It's always the season for ice cream.
While the housing market always holds a level of uncertainty, it seems that experts can broadly agree on one thing this year: prices will soften, but will it be a full on meltdown?
In the last two quarters of 2022, the UK property market experienced some of the most tumultuous trends seen in recent years. Rightmove forecasts that prices will drop by an overall average of 2% this year as a multi-speed hyperlocal market emerges. Will there be a housing market crash?
10 Brikolage
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London has defined a 'London look' that has become a sought-after style from admirers worldwide. So what is the 'London Look'?
Deciding to buy a property is one of life’s biggest commitments, that you may considering in the next year...
The interior of London's Ikoyi restaurant has been completely redesigned by Copenhagenbased designer David Thulstrup, predominantly featuring copper and oak materials drawing inspiration from spice-making processes.
This fusion style emerged in recent years as a response to the fast-paced, technology-driven world we live in, where people crave a sense of calm and simplicity in their homes.
The UK’s rental market is currently dysfunctional - there are huge problems for both tenants and landlords. There seem to be fewer conversations about possible solutions. Some of them are dependent on the market itself, whereas others on the decisions of the government.
Sell smart – pick your time and price carefully. Pricing your property is one of the most important decisions you’ll make in the selling process.
Highlighting recent renovations and refurbishments carried out by London's finest developers and designers.
20 Pretty Little Things
Energy saving gadgets! New tech to help the environment and your bank account.
Josh Woodfin is a writer and editor with nearly 10 years' experience including credits with the Guardian, House, Esquire, and numerous other high-profile magazines and websites. His interests include antique maps, cooking with fish, and post-apocalyptic thrillers. He once beat Usain Bolt in a race... with an 80-metre head start.
Anna is an illustrative and editorial based Graphic Designer, graduating from De Montfort University. She is creatively ambitious, and knows how to make your property look its best. Outside of work Anna's interest include art, design, mental health, meditation, wellness, yoga.
Tracey is an accomplished interior designer whose signature style is eclectic and colourful. Not influenced by passing trends, she loves working closely with clients to find their individual styles, producing unique bespoke designs. During her downtime, Tracey enjoys photography and seeking the best restaurants in London!
James is the Senior Director for Chagnon Financial. Having been in the industry for 20 years, with 12 of those with Capricorn, James has met a wide range of client types and come up with solutions for a vast array of circumstances.
As one of Brik’s co-founders, today Ben is largely responsible for Brik’s clean, designer look and spends most of his time thinking up new ways to improve our service and make the property we advertise, along with Brik itself, stand out from the crowd.
James is a well-known and experienced Fulham agent, having worked in the area for over a decade. Always preferring the phone to email, he is an excellent communicator and natural salesman. His thorough knowledge of the area and friendly approach ensure he receives great feedback from both clients and buyers alike.
crisis, combined with eager sellers meant, there was some movement.
JOSH WOODFIN Property Journalist
In the last two quarters of last year, the UK property market experienced some of the most tumultuous trends seen in recent years. Factors such as the cost-of-living crisis, the pandemic's lingering effects, and the minibudget by Truss and Kwarteng all contributed to the disruption in the property market. As the Christmas lull ends and we move into 2023, many people have questions about the future of the property market. In this article, we attempt to answer some of these questions.
At the end of 2022, property prices across the country dropped for the first time in years and dipped more than usual for this late in the year. Cautious buyers navigating the mortgage market and cost of living
According to Rightmove's last House Price Index for 2022, the average price of property coming to market dropped by 2.1% in December, a bigger dip than usual at this time of year. Rightmove forecasts that prices will drop by an overall average of 2% this year, as a multi-speed, hyper-local market emerges. They believe that some locations, property types, and sectors will fare much better than others. However, the number of views of homes for sale on Rightmove is up 11% compared to this time last year, suggesting there are many potential movers who are monitoring the market in detail
and waiting for their moment.
Rightmove predicts an overall drop of 2% in average asking prices next year, as economic headwinds continue to soften activity and lead to a more normal market. Multiple bids will become the exception, not the rule, for many sellers, as buyers who are ready to go bid their time for the perfect property to meet their needs. A 2%drop is a far-cry from some of the headlines we saw around the September minibudget, and we look towards a more even-handed market.
In November 2022, several property experts predicted potential falls in house prices of up to 20%. These predictions were based on various factors, including uncertainty surrounding the Brexit process, a potential global economic slowdown, and tighter lending conditions.
However, it is important to note
Rightmove forecasts that prices will drop by an overall average of 2% this year, as a multi-speed, hyperlocal market emerges.
In short - unlikely. The market seems to be moving more toward a two sphere system. As those in lower price brackets on lower average wages are hit more heavily by the move away from cheap borrowing. Those already with capital in their current properties may wince at some higher mortgage costs but it is unlikley to put them off a purchase. More likely is that turnover will drop as people 'wait' for prices and mortgage rates to reduce.
The average price for a fixed term mortgage at the time of writing was 4.7% based on a 75% Loan to Value. This has come down a touch and it is expected to reduce slightly towards the back half of the year. Though we see such decreases won't have much of an affect on prices. The opportunity cost of missing out on the property a buyer wants will often out-weigh incremental costs - unless it is at the very top of their affordability. Though we expect it to be used heavily in negotiation.
Raising the bar for Stamp Duty to £250k from £125k as well as reducing it for first time buyers looking up to properties priced £625k will ease the higher mortgage costs they will be facing. Though it will unlikely bouy the market significantly outside lower price brackets. A complete overhaul of the Stamp Duty tax system would be far better in our opinion. As prices rise the toxicity of the tax is affecting turnover and the economy of the market.
that these are only predictions, and it is difficult to predict the exact trajectory of the housing market.
At the moment, it appears unlikely that there will be a housing market 'crash' in the UK. There may be local or regional anomalies, but overall, the market looks to be heading towards more modest decreases as buyers and sellers find themselves on more even footing. The settling political landscape has allayed some of those fears. But super low-interest mortgages are not coming back any time soon, and the market will take some time to stabilise.
