On the Chambers High Net Worth Awards shortlist and the realities of the prime residential market
The Real Estate team has been shortlisted for Residential Property Team of the Year. What do you think that reflects?
It’s always meaningful to be shortlisted alongside the firms we see as our direct peers in prime central London. These are the teams we are regularly up against on transactions, so to be included in that group says a lot.
We’ve been very consistent in the space we operate in. We focus on high-value residential work at the top end of the market, and we remain a go-to firm for many of the leading agents in that space. That positioning has held, even as the market itself has shifted quite a bit over the past couple of years.
What does that work actually look like in practice at the moment?
Most of what we do is high-value residential transactions in prime central London, often involving listed buildings or complex ownership structures. The values are significant, but what really defines the work at the moment is the environment we are operating in.
The market is flat at the moment, so timing is all the more critical. At the same time, buyers are being much more detailed in their approach. Their advisers are asking more questions than they would have done previously, and everything is being looked at very closely. You have this combination of pressure to move quickly, but with much higher scrutiny.
As a team, we are used to dealing with that level of pace and complexity, whether exchanging within a matter of days, or managing transactions at very high values where there is very little room for error.
What do your clients rely on you for beyond getting the deal done?
The most important thing is communication. Clients want to be kept informed at all times, even if nothing has changed. That becomes even more important in a slower market, where there can be periods where things are not visibly progressing. Keeping everyone aligned and making sure there are no surprises is a big part of the role.
There is also a level of reliance that comes with the type of clients we act for. They may be used to making significant decisions in their own fields, but when it comes to their personal property, they often want very clear guidance. You are there to help them navigate that, without taking the decision away from them.
Across the team, responsiveness is a constant. Whether it is picking up the phone straight away or turning around advice quickly, that is what clients and agents expect from us, and it is something we are very conscious of maintaining.
You mentioned the market has shifted. What are you seeing at the top end right now?
It is a much more cautious market than it has been. There are still buyers, but they are taking longer and are very focused on value. It is very much a buyer’s market at the moment.
At the same time, many sellers are holding. If they bought a property under more favourable terms, they are reluctant to accept a lower price now unless they have to. That creates a gap between expectations, which can slow things down.
We are also seeing some changes in who is active. The domestic market is more prominent than it was, and there has been strong interest from US buyers. Some of the international clients who were very active previously are less visible, though many still retain property here and continue to engage with the market in different ways.
How does that change the way you and the team approach transactions?
It requires a slightly different mindset. There is more emphasis on keeping momentum in a deal, because it is easier for things to fall away. There is also more detail in the process, because buyers and their advisers are looking very closely at everything.
That is where the team’s experience matters. We have people who have been doing this for a long time, and others who are very technically strong and closely involved in the detail of transactions. Being able to bring those perspectives together is important.
A lot of our work also involves coordinating with agents, lenders and other advisers, and that becomes more important in a market like this. Everyone needs to be aligned if a deal is going to get over the line.
Looking ahead, do you expect that to change?
Not in the short term. Most of the conversations we are having suggest that the current conditions are likely to continue for a while.
There are a number of wider factors that will influence things, such as interest rates and broader economic and political stability, but at the moment, there is no clear sense of a sudden shift.
For clients, that means being realistic about pricing and timing; for us, it means continuing to guide them through it with a clear view of what is happening on the ground.
