As the dust settles on Wednesday’s Budget, we sense that Rachel Reeves may just have found a middle ground between her party’s ideology and the reality that wealthy families (domestic and international), private equity principals and pioneering entrepreneurs are a vital life source for the future growth of the country. For now, our view – and having consulted in the last 48 hours with the very best amongst the private client advisor community –...

As interest and mortgage rates begin their descent, the UK mainstream market is steadily showing signs of growth following the short-lived - but damaging - Truss mini-era. However, for London’s prime/super-prime central markets there is still one more political hurdle to come: Labour’s first Budget on Wednesday 30 October. The UK Prime Minister has warned that “it's going to be painful” and “those with the broadest shoulders should bear the...

Following yesterday’s general election, the Conservative Party’s turbulent 14-year reign has come to a dramatic but much predicted end. The Labour Party will now form the next UK Government with an historic majority of MPs and, later today, Sir Keir Starmer will become the UK’s 58th Prime Minister. For the first time in over 800 years, the UK will also have its first female Chancellor of the Exchequer in Rachel Reeves. Reeves has put economic...

Amidst considerable global uncertainty, and in anticipation of a domestic general election, we have noticed a trend emerge at the upper end of the central London market whereby buyers are seeking comfort from the herd before bidding for even the best homes. We have been struck in recent months by how many properties have been available for sale for far longer than usual, only to then trade fast and competitively in a ‘best bids’ process once...

Sophie and I have now been writing our Buyside updates for over 12 years. We made a promise from the outset to always be honest, to steadfastly represent the buyer’s perspective and to never sell the market. The challenging part has often been agreeing what to write as, truth be told, the Super Prime market dynamics haven’t changed dramatically in recent times, despite us having witnessed many unthinkable events globally and many-an-upset on...

  Celebrating London's resilience With mounting geopolitical tensions and an unprecedented wave of international elections in the year ahead, there is a collective sense of anxiety about the global landscape and future. At the same moment, a gradual alignment of authoritarian powers and a wider tilt to nationalist and far right populists is challenging the world order, and presenting an existential threat to democratic life. Our sense of...

On Thanksgiving, we think of our American clients, friends, colleagues and peers as they celebrate with loved ones across the city. Many Americans gathered at St Paul’s Cathedral today for its annual Thanksgiving Day service, which has been held since the dedication of the American Memorial Chapel in 1958. “This emblematic memorial in one of Britain’s most iconic buildings stands as a symbol of hope and the bond of friendship between Great...

Cadogan’s current redevelopment of Sloane Street – a significant project set to transform the Chelsea thoroughfare – is due to be completed at the end of 2024. The adaptation, approach and ability of London’s landed estates – notably Cadogan, Grosvenor, Howard de Walden, Portman and The Crown - to contribute meaningfully to the infrastructure, vision and development of their local communities make them a vital presence within the fabric of...

With a scintilla of good news in July’s inflation figures, the UK’s mainstream residential property market may just breathe a sigh of relief over the summer months. If the Bank of England decides to raise its base rate by only 25bps in August and September, and then pauses for the remainder of the year, UK mortgaged households may feel they can ride out the current interest rate storm.  With commentators predicting rates could start to fall as...

We welcome the recent re-opening of George in Mayfair, which has long been enjoyed as a favoured breakfast meeting spot for the firm’s founders Richard and Sophie. Sharing news and discussing ideas within the art-decked walls of George’s formal but intimate setting has been a regular part of RFR’s weekly rhythm. Alongside Mark’s Club, Annabel’s, Harry’s Bar and the Bath & Racquets Club, George makes up one fifth of The Birley Clubs group,...

As the year opened, and with the political turbulence of the short-lived Truss era behind us, we anticipated that 2023 would signal the birth of a new, benign, and possibly ever-so-slightly boring ‘normal’.    The ship had been steadied, the FTSE had passed 8,000 and even the OBR thought the outlook had “brightened somewhat”, with the UK set to avoid a deep and prolonged recession.  Economic headwinds suggested that the market would not see the...

With the opening of tech giant Apple's headquarters in Battersea Power Station early this year and Google's new head office set to open in King's Cross next year, we take a look at other significant headquarters across the capital. Spanning spheres of tech, finance, science, fashion and media, these global presences position the city as a leading player, infusing London’s vibrant streets with innovation and inspiration. Apple    Designed by...

If a week is a long time in politics, then a year must feel like a lifetime to many economists.  In this edition of The Buyside, we will try to make sense of what the current political and economic landscape means for London’s prime residential markets in the months and years ahead. Rates   In November 2021, Capital Economics was calmly predicting that Bank of England interest rates (the ‘Bank Rate’) would not rise above 0.5% before at least...

We culminate a collective period of mourning across London, the nation and globe, by reflecting on Queen Elizabeth’s interaction with the special properties that she called home before and during her long and devoted reign. In 2017, the Queen herself remarked that: "we think of our homes as places of warmth, familiarity, and love; of shared stories and memories. There is a timeless simplicity to the pull of home". From Clarence House to...

RFR remains one of very few advisory firms focused solely on advising buyers in London’s prime and super prime residential markets. We have never sold property and have no intention of ever doing so. With no market to make, we channel a unique, independent perspective giving our view from the ground alongside our analysis of wider market commentary. War and Geo-Politics  In the current circumstances, it would be impossible not to reflect on the...

As we enter the final quarter of 2021, RFR’s Autumn Market Report looks at the activity of London’s prime and super prime markets in our evaluation of the year to date. We investigate interesting themes in the market place, as well as explore projections for 2022 and beyond. We are excited to present our second video update of the year, and hope you enjoy sharing the insights discussed as much as we enjoyed collating and capturing them.  The...

A year on from the start of Covid, our Spring Market Update looks at the state of London’s Prime and Super Prime residential property markets. We consider the impact of Covid-19 and lockdowns and share our outlook for the year ahead. We are excited to bring you our first video update and hope you enjoy some of the stunning shots of London as the sun returns and restrictions begin to ease.    The Spring Market Update is presented by Richard...

None of us could have foreseen the resilience shown by the prime/super prime London residential markets in 2020. Property elbowed its way to the top of the personal agenda and, for wealthier Londoners, a move to a home more conducive to lockdown life became a priority. It is too early for us to tell whether the market will rally as fervently in 2021. The agreed trade deal with the EU has certainly helped to settle nerves and the successful roll...

As we emerged from lockdown in late May this year, we would have been brave to predict the levels of activity that the prime and super prime London markets have enjoyed over these remarkable summer months. So, encouraged by recent events, and notwithstanding the grim economic outlook, Savills revised their mainstream residential market forecasts upwards this week to reflect a likely rise of 4% in values in 2020 and an overall 20% total growth...

With the government taking an understandably cautious approach to easing the lockdown, few in the property industry expected yesterday’s decision to lift restrictions on buying, selling and renting residential property.  Within the ranks of lawyers, agents, surveyors and other participants in the Prime and Super Prime markets, there is a palpable frisson; a mixture of excitement and trepidation as we ‘return to school’.     Most people we...