There are several reasons why the housing market is expected to stabilise, rather than crash. For one, the UK government has been taking steps to address the supply shortage in the housing market, which has been a major contributing factor to the rise in house prices. These measures include increasing the number of affordable homes, incentivizing developers to build more homes, and making it easier for people to self-build.
Additionally, the UK government has introduced various policies to help people get onto the property ladder, including the Help to Buy scheme, which provides
Overall, the Financial Times writes that house prices are expected to continue to fall in 2023 and into 2024, by perhaps as much as 5%, before returning to growth.
government-backed equity loans to first-time buyers. These policies, along with more competitive mortgage rates, mean that there is still demand in the market, despite the high prices.
However, the market is not without its challenges. One of the main issues is affordability, with many people struggling to get on the property ladder due to the high prices. This has led to concerns about a potential housing bubble, with prices becoming disconnected from the underlying fundamentals of the market. While there are no signs that this is currently happening, it is an issue that needs to be closely monitored.
Another challenge is the impact of the COVID-19 pandemic, which has had a significant impact on the UK economy. While the housing market has shown resilience in the face of the pandemic, there are concerns that a potential third wave or further restrictions could impact the market's recovery.
Overall, the Financial Times writes that house prices are expected to continue to fall this year and into 2024, by perhaps as much as 5%, before returning to growth. While this may be a cause for concern for some, it is important to remember that the UK housing market has historically been cyclical, with periods of growth followed by periods of decline.
In conclusion, while there may be concerns about a potential housing market crash in the UK, it appears unlikely at this stage. The market is expected to stabilise, with more modest decreases in house prices, before returning to growth in the long term. However, it is important
to monitor the market closely and take steps to address any potential issues to ensure the long-term stability of the UK housing market.
Mortgage costs are likely to decrease, but only from the dramatic predictions of last year. The days of sub 1% mortgages are over, at least for now. By late 2023, the average fixed rate mortgage rate could hover around 4.5%, according to This Is Money. This will feel like a welcome drop from the current highs of 6%, but still more expensive than the low pricing many borrowers currently on fixed deals will be used to. Around half of UK homeowners are on 2 or 5-year fixed-rate mortgages that are due to expire in the coming months and beyond.
The Truss and Kwarteng minibudget proposed cuts to Stamp Duty, to make buying property more affordable. The minimum cost of a property that requires stamp duty was raised to £250,000, with that figure rising to £425,000 for first time buyers.
Homeowners need to be prepared for price increases. Steve Griffiths, head of sales at The Mortgage Lender, told This is Money "mortgage borrowers will continue to keep a keen eye on the Bank of England's base rate decisions over the coming months to see how it could impact their future borrowing costs. A mortgage is one of the biggest financial commitments an individual can make, so weighing up whether to fix now or not can be a tricky decision to commit to.
Before this change first-time buyers would only benefit from changes in stamp duty on property worth £500,000 plus. If first-time buyers are buying a property worth more £625,000, they pay the standard stamp duty rates. In short, these mean some good savings that may enable and encourage more people to enter the market. However, in the Autumn budget Hunt announced that these changes will be revoked in 2025, making it more of an extended stamp duty holiday.
The day of sub 1% mortgages are over, at least for now. By late 2023, the average mortgage rate could hover around 4.5% ."
The minimum cost of a property that requires stamp duty was raised to £250,000, with that figure rising to £425,000 for first time buyers...
At the end of last year, Spanish architect Santiago Calatrava revealed the illuminated St Nicholas Greek Orthodox Church at Ground Zero in New York, replacing a church that was destroyed in the 9/11 attacks. Inspired by Byzantine architecture as well as the Hagia Sofia in Istanbul in particular, the church is arranged around a central drum-shaped form that is topped by a dome. The walls of the central section shown are made from thin sheets of Pentelic marble so that the building can be illuminated at night. It was designed by Calatrava to be a "sanctuary for worship" but also a stark reminder of the impact of the terrorist attacks.
Until 12th March 2023.
‘With an apple, I will astonish Paris’, Cezanne once claimed. Focusing on the many tensions and contradictions in Cezanne’s work, this exhibition seeks to understand the artist in his own context, as an ambitious young painter proudly from the Mediterranean South, yet eager to make it in metropolitan Paris. Featuring many works shown for the first time in the UK, be sure to book now before it ends.
Ice cream
On the cover
Like property, Ice Cream is always in season. There are fluctuations in the market for it, but property as an asset, a home or an invesment is always desirable. You can get different flavours, and qualities. Some will cost you an arm and a leg, sometimes a standard Mr Whippy will do. Sometimes it all goes wrong, if you're not watching your step. Yes, property like Ice Cream will always be desirable - short of a complete meltdown. Then all bets are off.
Artwork and illustrations by Anna Obarzanska
From studio A24 and director Darren Aronofsky comes The Whale, the story of a reclusive English teacher who attempts to reconnect with his estranged teenage daughter. Starring Brendan Fraser and based on the acclaimed play by Samuel D. Hunter, this film is set to take cinemas by storm, with
Audio Technology
Audio brand 'A for Ara' have introduced their range of retromodern speakers, inspired by the phonograph horn which serves both visual and functional purposes. Founded by Etsy co-founder Robert Kalin and NASA engineer William Cowan, ‘A for Ara’ hopes to be the antithesis of the modern-day hitech smart speaker. Both the FS-1 and FS-2 series are 54 inches in height, with a presence visually commanding enough to become the center of attention in any room.
Brendan Fraser being nominated for best actor at the 95 th Academy Awards this March. Aronofsky abandons the provocative, violent and very fierce gesture of his previous works to offer a fable about self-destruction that is extremely calculated and without edges.
Fraser and Chau give such heartfelt
performances, and Charlie's shutin existence is so relatable in the pandemic era, that it's no surprise the movie makes many viewers weep. If you're local to Fulham, The Whale starts showing at Fulham Road Picturehouse from the 3 rd February, as well as Vue Fulham Broadway.
