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There is currently a lot of talk about the frenetic housing market, with prices jumping as the stock of houses for sale dwindles. This is after the market has had a succession of hits over the years, and now Covid-19 has added to the situation. Owner of John Wilcox & Co in Addison Avenue, Simon Lindesay-Bethune, with over 40 years’ experience in property, explains: "Since the peak of the market in 2014, there have been successive setbacks which, one after the other, reduced the appetite to sell. 2014 saw the threat of a mansion tax and George Osbourne increased stamp duty to 12%, this was followed by the Brexit Referendum in 2016 and then Theresa May’s minority government in 2017. Brexit uncertainty ramped up as we went along until finally Boris Johnson won his overall majority in December 2019 when the market breathed a huge sigh of relief and confidence came back almost overnight, and then, of course, the pandemic struck and everything was put on hold.”
After a year of lockdowns the property market is beginning to return to normal and people see a much more positive picture. “Brexit uncertainty is now in the past, the vaccine roll-out has been a huge success and the Bank of England is projecting a stronger and quicker economic recovery than originally expected,” says Lindesay-Bethune (right) “There are lots of buyers looking and we currently have a classic supply squeeze with a massive shortage of good family houses which have the new post-lockdown shopping list of a decent garden, a proper home working area, as opposed to a corner of the dining room table and with a quiet environment.”
One of the lessons learnt during lockdown was that working from home is easier and more acceptable to employers than expected and will probably carry on for some time. Many people in Holland Park fled to the countryside and have subsequently decided that they no longer need the same lifestyle in London as before. Lindesay-Bethune says: “Over the last year, people have been able to change their lifestyle choices without changing their lifestyle. We have seen clients downsizing locally or even trading sideways to something slightly further out, like Brook Green, where they can get a similar sized house for half the money and then bank it or give it to the kids.”
John Wilcox & Co has sold four houses in St James Gardens since Christmas, all for this reason and all within a week or two. “Family houses with good gardens … are selling fast as long as they don’t have any unsolvable issues, the price is realistic and they are not on a major road,” says Lindesay-Bethune. “ If one of these comes to the market, we are seeing more and more competitive bidding and all from home-grown buyers. When the travel restrictions are lifted, we’ll see international buyers start looking again, which will only add to demand levels.”
Lindesay-Bethune says his job is more about people and relationships than property. “John Wilcox started the business in 1978. I bought it in 2006 and continued the theme of supporting the local community wherever possible. We are deeply embedded with our neighbours and the community in general. We support Norland Conservation Society, Rugby Portobello Trust, The Friends of Holland Park and even a local choir. Over the years, we’ve almost become part of the fabric of Holland Park and our goal remains to add value to our clients whenever we can by drawing on our vast wealth of experience and in-depth market knowledge. We only give absolutely realistic advice and we always protect our clients’ interests.
"It’s all about people and I love that, the relationship is everything. I have been advising some families for 20 or even 30 years and buying or selling for them for two or even three generations. It is wonderful to achieve that level of trust and then to be able to solve their property problems, whatever they are."
