St John's Wood Market Update - With Rosy Kalastchy of Beachamp Estate (2021)

Getting the word from the street from Rosy Kalastchy who has worked in the St John's Wood property market for over 3 decades.

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Transcript

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London property homes super prime, where you can find informative educational and entertaining content, covering all aspects of property. Hi, Rosie. Nice. Nice to see you. Thank you for having us. So we're visiting you today because we want to get an art market update of what's been going on in St. John's wort in the first quarter of 2021. So in the first quarter of 2021, what's been happening in St. John's Wood and the surrounding areas, has been that people have driven themselves towards our areas in order to get bigger spaces, gardens, more working space, they've moved out of flats, and apartments that have had no outside space to come to an area where they could buy a bigger house with more space. And how has the market let's say over the past three or four years from price perspective acted, and how has that changed in the past quarter. In the past quarter, the prices have changed quite a bit. We've seen a lot of activity in the area. The the general consensus has been that the prices have gone up by about 10%. And this mainly is because people have come to our area to get a bigger space bigger house. And in your opinion, has that mostly been? Well, obviously, for obvious reasons. It has been domestic but are you seeing a new profile? So you're actually seeing people who would traditionally Kensington, South Kensington Chelsea base moving here, or are they coming from further afield wanting to move back into London but keeping a bit more kind of I can't say suburban because we're in prime central London. But you know what I made. The profile of the buyer in the last quarter has been mainly domestic buyers. But they're not necessarily English buyers. They're just diverse communities that live throughout Central London, but have decided to come towards our area in order to feel a little bit able to buy something a little bit bigger and better. We've also seen lots of people wanting to downsize from bigger houses in Hampstead to St. John's Wood to flats, for example, we've got this block number ones and John's Wood, which is being built at the moment. And the response has been amazing. It could be because people are wanting to come from a large commitment further afield to something that they can have here with facilities. So there's been two types of profiles. There's a downsizing and then there's families that have wanted more space. So talking about number one St. John's word. Obviously, in the sort of Knightsbridge Chelsea Kensington area, we see a lot of these buildings with these facilities where you've got cinemas and gyms and concierge services. Is this kind of a first mover into into this kind of development for the area? Yes, once in John's Wood. The idea is it's emulating one Hyde Park. So it's the first of its kind in this area where you will be able to have concierge service, full facilities, dining facilities, club lounge facilities. This is a first we've had buildings where they've had a gym and a swimming pool. But this one has gone further afield far beyond what the others have. Yes, developments with kind of a lifestyle focus correct seem to be really, you know, the way forward, you see a lot of hotels that are putting their brand on, on development. So people can live that convenient life without all the overheads of actually paying for it individually correct. And they don't have to have a space that's as big as what they thought they needed to they could be in a small two bedroom flat but still be able to use the dining facility to invite 14 friends with a catering kitchen next door and have the food that they want. They could have the cinema for their friends or litres. It's kind of gives you the ability to have a smaller responsibility but still the ability to use all of all that you're used to. And what is your feeling about what's going to happen next? I mean, one agent was telling me that even though we saw a boost in the first quarter of the year, we've seen nothing yet because international travel hasn't started. How do you feel about that? Are you starting to see people getting impatient from abroad and being a bit more active about their interests? We're we're very positive about the next quarter. We have been speaking to a lot of the international buyers that we normally speak to and they are seriously considering coming and they are ready to spend money in London I think that we will probably see a an even more active market when the international buyers come in. It's interesting because when we had the Brexit vote, and everybody was trying to project what's going on in the market, you had all the big names predicting that in 2021. In 2022, we're going to start to see three to 4% increases. And then you'd think that with the pandemic, and with Brexit, that would have gone to zero, but actually, it's tripled, have the projections. And as London is London, you're not going to get a better place, in my view. And many, many international buyers feel the same way. It's got everything that somebody would want in terms of lifestyle in terms of where it is in the world, I think we're in the best place. And what would you say if somebody was asking you that, you know, we're looking at the St. John's wort market as a potential area to buy in or to invest in? What do you feel is going to be, you know, the projection for the next couple of years had, I think they'll do very well, because as we've got once in John's word, and we're seeing the response so, so fantastic. There will be a few other developments coming into St. John's Wood that will offer similar facilities and similar type of spaces, were just becoming more modern, more, you know, people will come here, it's it used to be a as an obstacle for people to come to this area, because they thought it was far they thought that it didn't have the kind of facilities that you have in Mayfair and Knightsbridge. But they're finding that actually, it's not that far, and you've got a lot of green spaces. And you know, you're going to now be able to get the type of property that you're used to in May for Knightsbridge. So they will come. So whereas traditionally, we saw a lot of international people who came to St. John's Wood came, mainly I suppose, for the American school, you're seeing that those reasons are evolving to wanting a better quality of home and more workspace. And, and, and the type of living that's maybe a little bit easier. The American School also now is not just for the Americans anymore, we have quite a few domestic people that do do go to the American school, they like the system, they like what the school offers, so that they widen their, their audiences as well. So I think, you know, I just think that St. John's wort is, is becoming like a very close vintagey, but really quite a lot to offer. So, and you feel that that sense of community changed, over locked down from what it used to be to help come definitely because before lockdown, people didn't really, they didn't really talk to each other in the streets. But when lockdown happened and they weren't going away, they're all in this area. They're not moving out of the area to see their friends. They became friends with the people in their area. And I mean, there's been quite a few new restaurants that have opened up and some John's work. It's become a little bit of a hub. And I think people feel that I think actually the atmosphere of everywhere with these outdoor terraces, and how they're taking over the parking spaces everywhere and putting these Yeah, it's so nice. It's really nice and it gives you a feeling of home. You know, you feel you belong in a place. Excellent. Is there anything that you want to share with us that we haven't covered? No, I think you've covered everything panels. Great. Okay. Thank you. Thank you so much for your time, and we look forward to talking to you again. Thank you so much going on to John's wort. Hope to see you soon. Thank you. Thanks for listening to the London property podcast, head over to London property.co.uk and subscribe to our newsletter to receive latest updates.