The interior of London's Ikoyi restaurant has been completely redesigned by Copenhagenbased designer David Thulstrup, predominantly featuring copper and oak materials drawing inspiration from spice-making processes. The 150-square-metre restaurant is based inside the brutalist 180 Strand building in central London, with reservations released on the 1st of each month. The menu is based on British seasonal spices and produce from west Africa. The interior is like no other, with
the restaurant walls lined with an oxidised copper sheet finished with a beeswax solution, and the floors are covered in Gris de Catalan limestone that's flamed and brushed to develop a hammered surface effect. David Thulstrup also added panels of a customdesigned metal-mesh weave which curl up from the restaurant's windows and cover the entire ceiling. The ceiling design was also inspired by spice production, which is a unique way of reflecting the natural light from the windows opposite to lighten the space.
Ikoyi Restaurant, WC2R STUDIO DAVID THULSTRUP
an element of pent-up demand.”
JOSH WOODFIN Property JournalistIt is no secret that the UK’s rental market is currently dysfunctional - there are huge problems for both tenants and landlords. There seem to be fewer conversations about possible solutions. Some of these solutions are dependent on the housing market itself, whereas others on the decisions of the government.
It is worth discussing the market as a whole. In 2021, the rental market in London exploded. Data from SpareRoom between the start of 2021 and October of the same year showed the number of renters looking for rooms in the capital had tripled between, while listings continued to decline. The result was that there were seven times the amount of people looking than there are rooms available.
Yolande Barnes, chair of University College London’s Bartlett Real Estate Institute, told Bloomberg that the spike was largely due to the end of furlough, easing of lockdown restrictions and young professionals returning to the City. She said “the archetypal young professional, who worked at home from their parents' place and saved money on rent, is now going back to living in real places […] There’s
That pent-up demand has only been growing since last September, when Kwarteng and Truss’ mini budget plunged the financial markets into turmoil and sent mortgage costs soaring with increased interest rates. This has meant that many potential buyers have had to put their plans on hold, regardless of how much they may have saved, and instead must continue to rent.
The rental problem is especially acute in the capital – the most competitive area for rentals is the west central area of London, where listings receive 86.5 inquiries on average, up from 16.1 in September 2019, and average rents in the capital hit an all-time high at the end of last year, according to the ONS with a new average of £2,011 per month, an increase of 1.1% from the previous month.
For those leaving rental properties during the pandemic, government legislature and the rising cost of living have pushed many private landlords to sell up and leave the market, further exacerbating
issues of lack of supply. A recent open letter to Michael Gove, signed by the likes of members of the National Residential Landlords Association and The Lettings Industry, says plainly that “government policies to restrict landlords’ legal rights, raise minimum energy efficiency standards to an EPC band C, extend mandatory local licensing, raise taxes on property income and transactions, enhance compliance obligations for HMOs, and increase maintenance costs are putting undue pressure on landlords — most of whom have only one or two rental properties. Already, we see net negative repercussions on rental supply, with many landlords leaving the sector; property portal data shows that supply is down 46% compared with the five-year average.” The letter goes on to say, “rent increases restrict mobility and supply, with tenants frightened to move house for fear of facing even higher rents in a new home. By failing to encourage adequate supply, government policy is directly contributing to the sharp increases in rental prices.”
These measures, combined with the wider effects of the cost of living, will prevent new and existing private landlords from reentering the market. This means those that are still active will be able to continue to dictate rental prices, which in turn will continue to impact tenants.
Property portal data shows that supply is down 46% compared with the five-year average.
TRACEY ANDREWS
Tracey Andrews Interiors
Rimmel has been synonymous with the tagline 'Get the London look' for a good two decades. In fashion and beauty, it symbolises authenticity, drama, selfexpression and individuality. Similarly, in interiors, London has defined a 'London look' that has
become a sought-after style from admirers worldwide.
There is no doubt that London's decoration combines the best of its historical backdrop; the Palladian-lined streets and terraces with their classical lines and the bullishness of the modern, almost futuristic buildings heading the skyline swathed in glass and steel. An eclectic cauldron for some of the
best interior design there is. The London look is an invented style based on our decorative past and the tameness and functionality of our future.
Luxurious and opulent settings consisting of marble fireplaces, Georgian panelling, bespoke furnishings, custom-made furniture and high-end materials juxtaposed with a contemporary edge; Heavy woods, clean straight lines, and cutting-edge
technologies for state-of-theart appliances and coupled with new era of exciting materials and crafts. As a result, sophistication, comfort, personal statement, timeless elegance and energy.
PALETTE.
A neutral palette of cotton creams and carbon greys are excellent choices, particularly if you have smaller spaces. However, ultimately the look demands a sophisticated palette of light blues, 'Bone China' from Little Green, Paint Company, teals, regency greens and Emeralds. Try ‘Studio Green’ and ‘Sulking Room Pink from Farrow & ball for that eye catching chic. The Colour palette for 2023 is moving towards golden hues to soothe the souls and lift the mood in these uncertain times. See Designers Guild's 'Shore Lichen and 'Norfolk Gold.'
FURNITURE.
With spaces in London properties sometimes premium, search for
moveable, compatible in size and in proportion. For example, sofas with legs let you see through and beyond, creating more space visually. Touches of Art Deco is a lovely era of choice, and the ever-contemporary C shape of sofa arrangements makes instant power and convivial settings. Curves are essential too. Use these to add playfulness and instil thought.
FURNISHINGS.
Decorative, subtle and bold. Like dad fashion, anything goes. Mix pattern with stripe and opposing colours on the colour wheel - go crazy. We have beautiful textiles at our fingertips, rich in texture, plain and decorative. Most importantly, we look for sustainable materials too.
CURTAINS OR BLINDS. Traditional residences command layering and decoration. Modern settings require electrical blinds and practical coverings.
FLOORING.
Continuity of flooring throughout the spaces is paramount. Wood, marble, bamboo, and cork all work perfectly with the look.
LIGHTING.
Layered light is best for inducing a mood with warm rather than cool light emittances. Instate sculptural and decorative fittings rather than practical ones. For that luxurious look, introduce chrome or brass, dazzle and glitz with side lamps such as 'Aspen Table Lamp' from Visual Comfort and Co or Villa Lumi's table lamp 'Totem.'
