We are still doing viewings of the Lillie Square development, but the Open House event has passed. Please contact Mohamed Zaghloul for more information. You can still book a viewing using the form below.
We have a limited number of apartments available, and we can offer you incredible preferred pricing on these properties beyond the rates you see online. Walk through the exquisite luxury collection, which offers unrivalled views across west and central London.
Lillie Square offers modern garden square living in West London. We have 2–3 bedroom apartments for sale, and the incredible penthouse is available as well.
Our York office has a boutique and niche feel, and we cover the upper end of the residential market in North Yorkshire, selling some of the finest property in the region. Our mission is to deliver optimum service and results for vendors and buyers alike by combining cutting edge marketing strategies with our knowledge of the market and our personable skills. The type of property we sell befits the Sotheby’s International Realty brand thus making our connected business perfect partners to work with each other.
York is seen as a property “hot spot” in the north of England. The city centre is abundant with wonderful architecture as well as cutting edge modern development and a vibrant lifestyle, making it a go-to destination. Connectivity to London is wonderful with direct trains taking less than 2 hours to travel between the two places which has resulted in the last year many people relocating from London to York simply for a better life work balance. From York, the journey takes 40 minutes to reach the North York Moors National Park or The Yorkshire Dales and in 1 hour you are at the coast.
York has also seen strong capital growth year-on-year and now is one of the most prime destinations to live in the north. It is also a very popular tourist destination so those looking to invest and generate income through holiday lets are doing so.
2020 and 2021 undoubtedly saw a large increase in enquiries and moves from urban areas to more rural ones. There were two kinds of people: Those who moved lock stock and barrel and those who bought a place in the country and retained either their home in the city or ever downsized in the city. So far, following the success of the inoculation program, we have not seen a return to the city, with many movers now settled into their new areas and successfully working from their new home office. Locations near transport have been key and as long as there is an excellent road or rail network nearby, there has been little limit to how far from the city they are prepared to go, perhaps restricted by time instead.
For example, at the time of writing we have a couple buying a beautiful mews house within stunning rural converted stables and surrounding lakes and lawns, forming part of a larger manor house, whilst they retain their home in London. They love the idea of being close to their children and grandchildren, only a few miles away, yet they can be at their London home within 45 minutes. Our mailing list has increased exponentially with buyers looking for the perfect family house away from the city and at some point this will slow down, but right now, all the evidence is for this market to continue.
Most of the properties that have been taken up by this migratory force have been the larger family homes. Families with younger children through to late teens. Great schools nearby have been important, although many of the children stayed at their school, as long as they are boarding or commutable. At below £500,000 the market has been pushed along by factors such as the stamp duty holiday but also the pent-up need to move over the last year caused by working from home, births, employment etc. In prices over £1,000,000 it tends to be houses with great gardens and a good home office that have the greatest appeal and as said before, close to transport, yet away from the busy roads.
Buyers remain interested in unmodernised properties that they can renovate to their own specification and design but also, especially properties that are presented fully completed.
Properties in the commuter belt remain hot targets for buyers with a shortage of good stock and buyers waiting to pounce. A great house will sell very well and within a short period of time. Buyers are there waiting. Buyers from the UK and from international hot spots such as Hong Kong are longing to find the perfect house and if it is priced at the market value and presented well though all the mediums available, this really is a great time to sell or let your house. With the new school year fast approaching, buyers have every reason to capture the market today. Not only will they potentially save £15,000 stamp duty, they will enjoy their new gardens throughout this probable staycation summer.
Q1 has indeed been a much busier than expected market for sales. The key drivers being the opportunity for domestic buyers to come into the market with a fewer number of overseas buyers. The lack of travel and restrictions of quarantines has meant that people from overseas have held back on visiting for investment. This however is leading to a pent-up demand of overseas buyers waiting to pounce once these restrictions lift, we will have further updates on this on 17th May.
The Stamp Duty deadlines are approaching, and buyers, agents and lawyers have probably not been busier in terms of people wanting to beat the deadline. Come the end of June the first deadline will be here, with the phasing then continuing over the next three months.
Hong Kong buyers are continuing to be prevalent in the UK market, and we expect this to continue and grow as the travel restrictions lift.
