The UK residential property market has experienced a series of dramatic shifts in recent times. The pandemic prompted a significant migration away from London as buyers sought more space. There then followed the ill-fated mini-budget and subsequently a resurgence of interest from overseas investors particularly in Prime Central London, signalling a renewed confidence in the capital's enduring appeal.
A recent fall in mortgage rates increased activity from buyers with pent up demand in the main market, now rates are inching up again. Cash buyers remain prevalent, having the advantage of not being reliant upon mortgage financing. There may be some help for first time buyers in the Spring budget. Otherwise many buyers this year, particularly those in the higher-value markets whose decision to transact is more discretionary, will be waiting to see what changes the general election brings, but others will look to push ahead, having sat out through the rollercoaster of recent years. However, we continue to see demand from both domestic and international buyers and despite the uncertainties, the city's rich cultural tapestry, economic significance, and educational institutions is always an allure.
Our country house practice has grown significantly in recent years. We have acted on some of the largest rural estate purchases, alongside handling the sale and purchase of several beautiful country houses – and a whole range of other rural properties – across the country. Last year, our merger with Taylor Vinters brought their top agricultural practice into the Mishcon Private fold. The latest addition to the team, Idina Glyn, who joined at the start of this year, brings the number of Partners handling country house transactions to six – making us one of the largest teams in London. In this edition, Idina provides insight into the idiosyncrasies of country house purchases.
We are often asked about the process of extending the lease of an apartment, Zoe Patel, a Managing Associate, has provided a helpful guide.
Finally, we hear from Monika Patel, an Associate, on how the status of a previous owner of your apartment could mean you face high service charges in respect of remediating safety defects in your building.