Totem Table Lamp
£415 | luxdeco.com
INTERNATIONAL APPEAL.
New York and Parisian touches. From chic furniture to considered art pieces are beautiful essences to add new elements to a wellstructured scheme.
UNDERSTATED OR OVERSTATED?
Be yourself, be individual; anything works; remember the London ethos; there's an underlining element to follow but ultimately, be true to yourself.
MAKE A STATEMENT.
Consider using bold art pieces to do some of the work for you. London has a host of artists, from the contemporary to abstract and classical. Also, use oversized pieces of furniture that give the illusion that the space is more significant. For example, chandeliers can be placed strategically in the entranceways to any sized property making a statement and providing a focal point.
SPACE PLANNING.
Residential space is premium; most often, rooms can be small. London interiors - we look for open plan, media rooms, basement swimming pools, dog shower rooms and kitchens bigger and outside too. Second kitchens, three islands, not just one, so how can this all be achieved?
FROM BARNSNURY TO BATTERSEA. From Barnesleys bijou Georgian terraces to the newest skyline of luxurious properties in Battersea, London's look is as diverse or tame as you require it to be - That's the London Look. However, only so much can be altered for modern living. From digging down into the basements and piling onto the overloaded 18th-century properties, perhaps enough is enough.
However, this historical base is what we all strive for and return to for our interior fashion. London's new architectural skyline provides a platform to make the London vibe work. It is forward-thinking, lively, bold and constantly changing. But, above all, it has attitude and individuality, which is that of the London Look.
PH 5 Pastel Pendant Light £709 | twentytwentyone.com
Stoneware Bird Feeder £65 | twentytwentyone.com
Ethnicraft Double Bed
£1,459 | madeindesign.co.uk
TEAC Turntable £399 | goodhoodstore.com
Byredo Symphonique Candle £60 | byredo.com
Norr11 Studio Sofa (setup 5)
£29,500 | savannah-bay.com
Menu Dining Sofa Bench
£2,626 | ambientedirect.com
Harisha Table Lamp
£360 | menuspace.com
Little Architect Blocks
£49 | fermliving.co.uk
Hasker Bed - Ash Headboard
£1,995 | sohohome.co.uk
Fellow Ode Brew Grinder
£299 | coffeehit.co.uk
Plinth Low - Norm Architects
£2,095 | menuspace.com
Should
Deciding to buy a property is one of life’s biggest commitments, that you may considering in the next year. Whether it is wise to, of course, is highly dependent on your situation, property ambitions and future plans. But whatever your circumstances are, the wider market will have an effect on your decisions, and their results. So, let’s take a look at what might happen in the coming year and how it might affect you.
While the housing market always holds a level of uncertainty, it seems that experts can broadly agree on one thing in 2023: prices will go down, but it won’t be the crash some people imagined in the wake of Truss and Kwarteng’s mini budget in September 2022. In fact, prices have already dropped, with Rightmove’s last House Price Index for 2022 reporting the average price of property coming to market dropping by 2.1% (-£7,862). According to its data, Rightmove suspects there are a lot
of buyer’s who are primed to buy, but are waiting to see if mortgage prices will continue to level out, or even drop further. Tim Bannister, Rightmove’s Director of Property Science says “our data suggests that there are many ready-to-go movers out there waiting for what they feel to be the right time to enter the market in 2023. We’d usually see a jump in home-mover activity in January, but it takes a while at the start of the year for any significant price changes to feed through, so we’ll be waiting for a potential bounce back in prices in February, which will be a very important leading indicator for the spring moving season.” The price of mortgages will be a deciding factor for many potential buyers. Many commentators have long held that properties are currently priced in an unsustainable way. To re-energise the market, a reduction in prices is required. But this will only be beneficial to current homeowners looking to upgrade. Many first-time buyers may see their opportunity to buy disappear in the face of increased and potentially unsustainable mortgages.
Rates on new fixed-rate deals were climbing throughout last year, as the Bank of England put up interest
rates to fight inflation. They peaked at 6.65% after the mini budget. Thankfully, Hunt’s new Autumn Statement calmed the market and mortgage rates started to slowly drop. Rachel Springall, a finance expert at moneyexpert.co.uk told The Guardian, “borrowers may well breathe a sigh of relief to see that fixed mortgage rates are starting to fall, but there may be much more room for improvement. As the average five-year fixed mortgage rate falls below 6% for the first time in seven weeks, borrowers who paused their home ownership plans, or indeed parked the idea of refinancing, may now be tempted to scrutinise the latest deals on offer.” It’s also worth remembering that you can review mortgage deals as early as six months in advance of them coming to an end, so assessing what options are available now is a sensible move for anyone who may be remortgaging or looking to upgrade.
The Office for Budget Responsibility (OBR) said at the end of last year that UK house prices will fall for the next two years before starting to rise again. It forecasts that there will still be an average increase in property prices in 2022 of 10.7% despite the recent slowdown. That will
be followed by two years of falls, with house prices down by 1.2% next year, and 5.7% in 2024. Then the OBR suggests prices could rise again at a rate slightly faster than people's incomes - up by 1.2% in 2025, 3% in 2026 and 3.5% in 2027. But it caveats all these statements with the fact there is significant uncertainty around forecasts due to the volatility of the market.
We also need to factor in the rising cost of living. Millions of people
will be affected by this, but it’s particularly difficult for potential first time buyers as they see their budget squeezed. This affects their ability to save deposits and other costs. One definite thing in favour of buying now rather than later is the Chancellor’s decision to rescind the stamp duty cuts from March 2025.
So, to return to our question: should you buy in 2023? The answer depends on your situation.
Prices are dropping so, if you’re in a secure financial position and have a mortgage locked that you can afford, it is as good an opportunity as any. If your finances are extremely tight, with little or no wiggle room, waiting for the market to level out is also another option.
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Featured Bathroom: Calcatta Oro slab 20mm
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Well, the last quarter of 2022 was certainly not normal!
