’s Private Office, which deals with UHNW individuals.

DF – I’m part of a team of three dealing with £250 per week one-bed flats up to £2,500 luxury lets, although these are rare. The area itself is arguably one of the closest residential pockets to the City of London, consisting of Georgian and Victorian-era homes and some new build.

What level of demand are you seeing in the market at present?

HB - We’ve never been busier. While it never stopped during lockdown, as soon as the taps were turned back on with the reopening of the market the buyers have just kept coming. Knight Frank’s agency side is busy, so due to referrals, we are busy.

DF - Demand has been good. We were crazy busy in June; it’s probably the busiest I have ever been in my life.

What changes have you seen in the market since lockdown?

HB – The market is tougher now as lenders have tightened up regarding who they will lend to. We’re seeing demand from across the spectrum, but while interest rates are historically low many lenders have stepped back from high loan-to-value deals and those without guaranteed income such as freelancers. I’ve been very busy with high-end transactions due to my role with the Private Office.

DF – None of the corporates have returned to the City yet. This means there are no international corporate relocations at present, which we’d typically find a let for. We would also be building up to student season this month but that’s been delayed due to the uncertainty about when the new academic term will begin. This has been offset to a degree by those at banks and law firms securing good rental deals now knowing they will be commuting to work. There are also people looking for outdoor space or to trade up in size following lockdown.

What’s the biggest challenge you face?

HB - The inability to build up a relationship with a client by meeting them. The simple things that I took for granted, such as shaking their hand and having a coffee with them are gone for now. I’m closing some big deals in my role and that’s a challenge when you haven’t met a person face to face. A Zoom call is simply not the same.

DF – The biggest challenge has been reassuring people that they can still move. Initially there were a lot of questions about how things would proceed and how repairs could be done during lockdown. I have spent, and continue to spend, a lot of time advising both tenants and landlords.

Has anything surprised you about the market post-lockdown?

HB - I think the biggest surprise has been everyone’s ability to transition and continue to work as they did in the office. Initially I thought ‘how am I going to be able to manage that from home?’ But we have coped with it so well at Knight Frank.

DF - The resilience of people, of the country, has surprised me. If you asked me two months ago that we would be back, doing this job with this level of normality, I’d have said I couldn’t see it happening.

What will you personally take away from this exceptional period?

HB - My personal ability to adapt. I didn’t think I’d be as successful as we went into lockdown but I’ve surprised myself and remained very busy.

DF – To slow down. Life is quite fast and there’s value in taking a second to stop and take a step back. That helps you recognise what really matter.

What are your expectations for the remainder of the year?

HB - We don’t know when we will fully return to work. So, it’s important to keep your head strong, and take lots of physical activity. Despite the exceptional situation, we are going to have a great year at one of the best agencies.

DF - My feelings are that once international travel recovers and the corporates and universities set return dates, there will be a release of pent-up demand, similar to what we saw after the political uncertainty around Brexit was settled by last year’s general election.