When a sprawling central London mansion known as the Clockhouse was put on sale back in 2013, no one batted an eyelid at the £8 million (Dh39.3m) price tag.
At the time, London was in the grip of a property buying frenzy. Houses put on the market were being snapped up within a matter of weeks, and often for well above their asking price.
Fast forward four years, and the Clockhouse – a 5,000 square feet Victorian building formerly owned by businessman Ivan Massow – is still up for sale. And its asking price has halved to £4m.
The Clockhouse is a stark example of the slowdown in London's prime property market. Last week, it was reported that house prices in the capital have fallen for the first time since 2009. According to mortgage lender Nationwide, prices in London dropped to an average of £471,761 in September, down 0.6 per cent compared with the same month last year.
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Read more:
London property market sees biggest drop in asking prices this decade
London's mega expensive homes push more buyers into mortgages
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That makes the British capital – which has attracted property investors around the world – the weakest performing region in the country for the first time since 2005.
“London has seen a particularly marked slowdown,” remarked Robert Gardner, Nationwide’s chief economist, citing pressure on household incomes, political uncertainty and stamp duty changes (a UK property transaction tax) as reasons for the slump.
The top end of the market had been expected to fare better. Indeed, after last year's Brexit referendum, the prime London property market was expected to be one of the biggest beneficiaries of the vote to leave. The theory was that the collapse in the value of sterling would make a luxury abode in Knightsbridge, Mayfair or Chelsea more appealing for foreign buyers.
It hasn’t worked out like that.
In a recent report, upmarket estate agent Savills said prices of multimillion properties in central London slumped by 3.2 per cent in the first nine months of this year, as an inconclusive general election and the start of Brexit negotiations dampened buying activity. Values are now 15.2 per cent below their peak three years ago.
Political uncertainty is to blame, as the “complexity of Brexit” becomes increasingly apparent.
“Uncertainty fuelled by Brexit and a weakened government mandate since the June election means sentiment is fragile,” said Lucian Cook, the head of UK residential research at Savills.
The real estate services provider is forecasting prices in prime central locations to flatline for nearly two more years before staging a small recovery at the end of 2019.
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Read more:
London prime property prices may be near bottom
Minister proposes tax on foreign buyers of UK property
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All of this helps to explain why the Clockhouse is still languishing on the market.
“It’s just not finding a buyer,” said Marco Fugaccia, sales director at Clerkenwell agents Hurford Salvi Carr, who sold the red-brick building to Mr Massow back in 2009.
The price has “made its way down”, he said, as a combination of factors, including Brexit fears and tax changes, weighed on demand.
Nevertheless, for those prepared to play the long game, London retains many of its attractions and continues to appeal to investors –especially the super-rich.
Certainly, there has been no let-up in the frenzy of high-rise construction in central London. And demand for luxury trophy assets is still there, according to Niccolo Barattieri di San Pietro, the chief executive of London property developer Northacre, which is majority-owned by Abu Dhabi Financial Group.
“Yes, since 2014, property prices in London have started coming off, but what we’ve seen is a flight to quality,” Mr Barattieri told The National.
“Whenever the market slows down, quality is always gold.”
Mr Barattieri was talking ahead of the firm's launch of its Broadway project in the Middle East this week. The £1 billion mixed-use project, located on the site of New Scotland Yard (formerly the headquarters of London's Metropolitan Police) has 268 units for sale. Northacre is also still marketing its other luxury projects in London, including No 1 Palace Street, where units facing Buckingham Palace are reportedly being priced at up to £30m each.
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Read more:
Northacre says investors are in for the long haul on luxury London property
ADFG’s Scotland Yard deal sweetened by Brexit vote’s effect on pound
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The developer remains confident about demand at both properties.
“We started selling at Palace Street in 2015,” Mr Barattieri said. “It wasn’t the best time in the market, but we have already sold 52 out of 72 units, because people really liked the product.
“As for Broadway, sales have started really well – it was very well received in Asia,” he said. “I am confident that there will be demand in the Middle East as well, for the simple reason that we have a great product. At the end, a great product always pays off.”
Dubai's real estate developer Damac Properties has also recently entered the London market, building a 50-storey skyscraper in partnership with Italian fashion house Versace called Aykon London One.
The luxury tower, in the Nine Elms area of south-west London, features 360 units with a starting price of £900,000, and will include a gym, indoor swimming pool and spa. A second, interlinking tower contains a further 90 affordable units.
It is due for completion in 2020, and the company insists that demand “remains the same” despite political uncertainty and a slowing market.
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Read more:
Dubai’s Damac awards Dh967m contract to build Aykon London One tower
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"Investors continue to show interest for this exclusive property," said Niall McLoughlin, senior vice president at Damac, in an email response to The National.
“The currency fluctuations during the summer have had an impact on the UK’s property market, but demand for our project there remains the same and has not been adversely affected.”
The tower is currently 45 per cent pre-sold, he said.
Mr Fugaccia agrees that there is still a demand for London luxury homes, even if the bull market of the past 20 years is well and truly over.
“We are still seeing international buyers coming to London, especially from China and the Middle East,” he said.