JAMES MUNCASTER Chagnon Financial
It has been a year of tumult in the property market, and Q4 was no different. Following the minibudget, fixed rate mortgages spiked as banks priced in a 6% base rate. The mortgage industry was seeing daily rate increases and lots of concerned clients. Fortunately, we are seeing things settle.
Mortgage lenders are continuing to reduce their fixed rate mortgages, and the margin applied to tracker rates is getting smaller. In the early part of 2023 the tracker versus fixed debate will still be relevant, but as we move further into the year the fixed rate market will come back. Over the past few years, a 5-year fixed rate has been common, almost default. But there is still a conversation to have on shorter term fixed rates when looking at the market conditions. As inflation starts to come down, the Bank of England will look at the Base Rate. It is doubtful we will see instant impacts, but fixed rate mortgages tend to be priced with the future in mind. In the start of 2023, I think any rate in the low 4’s will be good value.
in 2023, the borrowing capacity will also improve. In the West/ South West London market, I do find a need to “top slice” (using income and rent), so I expect this to be a part of the market that will improve more. Rates on Buyto-Let mortgages are now very similar in price to Residential/ Owner Occupier mortgages. This, I think, reflects the reduced demand in the Buy-to-Let sector. I expect to see more banks come into the Ltd Company Buy-to.Let market as more new investors look at that as the better way to build a portfolio.
Looking forward to 2023, there is a lot of chatter in the media of higher mortgage rates. This is true. However, the rates of the last few years were always unsustainable, and we are now returning to a normal rate environment from the artificial highs of the year end. This particularly evident, as I have advised tracker rate mortgages to clients as being much better priced, even as base rates seem to be increasing.
In terms of lender appetite, there is still plenty of liquidity in the system, so the banks will need to find ways to encourage clients to borrow in a higher rate market. Income multiples have been hit as rates have increased, but these will start to improve as fixed rates get better. Banks will need to review and recalibrate their “stress” tests of mortgages now that rates are higher. In London, particularly West and South West London, higher borrowing multiples are needed.
The investment side of the mortgage market also saw similar changes. Landlords have been used to lower levels of borrowing against rental as property prices outpaced rental values. As rental values surge
The mortgage market is in a very fluid situation and will continue to be in 2023. Solid advice and good lines of communication are key as we observe changes to rate, policy and borrowing .
I think that 2023 will be better than anticipated and I look forward to advising new and existing clients as we get used to the new normal.
Following the minibudget, fixed rate mortgages spiked as banks priced in a 6% base rate. Fortunately, we are seeing things settle.
Following the minibudget, fixed rate mortgages spiked as banks priced in a 6% base rate. Fortunately, we are seeing things settle.
¥40,200 | musubikiln.com
This "Shippou" short table runner is an exquisite piece of Japanese craftsmanship that beautifully decorates a table. This size is ideal for placing under a centerpiece on a dining table or on a display cabinet.
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With its minimalist Japandi style and hygge vibes, this hand-woven wool Swedish inspired Kilim rug beautifully embodies the simplicity of Scandinavian modern style.
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Maru dining table boasts contemporary Japandi style. Crafted from solid and oak veneer finished with clear wax, each table has its unique natural grains and knots
£585 | pamono.co.uk
Just an exquisite antique, Japanese, hand-crafted, rustic stool in the perfect wabi sabi condition. This vintage/antique item has no defects, but it may show slight traces of use. Surface has been refinished.
Osaka Oak Coffee Table
£390 | thedenandnow.co.uk
The Japandi inspired wooden coffee table features a solid oak slatted top combined with ribbed grove detailing. Meanwhile contrasting slim black metal legs add to the contemporary feel.
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Handwoven light shades sustainable in production, Scandinavian in design, the natural coloured light shades have an almost oriental feel to them and are sculptured into stunning organic spiral shell-shaped designs.
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Abril is the perfect crockery set for those who prefer a more neutral look. The speckled surface of the plates and bowls emulate the look of natural stone to subtly compliment your brightly coloured meals.
£269 | japandihomes.com
Mickey mouse inspired children's bookcase designed by Ghalia for Bloomingville brand. It's made of mainly bankuan grass as well as rattan and metal in natural colour.
£4,452.22 | japandihomes.com
This delightful piece is designed to accommodate up to three people. Flawless elegance works well for private as well as public interiors, creating an inviting space to unwind.
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Original black and white abstract painting on fine art paper, minimalist drawing created with black ink, elegant contemporary meditative artwork, perfect for decorating Japandi interiors.
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Featuring a remarkably organic and soft shape, the Isola Storage Table is an incredible piece that offers a peaceful and serene impression in any space it resides in.
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Japandi - combines serene
Scandinavian design elements with the richness of Japanese design tradition. It is a combination of beauty, functionality, and clean lines with attention to materials, textures, and natural touches.
/ja:pan:dee/ noun
"Minimalist design, a mix of Japanese and Scandinavian style."
If you want an ultra-durable, designer sink handcrafted to your exact specification, Lazenby’s concrete basins are the perfect choice. Any size, any shape, with a breathtaking range of colours. The possibilities are endless.
Made for you.
New tech to help the environment and your bank account.
WORDS
JOSH WOODFIN Property Journalist
This tasteful-looking bit of kit provides a simple solution to the problem of overfilling the kettle. Combining the function of a standard kettle with an automatic ‘Hot Cup’ machine, the Dual Flo is an innovative 2-in-1 kettle that boils water, but only dispenses the water you need.
laica.com
This is very cool. Developed as a solution to the South African energy shortage, the Wonderbag is a non-electric slow cooker that uses heat-retention technology to continue cooking food once your pan has been removed from the heat source.
wonderbagworld.com
Easily mistaken for a flatscreen TV, this extremely stylish heater uses 2 times less electricity than a classic heater thanks to its infrared technology. It’ll heat a room up to 30m, can be easily mounted, or stand alone on a beautifully made brushed aluminium stand. Not only that, it can all be controlled through your mobile.
seasonal.aeno.com
The classic Henry may not look as fancy as a Dyson, but it’s one of the most robust, powerful vacuums on the market. And now it’s good for the environment too, with 30% less energy usage and made from 80% recycled materials.
myhenry.com
One for all the home workers out there, this is a stylish way to save money on your energy bill and still keep cosy and warm. Compared with alternative home heating solutions, the Ökoform desk uses electricity much more efficiently. At just 260 watts, these desks are 90% cheaper to run than the average 2500-3000 watt desk fan heater.
okoform.com
RENDEZ-VOUS
hen selling a property, it is understandable to want to make as much profit reasonable. Whether you’re moving up the ladder or downsizing, the price matters. This means that understanding how you price a property important. Are you looking for a quick sale? Does the property need work, and do you know will be discovered in a survey? Do you need a specific amount to make your next move? The motivation for pricing a property is an individual decision and will depend on the quality of your asset.
