Camilla Dell, co-founder of London’s largest independent buying consultancy, Black Brick, on witnessing a changing buyers’ and sellers’ market and giving their clients an ‘unfair advantage’ in the capital.
Camilla, you co-founded Black Brick in 2007 as a start-up and it's since become London's largest independent buying consultancy. How have you achieved this?
Firstly, a lot of hard work! This combined with a fantastic team with a wide range of expertise. Between us we have over 80 years of combined experience and we have successfully acquired well in excess of £1 billion of property for clients since launching in 2007. We’ve also always stayed true to our vision to create a holistic and truly independent property consultancy company which is able to offer property buying, investing, managed sales, property management, rental search and a vacant property care service. We have a relentless approach to ensure that we give our clients what we call an ‘unfair advantage’.
Has the COVID-19 pandemic made London a buyer's market?
I think when lockdown first lifted we were all a bit in shock. No transactions had happened as the market had frozen and, understandably, buyers and sellers were nervous about what lay ahead. We did manage to successfully re-negotiate some deals that went on hold during lockdown, and achieved a more favourable (i.e. higher discount) for some of our clients, too.
However, in the weeks and months that passed it became evident that there was considerable demand, especially for family houses in key domestic markets such as Hampstead, Primrose Hill, St Johns Wood and in south-west London areas such as Wandsworth, Wimbledon and Barnes. The markets here are very competitive right now, with many houses selling for close to, if not full, asking price.
London is a complicated market. We are certainly seeing a buyers’ market for smaller one- and two-bedroom flats, particularly those with no outside space, but it’s more of a sellers’ market for family houses. With any transaction, it’s so important to take advice and remember that the selling agent is acting for the seller - not the buyer.
What's the most quirky property request you have had from a high net worth client over the years?
I think the most quirky request had to be for an older couple who had no children but had a pet Chihuahua dog. They had a very large budget – up to £10m, but the most important factor was that the flat had secure outside space for the dog. The whole search was really very centred around their dog which at the time I thought was quite bizarre, but now I am the proud owner of a ‘lockdown puppy’ so I can appreciate how a dog can take over your life! We ended up securing this couple the most wonderful apartment on Hyde Park Gardens, with its own private terrace and access to secure and very private communal gardens. A real gem of a property.
London has long attracted wealthy residents from across the globe, does it remain a top location for your international clients?
Yes. London is steeped in history and character. Many wealthy buyers are attracted to what we call the ‘London villages’ which have been revitalised in recent years. Prime examples include the Portman Estate with Marylebone High Street and the Cadogan Estate with Pavilion Road. Similarly, the Grosvenor Estate has identified Mount Street and North Audley street as ripe opportunities to create boutique village neighbourhoods. These areas feature newly exclusive boutiques and independent shops – whether that be a specialist butcher or independent coffee shop, which can draw on their own history and heritage to create truly individual areas.
Many of our clients continue to view owning a property in London as a safe haven asset and are also attracted to the UK’s leading schools, universities, talent pool, infrastructure and ease of doing business here.
How has COVID-19 changed the way you and your clients are able to view properties?
The embrace of new technologies such as virtual tours means that prospective buyers don’t need to visit properties for an initial viewing. There is no doubt that this will be a new fixture of the property market even after the pandemic. However, we need to be realistic – very few buyers will transact and purchase a property without actually having viewed it in person. Exceptions may be for off-plan and lower-value new build, or for an exceptionally good deal, but these are very much exceptions. What virtual tours do allow however is for buyers to get a really good feel for a property, making their visits to London far more productive when they do get here.
Are there any particular trends or interior designs that are proving most popular with property hunters at the moment?
It may sound obvious to say it, but naturally home offices are popular right now, as are larger gardens or basements which can be converted into working spaces. Added to that, home gyms are popular and cinema rooms – where clients are realising that they will be spending much more time at home, comfort and convenience is key. I also see sustainability featuring highly in the future – buyers will want their homes to be as ‘green’ as possible.
Do you think your clients will become more open to buying property outside of Prime Central London as more businesses adopt a flexible approach to homeworking, or will London retain its popular status?
London is iconic and it will always be our commercial, cultural and political hub. However, despite the government’s plea for workers to return to the office, this looks unlikely to happen any time soon, and certainly not in the pre-Covid sense. Goldman Sachs have asked all but essential staff not to return to the office until 2021 and most large corporates are planning for rotating ‘core days’ in the office.
Over the last six months, this group has enjoyed their escape to the Shires and taken stock of their working week. Those in their thirties, forties and fifties are seeing the benefits of spending more time with their families and less time commuting. As a result, we are seeing a significant spike in demand for what we are calling a ‘midweek pied-a-terre’ – a bolthole in the city for part-time commuters. As we move past the pandemic, many professionals are likely to come into central London for a couple of nights a week, getting what they need to get done and their dose of high-octane city life, and then retreating to their primary residence in the Home Counties or beyond. The areas we can expect to see this trend establish itself are those close to our financial and creative city-centre hubs such as Mayfair, Soho, Bayswater, Shoreditch and the Barbican.
Are there any new pockets of London that you've identified as becoming the next hotspots?
The domestic house market is performing strongly and specifically in areas which offer generous family homes in Dulwich, Barnes, Primrose Hill, Hampstead or Swiss Cottage. The competition for family homes in prime residential neighbourhoods, with gardens and within easy access to a park even pre-Covid was fierce, and now post-lockdown, we’re seeing this become even more prevalent.
What do you think your clients value most from the service your company provides?
We’re truly independent, which means we can give unfiltered, honest advice. We know the market intimately and have the contacts to get access to properties other agents don’t have access to. In the last year or so, we’ve seen ‘off-market’ sales skyrocket, at the end of 2019 this was 40% of our work.
And finally, what's next for Black Brick?
We’re focused on helping clients navigate the turbulent climate that we’re experiencing. We are confident that Prime Central London will remain resilient and a smart investment for the long-term, whilst making the most of inexpensive borrowing and record low interest rates coupled with good incentives such as the SDLT reduction.
Find retirement homes developments in London
Find affordable homes developments in London
Find luxury homes developments in London