This quarter alone we have sold a high number of properties including a bulk sale for £15m, the Iconic Lost House by Sir David Adjaye, £6.5m, a house in Hampstead for £16m, and Eaton Place £4.25m. The current level of properties under offer is at its highest yet, and these sales are primarily a result of lifestyle changes, investment and “life after lockdown.” The key requirements that people continue to request are space (indoor and outdoor), light and views. Lockdown restrictions are lifting, and we can now meet clients for outdoor lunches, visit pubs and begin high street shopping again. In the business world, JP Morgan have announced that employees should be back in their offices by July, which only emphasizes the importance of the continuation of City living!
A recent government announcement was presented by the media as the most significant milestone in property ownership in decades. The answer to the question in the title should therefore be an emphatic “Yes” but is that a little premature?
The rights of leaseholders to extend a lease or to acquire the freehold are well established. The process is currently governed by the provisions of the Leasehold Reform Housing and Urban Development Act 1993 (as amended).
Further to the government announcement in January 2021 (following Law Commission recommendations), the statutory landscape in England will change.
The timing and to what extent however remains to be fully determined.
The primary changes proposed
Abolition of “marriage value”, being a sum that is linked to the increase in value of the property after a lease extension and payable to the landlord where the unexpired term of the lease is 80 years or less.
The right to extend the term of the lease of both flats and houses to 990 years at a zero ground rent.
The valuation of the premium payable will be simplified and an online calculator introduced.
Leaseholders would be able to agree a voluntary restriction on their development of the property (adding a storey for example) in order to avoid payment of development value.
A right for leaseholders to buy out the ground rent without having to extend the lease.
The future ground rent in new residential leases to be zero
Should I act now or wait for the reforms?
The government announcement has undoubtedly placed landlords, leaseholders and buyers in a difficult position.
There is no timetable in place for the enactment of the proposals. There is no guarantee that the legislation will reflect the proposals. The proposals will inevitably be subject to scrutiny and challenge by freeholders on human rights grounds.
For example, there are freehold owning charities who rely on the income from ground rents and premiums (including marriage value) to fund charitable initiatives – how will this income be replaced?
A leaseholder with a lease that is approaching the 80 year mark ought to take urgent advice on their options as a decision to wait for the reforms could have significant financial implications.
Leaseholders of shorter leases ought to undertake a very careful analysis of the possible scenarios and the likely financial outcome of each.
For instance, the premium to extend a short lease in Prime Central London could be several hundred thousands of pounds (or more).
To delay an extension whilst awaiting the reforms could significantly increase the premium payable. If marriage value was to be abolished in the reforms this might negate the increase in premium.
There is however no certainty that the marriage value will be abolished entirely meaning there would be significant risk in deciding to wait for the reforms in such circumstances.
We would recommend that discussions take place at an early stage with an experienced lawyer and valuation surveyor to consider the various outcomes so that each route can be properly evaluated. There may also be opportunity for offers to be made to landlords who do not wish to wait for the outcome of the reforms.
There is a lot more to come in this story. Assuming the government does press ahead it could be 2-3 years before we know the extent of the changes to the statutory landscape.
Managing Associate in the Real Estate department at Ince and a specialist in leasehold reform matters.
Thank you to David for his insightful piece, we certainly hear a lot of questions associated around the leasehold terms on London property, and it is undoubtably true that extensions add value to your investment. Whether this be to stabilise your pricing and market value for selling, or that its a cost you need to consider in your offer price when buying.
If this is a subject you would like to learn more about please get in touch to schedule a call with David or myself.
The first quarter of this year has been extremely busy in the residential market, with our team agreeing significant sales on a weekly basis with both our locally based clients, and we have naturally also seen an increase in remote purchases from our international clientele.
As we head positively towards air corridors reopening and with a large backlog of interest from international buyers planning to fly in to London we are expecting a highly active Q2 & Q3 in sales.
If you have also been considering selling a property, now is the perfect time to begin the process with us.
Are you looking to expand your property portfolio? Find out how we can help!
What is UK Sotheby’s International Realty’s Invest Service ?
We source opportunities, and carry out the due diligence for clients wishing to invest in property. We help both people who are just starting their property journey and others who are looking to expand their existing property portfolio.
This involves supplying clients with detailed insights into how different types of properties or investment strategies work in the current market. We endeavour to help our investors to build up a pension, create an additional income steam or simply leave a legacy.
We can also help manage all types of property projects.
Why do we offer Invest Service?
Finding properties with real potential for a competitive price, is becoming increasingly difficult. As specialists in this area, we have the experience, skills, knowledge and network of connections to help.
How does Invest Service benefit landlords who are looking for new investment opportunities?
Existing landlords are often extremely busy, particularly if they are managing their own properties. By using our invest service, investors benefit from working with professional, reputable, passionate property people who know the local market and have access to great deals.
