REAL ESTATE - INTERVIEW
Monday, June 25, 2018
Rob Hill, Founder and Director of Greater London Properties
REAL ESTATE - INTERVIEW
by Melisa Kaya
Greater London Properties was founded in 2003 by Rob Hill. And now GLP is one of the Largest Independent Residential Sales and Lettings Agency in Central London. Soho and Bloomsbury offices are working together to cover all demands of their clients. I just had the chance to do an interview with the Greater London Properties Founder and Director Rob Hill, and I asked to learn more about London Real Estate Market.
Rob, before start talking about London Real Estate Market, please tell us about yourself, who is Rob Hill?
How nice of you to ask! I was born In London and apart from my time at university in Liverpool have always lived in various locations across the city. I currently live in Dulwich South East London with my wife who is also a partner in the business and two sons and one more due in September. In my spare time when not chasing around after my children, I love fishing, support Everton and the Texas Longhorns.
Could you tell us about Greater London Properties and your team? What type of services do you offer for local and international investors?
Greater London Properties main focus is that of the central London residential market. We sell, rent and manage a property and offer specialist advice on our core market to a number of large organisations, PLC's and developers as to where the market is heading, what type of property sells best, where to invest and how best to market a property and manage it for the longer term. We are heavily invested in the local area working closely with partners to raise funds for local schools and charities.
The team is made up of a diverse mix of like minded individuals who all hold the same core values of honesty, transparency and diligently.
What type of properties do you prefer most to keep in your portfolio? What is their average listing time before selling? What are the most important features that affect buyers' choice in London market?
We like to reflect the areas we work in so as such we have a diverse range of properties ranging from small studio flats to large penthouse apartments and period houses. The time to sell varies depending on a number of factors but in general if clients listen to our advice in terms of pricing and marketing strategy we normally have properties under offer within one month.
What can you tell us about the current status of London real estate market? What has been changed over last 3 years? and How did Brexit effect London real estate market?
While Brexit is very much a consideration for investment no one really knows the true impact of it until sometime after it happens. The main consideration for buyers and investors in central London are the tax changes recently, primarily the changes to stamp duty (the tax you pay when buying a property) and interest rate relief for landlords (the phasing out of being able to write off mortgage interest as a cost for landlords). Both of these factors combined have meant that regardless of your status be it an investor or buying as a home you have to more carefully scrutinise the investment to ensure that it works for you in the short and medium term. This increased level of scrutiny also leads to increased uncertainty in the marketplace and as consequence prices have reduced.
What do you think about the future of real estate investment? What is the right time for investors?
In London terms, the right time for investment is when you can afford it taking into account the factors touched on above. Whatever happens in the future with Brexit and other changes in the political or tax realms London will remain a truly global city and at the forefront of a diverse range of industries and being totally honest will always have a housing shortage due to the growing population and a lack of space to develop. My advice would be to follow the market and feel free to give us a call to discuss your investment needs and we will work alongside you to help you achieve your goals.
Anything you'd like to add that I haven't asked?
Many overseas investors tend to opt for new build properties as they are seen as low risk, low maintenance investments that will not be too time-consuming. This may work for some investors however it is worth noting that the local market does tend to favour period (older) buildings with character and features. It's well worth considering the established older properties as there is always a good market for these for sale and or rent.
Thank you Rob.