But just like when buying a property, market factors are inherent considerations. Newer features help you when you come to sell, extensive or unfinished work will be factored into the value of your property. Do your research, as now the market is still very much in flux. When conducting your research, start by comparing your own home to the value of similar properties. Don’t just limit it to properties on your street. Look for places that match your home’s layout, and in different areas if it’s applicable. This is definitely
the case in London. Buyers have very specific ideas of where they want to live, sometimes down to a specific street, but it’s wise to think about the next up and coming spot. Another worthwhile idea is to shop around for an agent you trust and can build rapport with. Get at least three quotes from different agencies.
Market factors like the increase in mortgage rates, cost of living crisis and fallout from the mini budget back in September are all playing a part. But moving forward, the market is broadly stabilising and the power between buyer and seller is looking more evenly distributed. A Zoopla report from late last year says sales were down 28% compared to the year before. The report says “weaker sales and more homes coming to the market mean that the stock of homes for sale continues to rebuild off a low base. The average estate agency office has 23 homes for sale. This is the highest since January 2021 but almost a fifth lower than pre-pandemic levels. This trend is being recorded across all areas of the UK.”
More homes on the market means more competition, which is another reason to price your property competitively, even if you feel it’s worth more. A property crash is fairly unlikely, but prices are tipped to continue dropping.
As reported in Rightmoves last House Price Index for 2022, the average price of property coming to market dropped by 2.1% (-£7,862) in December, a bigger dip than usual at this time of year. This is likely due to determined sellers pricing aggressively to tempt hesitant buyers. But while there are more properties on the market, the scarcity will continue, especially in highly desirable areas or property brackets. This should buoy prices this year.
Zoopla’s report is very clear about the rebalancing of prices, stating “one in four homes for sale since 1 September [2022] has experienced a price reduction of any size. Over one in ten (11%) has recorded a reduction of over 5%. Price reductions have been greatest in southern England, where sales activity has fallen back the most. The South East and East of England regions have seen almost 1 in 3 homes for sale have their asking price reduced in the hope of attracting more buyer interest.” But this needn’t be a disaster. Market rebalancing is important, as is understanding the true value of your property.
WORDS JOSH WOODFIN Property Journalist
Getting the best result isn't about trying to cut straight to a win... in life, and Monopoly, everyone knows you have to play the game first! That means a process of research, marketing strategy, clever negotiation and dealing that puts you ahead.
Too often we see sellers looking to try and get the best price for their property without thinking much past their asking price. How their property relates to others' [on the board] and who is in the market for what they are selling. Know when it's OK to take a risk, but don't assume it will always be the best course of play.
Milton Road, SW14
Refurbishment | Loft & Ground Floor Extensions | Bespoke Fittings
Full house refurbishment, including loft and ground floor extensions. Parquet flooring and brass fittings throughout with clever use of internal window and door partitions and ceiling height combinations to create an amazing living space and beautiful family home in the heart of South West London.
rgbuild.uk
A substantial double fronted, period family house, with a large South facing garden and located moments from South Park. This unique property is two period houses knocked into one. This superb house is arranged over three floors, offering 3,400 sq ft of generous living and entertaining space. The ground floor comprises a substantial entrance hallway which leads through to a spacious reception room, separate study and W.C. At the rear of the house is a bright kitchen breakfast area with an AGA, and a fantastic dining room which leads out onto a 36’ x 31’ South facing garden.
On the first floor there are three double bedrooms all with ensuites and built in storage. There is also a large family room with an adjoining conservatory. Two sets of stairs lead up to the top floor of the house, which offers a split level double bedroom with ensuite and the principal bedroom with amble storage, an elegant en suite bathroom and doors leading out onto a private South facing terrace.
5 Bed HOUSE 3,378 SQ FT
£3,350,000 FOR SALE
An outstanding, Victorian six bedroom family home, finished to the highest specification and located in a prime spot, just off Fulham Road and close to Parsons Green. Arranged over four floors and extending to 3,124 sq ft (291 sq m), the house offers plenty of well-balanced reception and bedroom space. The ground floor has a large double reception room, separate W.C and an extended bespoke Roundhouse kitchen/breakfast room with integrated Gaggenau appliances.
6 Bed
3,124
SOLD
An outstanding fully extended and interior designed Victorian cottage, finished to the highest specification and located in a prime location between Parsons Green and Eel Brook Common. This house is arranged over four floors and extends to almost 2100 sq ft (195 sq ft), offering excellent entertaining and bedroom space. The ground floor has an open plan layout with a spacious reception room which leads through to an modern kitchen fitted with an island and integrated Smeg appliances.
An outstanding and rarely available double fronted period family house, located in a prime spot, between Parsons Green and Eel Brook Common. This superb five bedroom house is arranged over four floors, and offers 2,619 sq ft of generous living space. The ground floor has an open plan layout with a reception room and a bespoke kitchen, island and ample storage, a bedroom/study and a separate W.C. Doors from the reception area, open out onto a secluded low maintenance garden.
5 Bed HOUSE
2,619 SQ FT
£2,500,000 FOR SALE
An outstanding four bedroom Victorian terraced house on Filmer Road, within walking distance to both Fulham Broadway and Parsons Green. The house is set of over three floor, and has been remodelled and refurbished to an exceptional standard by Owen Bradley Residential, to create a superb living space throughout. On the ground floor is a double reception room with crittall style doors leading through to an extended bespoke kitchen, with an island and space for dining.