“The city is seen as very cosmopolitan, it’s very diverse. You can see why there will always be demand – especially in what I call the ‘magical postcodes’ of W1 and SW1.”
Indeed, it was in one such “magical postcode” that, last week, an Omani investor spent a cool £25m on two Knightsbridge flats – one costing £17m, as his family’s new residence, and a nearby £8m apartment overlooking Hyde Park for his guests and staff.
At more than £3,200 per sq ft all in, that is the highest price secured in the area since the Brexit vote, and will raise hopes that the slowdown in London’s super-prime market could be coming to an end.
“It shows people are still coming to buy luxury trophy assets,” Mr Fugaccia said. “Despite politics and market turbulence, overseas buyers will always have a love affair with London.”
COMPANY%20PROFILE
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Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Personalities on the Plate: The Lives and Minds of Animals We Eat
Barbara J King, University of Chicago Press
DUBAI%20BLING%3A%20EPISODE%201
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
COMPANY%20PROFILE%20
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Key Points
- Protests against President Omar Al Bashir enter their sixth day
- Reports of President Bashir's resignation and arrests of senior government officials
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
A%20QUIET%20PLACE
%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Lupita%20Nyong'o%2C%20Joseph%20Quinn%2C%20Djimon%20Hounsou%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EMichael%20Sarnoski%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
Simran
Director Hansal Mehta
Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey
Three stars
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
THE%20SWIMMERS
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57%20Seconds
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Rusty%20Cundieff%0D%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EJosh%20Hutcherson%2C%20Morgan%20Freeman%2C%20Greg%20Germann%2C%20Lovie%20Simone%0D%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%0D%3Cbr%3E%0D%3Cbr%3E%3C%2Fp%3E%0A
ICC Awards for 2021
MEN
Cricketer of the Year – Shaheen Afridi (Pakistan)
T20 Cricketer of the Year – Mohammad Rizwan (Pakistan)
ODI Cricketer of the Year – Babar Azam (Pakistan)
Test Cricketer of the Year – Joe Root (England)
WOMEN
Cricketer of the Year – Smriti Mandhana (India)
ODI Cricketer of the Year – Lizelle Lee (South Africa)
T20 Cricketer of the Year – Tammy Beaumont (England)
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Company%20Profile
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APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
THE SCORES
Ireland 125 all out
(20 overs; Stirling 72, Mustafa 4-18)
UAE 125 for 5
(17 overs, Mustafa 39, D’Silva 29, Usman 29)
UAE won by five wickets
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Company%20Profile
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Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
RESULTS
Bantamweight: Victor Nunes (BRA) beat Azizbek Satibaldiev (KYG). Round 1 KO
Featherweight: Izzeddin Farhan (JOR) beat Ozodbek Azimov (UZB). Round 1 rear naked choke
Middleweight: Zaakir Badat (RSA) beat Ercin Sirin (TUR). Round 1 triangle choke
Featherweight: Ali Alqaisi (JOR) beat Furkatbek Yokubov (UZB). Round 1 TKO
Featherweight: Abu Muslim Alikhanov (RUS) beat Atabek Abdimitalipov (KYG). Unanimous decision
Catchweight 74kg: Mirafzal Akhtamov (UZB) beat Marcos Costa (BRA). Split decision
Welterweight: Andre Fialho (POR) beat Sang Hoon-yu (KOR). Round 1 TKO
Lightweight: John Mitchell (IRE) beat Arbi Emiev (RUS). Round 2 RSC (deep cuts)
Middleweight: Gianni Melillo (ITA) beat Mohammed Karaki (LEB)
Welterweight: Handesson Ferreira (BRA) beat Amiran Gogoladze (GEO). Unanimous decision
Flyweight (Female): Carolina Jimenez (VEN) beat Lucrezia Ria (ITA), Round 1 rear naked choke
Welterweight: Daniel Skibinski (POL) beat Acoidan Duque (ESP). Round 3 TKO
Lightweight: Martun Mezhlumyan (ARM) beat Attila Korkmaz (TUR). Unanimous decision
Bantamweight: Ray Borg (USA) beat Jesse Arnett (CAN). Unanimous decision
COMPANY%20PROFILE
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Results
5pm: Maiden (PA) Dh 80,000 (Turf) 1,400m. Winner: Al Ajeeb W’Rsan, Pat Dobbs (jockey), Jaci Wickham (trainer).
5.30pm: Maiden (PA) Dh 80,000 (T) 1,400m racing. Winner: Mujeeb, Fabrice Veron, Eric Lemartinel.
6pm: Handicap (PA) Dh 90,000 (T) 2,200m. Winner: Onward, Connor Beasley, Abdallah Al Hammadi.
6.30pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown Prep Rated Conditions (PA) Dh 125,000 (T) 2,200m. Winner: Somoud, Richard Mullen, Jean de Roualle.
7pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 (T) 1,600m. Winner: AF Arrab, Tadhg O’Shea, Ernst Oertel.
7.30pm: Handicap (TB) Dh 90,000 (T) 1,400m. Winner: Irish Freedom, Richard Mullen, Satish Seemar.
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
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