This week’s exclusive interview looks at the luxury property market in central London with Martin Bikhit, managing director of long-established estate agency Kay & Co.
Hi Martin, please tell us a little about yourself and Kay & Co.
We are a luxury London estate agency which specialises in the sales, letting, and building management of the capital’s finest and most exclusive properties and boutique new developments. We are a family-run business with two offices in the heart of central London, one in Bayswater and a second in Marylebone.
Kay & Co was founded by my father, Samuel Bikhit, 35 years ago and I have been working for the company for 20 years. I started from the bottom, working my way up to managing director.
We pride ourselves on our local knowledge and expertise, delivering the best advice and tailor-made solutions to our clients.
On the 35th anniversary of the company, and your own 20 years with it - what have been the biggest changes to the London property market in that time?
The way that purchasers search for property has changed considerably in the 35 years that we have been in business. When Kay & Co began, we didn’t have the internet, everything was done by fax or face to face. Now we reach out to a global audience through a digital and an online presence. The pace of London life has certainly increased, many of our clients will fly in for a few days to view properties, make a decision and then we handle the exchange of contracts via email and phone calls.
Are the new builds you market popular with particular types of buyer?
We specialise in the finest and best quality homes across prime London which appeal to wealthy individuals who seek a high-specification home with all the amenities and finishes expected in a luxury property.
The majority of our clients want a turnkey home which they can move straight into without having to do any renovation works so new build homes and newly renovated properties are highly popular with our clientele.
Do you have any striking new developments currently for sale?
We are offering exclusive apartments at 124 Marylebone, a stunning new development of 12 apartments on Seymour Place, W1H. The duplex penthouses are beautifully finished and have fantastic views across London.
We are also marketing a luxury development in Kensington Garden Square which are set within a Grade II listed building and look out onto one of London’s most exclusive garden squares.
We are very excited to be launching a new development at 295 Victoria in August, which will offer just 14 luxurious apartments all with private terraces available to rent.
How have Brexit, stamp duty and tax changes affected the buy-to-let market in prime London?
Brexit, stamp duty and tax changes have certainly had an effect, however, we are still seeing interest from investors looking to own a slice of London. New build homes or refurbished properties in prime London postcodes are a popular choice as they offer strong long-term capital growth.
Are some buyers wealthy enough to ignore the financial effects and just purchase the property they want regardless?
London will always be a global destination which draws a wealthy audience. The changes in the financial market has had a positive impact on London property as international buyers are taking advantage of the favourable exchange rate, which for many, eliminates the cost of stamp duty.
Are there ways that buy-to-let investors have changed their approach to make it a more financially viable transaction?
It’s about minimising voids – more people are understanding the importance of dressing a property and home staging to really increase its appeal and online click-through rate which is all important in this digital age. Prime central London rents have come off and there has certainly been an increase in supply so this can also mean taking a good offer but not holding out for that elusive great offer. Cost control is also essential which a good property manager can help implement through completive rates on repairs and general maintenance from regular suppliers.
What is your favourite prime London location and what is it about it that you find so appealing?
Village-style central locations such as Bayswater, Marylebone, Fitzrovia and Mayfair hold enduring appeal as they offer a real sense of community. We regularly take part in local events and charitable initiatives, garden parties, Christmas concerts and school events. We recently hosted the Montagu Square Garden Party and helped to raise £8,000 for the West London Day Centre which supports homelessness in London.
What's next for Kay & Co?
We have some exciting new properties launching soon including 295 Victoria, 14 new apartments in the heart of Victoria and two new luxurious penthouses by Merchant Land.
Looking to the future, we have a desire to grow the business and expand our building management offering, where we work for leaseholders and larger clients such as British Land.
For further information please visit www.kayandco.com