4 Bed HOUSE 1,801 SQ FT
£1,750,000 FOR SALE
An outstanding four bedroom house with excellent living space on one of Munster Village’s most popular roads. The house is arranged over four floors and extends to 1,940 sq ft. The ground floor features a bright open plan reception space, leading through to a stylish kitchen dining area, with an island and bi-folding doors opening onto a South facing 32 ft private garden. The house has been finished with premium finishes and is presented in very good condition throughout.
4 Bed HOUSE
1,940 SQ FT
£1,850,000 FOR SALE
Arguably one of the largest period maisonettes in Fulham with a substantial private roof terrace. This outstanding maisonette extends to almost 1,800 sq ft of living space, benefitting from extensive entertaining space and excellent room proportions. This superb property comprises a large wider than average 28’1” x 18’10” open plan living space, 3 large double bedrooms, 3 bathrooms (1 en suite) and a substantial private roof terrace, with views of London.
3 Bed FLAT
1,775 SQ FT
£1,350,000 FOR SALE
Westwood House offers a collection of Manhattan 1, 2 and 3 bedroom apartments in an established tranquil waterside setting. Chelsea Creek brings a characteristically European style of waterside living to central London. Award-winning architectural practice Squire and Partners looked to the waterways of Amsterdam and Copenhagen to inspire the design. Just moments from your doorstep you will find restaurants, bars and cafes of Imperial Wharf and Chelsea Harbour, as well as exceptional shopping on the nearby King's Road.
1,2,3 Bed FLATS
781 - 846 SQ FT
£1,420,000
£1,400,000
£1,355,000 FOR SALE
A stylish three bedroom Victorian family home, located on a quiet residential street, close to Parsons Green. Arranged over three floors, this superb three bedroom house extends to almost 1,250 sq ft (114 sq m). The ground floor is split between a reception room at the front and a modern kitchen breakfast room to the rear. Doors from the kitchen lead out onto a South facing rear garden. On the first floor there are two bedrooms and a large modern shower room. Houses of this size are hard to find in Fulham and as such, are in very high demand.
3 Bed HOUSE
1,231 SQ FT
£1,200,000 FOR SALE
An outstanding third floor apartment, in an excellent location with direct views over Parsons Green, Fulham’s most desirable area. This spacious flat has almost 1,050 sq ft (95 sq m) of internal living space, with plenty of natural light. The flat offers a superb reception space with an open plan kitchen living area, space for dining, and two Juliette balconies facing ‘the Green’ itself. There is a large master bedroom suite, with built in storage and a luxury en-suite bathroom, as well as a further double bedroom, shower room, and a separate utility room.
2 Bed FLAT
1,027 SQ FT
£995,000 FOR SALE
A stunning two double bedroom, two bathroom apartment, benefits from having secure private parking, a concierge service and lift access. This stylish first floor apartment comprises a large open plan living space, with a modern kitchen featuring a Siemens multi function oven, microwave combination oven and induction hob. There are two double bedrooms, one with en-suite and a further modern bathroom. There is built in storage in both rooms. This recently developed building is only a short distance to Bishops Park and Fulham Palace.
2 Bed FLAT
825 SQ FT
£895,000 FOR SALE
A spacious and light modern one bedroom apartment in a fantastic location within Parsons Green, situated on the second floor of a pretty period property. The property comprises a large reception room to the front with a feature fire place, built-in alcove storage and wooden floors, a separate bespoke fitted kitchen with Miele appliances and Buster & Punch handles, a white modern shower room with black fittings, a double bedroom to the rear with custom built-in wardrobes & drawers and a decked roof terrace with London views.
1 Bed FLAT
602 SQ FT
£699,950 FOR SALE
A truly outstanding newly built three bedroom maisonette located in a quiet mews in Parsons Green. On the raised ground floor this unique property offers: a superb open plan kitchen/living room with bespoke spray-finished joinery, a large island with Corian top, a feature wall hand-finished in Venetian plaster, Havwoods oak flooring. The lower ground floor is constructed around the courtyard garden with; a large master suite comprising en-suite bathroom with separate shower and dressing area, two further double bedrooms both with en suite shower rooms, a separate WC and a really useful utility room. Located between Rostrevor Road and Chesilton Road.
3 Bed HOUSE
1,932 SQ FT
A stylish and modern, Victorian family home which has been extended and finished to an excellent standard throughout. The house has just over 1,750 sq ft (164 sq m) of living space arranged over three floors and features four double bedrooms and four bathrooms, three of which are en-suite, as well as an impressive reception and entertaining space. The ground floor comprises a spacious double reception room and a large bespoke kitchen breakfast room, fitted with modern designer units, Italian Granite and Gaggenau/Smeg appliances. Bi-folding doors lead out onto a larger than average South facing private rear garden.
This immaculately re-developed property is right on Parsons Green, the most desirable and sought after location in the heart of Fulham. The building has been completely refurbished by the owners, with great attention to detail. Upon entry there's an impressive open plan kitchen with Corian work surfaces and modern appliances on the raised ground floor. The kitchen is set on an impressive mezzanine looking down onto the double height reception room below.
A two bedroom flat superbly designed and finished by local developers Baynham Couldridge situated on Danehurst Street in the heart of Munster Village. The property is arranged over two floors offering in excess of 1,100 square feet, two double bedrooms, two bathrooms, reception room, stunning mezzanine kitchen/ diner and roof terrace. The Victorian exterior has been faithfully restored, whilst inside high-end technology has been perfectly integrated within the construction. No corner has been cut in the making of this unique home.
2 Bed FLAT
1,109 SQ FT
A stylish two bedroom flat in a Victorian building with a private roof terrace, the maisonette comes with its own front door. The property has been recently extended and refurbished, and is finished to an excellent specification throughout. Featuring a mezzanine second floor where the kitchen and access to the roof terrace is located. This open plan layout is extremely popular and maximises the feeling of space with a double height ceiling in the reception room. To the rear of the property is the master bedroom with a vault ceiling offering excellent light and beautiful en-suite bathroom.