Sotheby’s UK Invest takes away the time to research your next opportunity.
Why do landlords choose to work with UK Sotheby’s International Realty to invest rather than go it alone?
The main reason they choose to work with us is because we save them time, hassle and in the long-term money.
In many cases we also let and manage our investors’ existing properties, so they have real confidence in our services.
What is the key difference between Invest Service and a Property Buyer?
The biggest and most important difference is that we use our own in-house team to let and manage the properties that have been sourced for investors. That way, we gain a deep understanding of how a property will perform over time. It means we can give a much more consistent and accurate overview of an investment rather than just focus on purchase prices and market statistics.
A property buyers experience is often limited to seeking out properties for purchase, without the long-term commitment to investors.
Let us source it. Renovate it. Find the tenant. Manage it.
You don’t have to wait to develop your portfolio in London or across the UK.
In fact, you shouldn’t wait.
With the UK Government about to levy the Foreign Buyer’s Tax, letting us source your next rental investment now would save you money.
The UK Stamp Duty Holiday has been extended, knowing that buyers are continuing to snap up properties in order to save on stamp duty. This means there’s a good amount of high quality properties on the market, and you don’t have to wade through the listings yourself.
A wonderful four double bedroom family house nestling in around 1.4 acres that is tucked away in the ever popular village of Shamley Green.
Full of beautiful character, the house lends itself to home working and to families of all ages. With an in and out driveway behind substantial electric gates, there is both a good front garden and large rear. Rising to the rear, the garden is laid to lawn and is bordered by gardens, woodland and pastureland. There are several patios and seating areas and other buildings with lapsed planning permissions.
Mentioned within his autobiography, Tanyard Farm is Richard Branson’s old family home and has potential to expand as required with lapsed planning for additional buildings in the garden.
This four-bedroom home lends itself well to home working families. Located in the heart of Shamley Green, one of Surrey’s most popular villages, this is an area of pretty, conservation villages benefiting from the stunning Surrey Hills Area of Natural Beauty and is just over 5 miles to the south of Guildford. Tanyards Farm is just a short distance from the cricket green, village store, cafe/delicatessen and two local pubs.
Undoubtedly full of interesting history and in such an amazing location, tucked away, yet with a short stroll of 2 local pubs, this house really has it all. Awesome schools on the door step, shopping nearby and London only a short car/train journey away.
In his 1998 autobiography, Losing My Virginity, the Virgin founder mentions Tanyard Farm. It was where Branson’s first business ventures began with the planting of a Christmas tree farm within the 1.4 acre grounds. Branson had hoped to sell the trees but hadn’t counted on rabbits eating their way through the plantings before they were anywhere near fully grown.
I reached the end of my three months internship at UK Sotheby’s International Realty. Through this short article, I’ll try to summarize the memorable experience I just lived.
I was in charge of content creation and management on Facebook and LinkedIn. I used Hootsuite to schedule around 300 posts. As a result of my work, I increased by 14% the number of fans and by 58% the number of engagements on Facebook. Regarding LinkedIn, I boosted by 17% the number of followers and by 135% the number of engagements.
Moreover I worked collaboratively with the accountants’ team creating the annual fees report on Excel. It was a great opportunity for me to learn new skills. For example, I learned how to use pivot tables when formulating the yearly figures, providing relevant information to the head of the company. My previous training in Excel also enabled me to help my colleague who was having issues with computing payment delay. By creating a conditional formula using “Datedif” I was able to create a simple and efficient way to tackle this problem.
Due to my marketing skills developing rapidly throughout the internship, I was trusted with the project of creating a document that would be given to clients when valuating properties. Clients could then receive a clear, formulated document instructing them on pricings and future steps that will be conducted. It was extremely thrilling to produce something the company will use in the future.
I was also put in charge of creating the monthly internal newsletter for October and November as well as an article on the evolution of exchange rates.
Using my native language, I helped the company by translating property descriptions from English to French, targeting potential French clients.
Shadowing viewings with both sales and lettings, brokers enabled me to firstly understand the techniques which are conducted when interacting with clients but also served as a great way for me to discover new areas of London.
I say a massive thank you to Amanda and all the team for welcoming me even during this hard time with those unusual conditions. It was great to start my gap year with UK Sotheby’s International Realty. By the way, I am currently looking for my next internship, I focus my research on investment banking, wealth and asset management, or financial services. Any help would be very welcome, you can reach me via LinkedIn or via email.