Tue Mar 28, 2017 London
X

What is Lorem Ipsum?
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Why do we use it?
It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout. The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters, as opposed to using 'Content here, content here', making it look like readable English. Many desktop publishing packages and web page editors now use Lorem Ipsum as their default model text, and a search for 'lorem ipsum' will uncover many web sites still in their infancy. Various versions have evolved over the years, sometimes by accident, sometimes on purpose (injected humour and the like).

Where can I get some?
There are many variations of passages of Lorem Ipsum available, but the majority have suffered alteration in some form, by injected humour, or randomised words which don't look even slightly believable. If you are going to use a passage of Lorem Ipsum, you need to be sure there isn't anything embarrassing hidden in the middle of text. All the Lorem Ipsum generators on the Internet tend to repeat predefined chunks as necessary, making this the first true generator on the Internet. It uses a dictionary of over 200 Latin words, combined with a handful of model sentence structures, to generate Lorem Ipsum which looks reasonable. The generated Lorem Ipsum is therefore always free from repetition, injected humour, or non-characteristic words etc.

EDITORIAL

Editorial comment from Matthew Steeples Our editor tells it like it is and he rarely minces his words

The coming property crash?

Conclusions from Tuesday’s ‘The Steeple Times’ 12 Hay Hill debate on the London property market

 

On Tuesday 17th May, The Steeple Times hosted its second panel debate at 12 Hay Hill in Mayfair. A lively audience of fifty people quizzed a panel of four chaired by Jackie Branston and discussed the topic: “Is there a Dante’s Inferno coming for London’s property market?”

 

The coming property crash? The Steeple Times debate: Is there a Dante’s Inferno coming for London’s property market? – 17th May 2016 at 12 Hay Hill, Mayfair, London, W1 – Nick Crayson, Crayson; Genny Henderson, The Room Company; Alan Miller, SCM Group and Andy Smith, 1st Asset – Chaired by Jackie Branston
The panel and chair – From left to right: Genny Henderson, Andy Smith, Jackie Branston, Alan Miller and Nick Crayson

 

After drinks with 12 Hay Hill’s chief executive Simon Robinson and marketing and events manager Gabriella Torres-White, the assembled panel – which included property consulant and Crayson managing director Nick Crayson, interior designer and founder of The Room Company Genny Henderson, SCM Group co-founder and “Britain’s original hedge fund man” Alan Miller and luxury property agent and founder of 1st Asset Andy Smith – spent an hour in conversation with Jackie Branston and answered questions from those who had travelled from as far as Oxford, England and Melbourne, Australia.

 

Starting with a response to a question from Mayfair based Mark Norris of Merrick Real Estate on the effects of interest rates, Alan Miller announced he “was not personally bullish on the property market” and added “estate agents would say everything is going up forever”.

 

Nick Crayson responded to suggest: “London property prices have always been high in general” but cautioned with the idea that “you can’t talk about ‘London’ generally… Each area is its own animal and each behaves differently”.

 

Andy Smith took another view and argued that prime central London is not led by interest rates. He pointed out that 90% of top end purchases are made in cash and that there is no relativity at the top-end compared to the bottom end. Smith then moved the debate on and pointed out that though Kensington and Chelsea may be a long-term “best bet”, the market in such places as Kent and Birmingham is now rocketing as “London is hesitating”.

 

Genny Henderson, whose main clients are in Marylebone and Mayfair, noted that Savills in W1 had told her earlier in the day that they were “selling well at the top-end” and brought up the fears of what might happen as a result of BREXIT. The audience expressed mixed views on this and whilst one, Gina Miller, raised the prospect of the effects of banks moving their headquarters out of London, another, Penelope Bouchot Humbert instead blamed “George Osborne’s tinkering” as a factor that has dampened the market.

 

Moving on, Jackie Branston lamented “soulless London” and how so many longstanding businesses – such as Allen in Mount Street, Mayfair and Talisman in Ebury Street, Belgravia – have been forced to close due to soaring rents. Andy Smith pointed out that this is in part the fault of greedy landlords such as Cadogan and Grosvenor but property agent Mira Navi cautioned with a thought about the fact that 25 to 35 year olds now simply cannot afford to buy in Chelsea “as much as [she] enjoys the SW3 lifestyle”. As a result, with no lights on and nobody home (other than empty units bought by foreign investors), it is not surprising that businesses fail most agreed.