2 Bed FLAT
1,212 SQ FT
LET
A unique and well-presented five bedroom terrace house located on one of the most sought after Streets in Fulham on Barclay Road. The property is spread over three levels and has been finished to a very high standard. On the ground floor there is a large reception room which leads onto the dining room. Off the dining room there is a fully integrated kitchen which leads onto the 50 foot garden which is very rare in Fulham. There is a WC on the ground level too. On the first floor there are three bedrooms, one with an en-suite and a separate shower room. On the top floor there are a further two bedrooms with another bathroom plus a roof terrace.
5 Bed HOUSE
1,600 SQ FT
LET
A beautiful, three bedroom, three bathroom upper maisonette in a prime location in the heart of Parsons Green, Fulham. The property has been fully refurbished by the current owner to an incredibly high standard throughout and extends to nearly 1,300 square feet (121 sq m). There is a large open plan kitchen and reception room on the first floor with parquet flooring and plenty of natural light. There’s also a bathroom and a bedroom on this floor with an additional two further bedrooms and two bathrooms (one ensuite) on the floor above.
3 Bed FLAT
1,293 SQ FT
Available £1,250/wk | £5,417 PCM
A well-presented two bedroom one bathroom ground floor apartment which benefits from a large private terrace. This apartment is located on the ground floor and features a living room with an open plan kitchen with access onto its own private terrace via the double doors. It has two double bedrooms with plenty of built in storage and one family bathroom. The property has underfloor heating and air conditioning. The development has a discreet concierge service 7am - 8pm, dedicated gated underground parking, secure bike storage and landscaped courtyard garden.
Architects
DBLO
dblo.co.uk
020 7610 9333
227a Stephendale Road
London SW6 2PR
Emergent Design Studios
ed-studios.com
020 7713 0056
51 Calthorpe Street
London WC1X 0HH
Hogarth
hogartharchitects.co.uk
020 7381 3409
186 Dawes Road
London SW6 7RQ
Icon icon-architects.com
020 7731 0400
The Glass House
11 Lettice Street
London SW6 4EH
Simon Gill
simongillarchitects.co.uk
020 7610 9344
Riverbank House
1 Putney Bridge Approach
London SW6 3JD
Builders
Blaze & Co.
blazeandco.co.uk
020 7373 2214
Flat 2
111 Drayton Gardens
London SW10 9QU
Design 2 Finish
design2finish.co.uk
07968 821 1667
54 Chipstead Street
London SW6 3SS
Looking for something? Look no further with our recommended suppliers directory, just mention where you found them.
Giles Gas & Plumbing
giles-gas.co.uk
020 3814 0270
NU Builds
nubuilds.com
0207 7316841
10 Fulham High Street
London SW6 4LZ
Nuspace
I-want-nuspace.co.uk
0203 405 3480
965 Fulham Road
London SW6 5JJ
RGBuild rgbuild.uk
07737104151
49 Milton Road
London SW14 8JP
Paterson Wood patersonwood.co.uk
0207 371 7327
Roxburgh Construction
roxburghconstruction.co.uk
020 7731 7480
74 The Arches Ranelagh Gardens
London SW6 3UB
Uber Contracts
ubercontracts.co.uk
020 3151 5034
Interior Design
Magenta Pink magentapinkinteriors.co.uk
07956 884 437
RJV Designs
rjvdesigns.co.uk
020 7385 6009
126 Harbord St
London SW6 6PH
Tracey Andrews
traceyandrewsinteriors.co.uk
07951 203525
Surveyors
Capital Chartered capitalchartered.co.uk
020 8875 0035
Argyll House
All Saints Passage
London SW18 1EP
Mactaggart Speir & Watson Surveyors mswsurveyors.co.uk
020 7183 3415
Centenary House
The Queen’s Club
Palliser Road
West Kensington
London W14 9EQ
Leasehold Advice
Capital Leasehold capitalchartered.co.uk
020 7112 5169
64 Knightsbridge London SW1X 7JF
Mortgage Brokers
Ross Murphy capricornfinancial.co.uk
0203 1110 942
1 Queen Caroline Sreet
Hammersmith, London W6 9YN
Solicitors
Healys (Jane Baker) healys.com 020 7822 4120
15-17 Jockey’s Fields
London WC1R 4QR
Healys Solicitors (Jane Baker) healys.com
020 7822 4000 Atrium Court
15-17 Jockey’s Fields
London WC1R 4QR
Judge Sykes Frixou (Belinda Frixou) jsf-law.co.uk
020 7395 3355
23 Kingsway London WC2B 6YF
David Tagg (David Tagg) morrlaw.com
020 7736 0999
119 Harwood Road
London SW6 4QL
Additions
Please contact us if you would like to add your business to this directory. Email hello@brik.co.uk
We started Brik to challenge the status quo. Our reputation over the years has continued to grow by delivering record-breaking prices alongside quick sales and lets with minimum fuss. Our formula is simple; sound advice plus a friendly approach equals great results.
MIKE Co-founder mike@brik.co.uk
CHRIS Co-founder chris@brik.co.uk
BEN Co-founder ben@brik.co.uk
JAMES Director james@brik.co.uk
MATHEW Senior Sales Associate mathew@brik.co.uk
CHRIS Sales Negotiator chrish@brik.co.uk
SAMIA Lettings Manager samia@brik.co.uk
RUDI Property Manager rudi@brik.co.uk
ANNA Graphic Designer anna@brik.co.uk
DIANA Accounts Administrator diana@brik.co.uk
BOOK A FREE PROPERTY VALUATION HERE
SALES: 020 7384 6790 | LETTINGS & MANAGEMENT: 020 7384 6791
EMAIL: hello@brik.co.uk | FACEBOOK: brikfulham | TWITTER: @BrikLondon | INSTAGRAM: @brik_fulham
ADDRESS: 77 Parsons Green Lane, Fulham, London SW6 4JA
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