The Race For Space & Super Prime Property Management Services
Over the past year, we’ve all learned to co-exist under the same roof. Home has become work, and work has become home. Plus, in peak lockdown, we’ve all really understood the importance of gardens, patios and roof terraces. This means people are starting to look for more space in a house, and, because they’re always at home, they want to get expert super prime property management services to look after that extra space properly.
As this change takes place in the market, we take a look at research from Ludgrove Property covering how sales values for houses and flats in the prime areas of Central London have changed over the course of 2020 as well as what premium buyers were willing to pay.
Price Growth of Houses Vs Flats
The table below shows the price growth of houses versus flats over the course of 2020 across Prime Central London, Prime London and Prime Fringe London. For obvious reasons houses significantly outperformed flats, with PCL flats being the worst performer as the international travel ban, a lack of overseas students and the obliteration of the short-let/AirBNB market took its toll.
Unsurprisingly it was Prime London houses that performed the best with more leafy areas such as St John’s Wood, Hampstead and Notting Hill performing particularly well:
The Premium For PCL Houses Almost Doubled in 2020
It’s also interesting to look at how much more PCL buyers are prepared to pay for houses over flats and what this looks like in a historical perspective. The chart below shows the premium paid for houses over flats since 2014 and compares it to 2020. In the 6 years prior to 2020 buyers pretty consistently paid around a 10% premium for a PCL house versus a flat. In 2020 this premium almost doubled to 18%:
With More Space Comes More Super Prime Property Management Services
With this need for space comes the need for expert super-prime property management services. At Bold & Reeves, we noticed during lockdown that clients who ended up spending more time in their properties required more support with the management of their homes.
In fact, Nick Samuels, COO at Bold & Reeves, reported to Prime Resi in a recent article: “The needs of our clients have not diminished because of the pandemic. If anything, our clients have demanded more of us. With a high percentage of our client base unable to travel to London to occupy their properties, their dependence on us to ensure that their homes continue functioning and that periodic maintenance is completed has only increased.”
Through our unique services, we are able to help ensure clients get the best management of their property 24/7. These services include:
- Access to a secure and detailed logbook
- Access to the best contractors
- Preferential rates from contractors
- Scheduled maintenance
- Reactionary maintenance
- Up-to-date reporting on electrical assets
- 24/7 support with problems
- Up-to-date list of maintenance tasks
- Documentation all in one place
- Secure and accurate accounting
- Cost analysis of the entire property’s maintenance tasks
- Remote monitoring
More space may mean there’s a need for more super-prime property management services, but that’s why we’re here at Bold & Reeves to give you complete peace of mind.
This research is in partnership with Ludgrove Properties, a research-driven London and Home Counties property buying agency. To find out more, please get in touch with your property manager or Henry Browne: henry.browne@boldandreeves.co.uk