 

Taking this further, Alan Miller pointed out that only those on a salary of upwards of £87,000 could afford London’s average home price of £650,000 and though Andy Smith suggested this be compared to similar situations in Hong Kong and Singapore, the audience generally agreed with Nick Crayson that “the uber wealthy do skew the figures” with such purchases as £100 million penthouses in One Hyde Park.

 

A comment from barrister James Dove about how agents selling his mother’s home in Chiswick had told him “anti-money laundering legislation has virtually halted their business with foreign investors” surprised some. A fellow audience member from Zest Media – publishers of the Absolutely series of property-led titles – argued instead: “It is wrong to be resigned to London being dead, foreign money is coming into such places as Clapham and Islington now” whilst Andy Smith countered by suggesting “boundaries always move… It used to be Chelsea and then it was Fulham… People now look for value in places like Kent instead”.

 

The panel concluded by talking about short leases and whether agents needed to be licensed. Nick Crayson surprisingly went as far as to say “yes” to regulating the industry and suggested education of them and the public is required; Alan Miller offered something else: “People at the top aren’t currently buying, people at the bottom simply can’t afford to buy”.

 

Dante’s Inferno and a property crash, in conclusion, haven’t arrived yet in London and though it is unlikely either will anytime soon, here was a panel that agreed that something has got to give.

 

Pictures by Simon Ogilvie-Harris.

 

The coming property crash? The Steeple Times debate: Is there a Dante’s Inferno coming for London’s property market? – 17th May 2016 at 12 Hay Hill, Mayfair, London, W1 – Nick Crayson, Crayson; Genny Henderson, The Room Company; Alan Miller, SCM Group and Andy Smith, 1st Asset – Chaired by Jackie Branston
David Webb and Mark Norris
The coming property crash? The Steeple Times debate: Is there a Dante’s Inferno coming for London’s property market? – 17th May 2016 at 12 Hay Hill, Mayfair, London, W1 – Nick Crayson, Crayson; Genny Henderson, The Room Company; Alan Miller, SCM Group and Andy Smith, 1st Asset – Chaired by Jackie Branston
Mira Navi and Jackie Branston
The coming property crash? The Steeple Times debate: Is there a Dante’s Inferno coming for London’s property market? – 17th May 2016 at 12 Hay Hill, Mayfair, London, W1 – Nick Crayson, Crayson; Genny Henderson, The Room Company; Alan Miller, SCM Group and Andy Smith, 1st Asset – Chaired by Jackie Branston
Panel member Nick Crayson and guests
The coming property crash? The Steeple Times debate: Is there a Dante’s Inferno coming for London’s property market? – 17th May 2016 at 12 Hay Hill, Mayfair, London, W1 – Nick Crayson, Crayson; Genny Henderson, The Room Company; Alan Miller, SCM Group and Andy Smith, 1st Asset – Chaired by Jackie Branston
Alyssa Sherman and panel member Genny Henderson
The coming property crash? The Steeple Times debate: Is there a Dante’s Inferno coming for London’s property market? – 17th May 2016 at 12 Hay Hill, Mayfair, London, W1 – Nick Crayson, Crayson; Genny Henderson, The Room Company; Alan Miller, SCM Group and Andy Smith, 1st Asset – Chaired by Jackie Branston
Bhavna Ahluwalia and Matthew Steeples

 

 

Subscribe to our free once daily email newsletter here:[wysija_form id=”1″]

 

Comments

5 comments on “The coming property crash?”

  1. There was nothing to stop “young people” turning up, I am sure plenty of them were invited.

  2. London will always go up long-term but at the moment it is still sheer madness… Not as mad as two years ago but still utter lunacy.

  3. Should never be allowed to go up years ago, buy to let and right to buy, big mistakes, so many people now eill never be able to buy,

Leave a Reply

Your email address will not be published. Required fields are marked *