EDITOR’S COMMENT: I will happily admit to never really being a huge fan of London. Having grown up in a sleepy, rural town I was, of course, desperate to move to the Big Smoke as soon as possible. I’ve had a lot of fun in London, but I’ve never really loved it.
But now, London is in desperate need of some love. The capital is being hollowed out. The very things that make London so exciting to live, work and play in are gone. Shops, restaurants, arts, culture, entertainment. Business.
The joy of working in London, or working in this sector in London, has been that steady flow of investment. The next big shiny building to come to market, and the ensuing battle to buy it. The posturing and peacocking. That is what makes London so exciting.
But more than six weeks into the new year, everything is all a bit dull. And London is depressed.
Figures from CBRE reveal that just four properties have been formally launched to market so far this year, with a total value of £222m. This time last year, nine assets had been marketed with a total price tag of more than £640m.
Agents and owners alike were hopeful that the first three months of 2021 would build on the activity we started to see return in Q4 2020.
Faisal Durrani, head of London commercial research at Knight Frank, had predicted late last year that, with the roll-out of the vaccine, Q1 was going to be the “mother of all quarters” as investors started to deploy the significant dry powder they had built up during 2020.
Knight Frank reckons there is £46bn of cash waiting to be spent on London property, but alas, another lengthy lockdown has paused activity, wiping almost two-thirds off the investment total the sector would have liked to see.
London needs our love right now. It needs to be opened back up to investment, to tourists, to life and excitement. This is what London thrives on, and I have a genuine fear that the capital will be levelled down as other cities are levelled up.
London doesn’t have the assets that so many of the UK’s other cities have. It doesn’t have the access to really beautiful natural landscapes right on its doorstep – and no, I don’t think the Marble Arch mound is going to fix that. It doesn’t have the ability to transform itself into the 15-minute city we hear so many people talking about as the solution to bring life back to our cities.
But what London has (or had), was the big lights, the big buildings, the big deals and the big personalities. It needs its own roadmap out of lockdown – and it needs it fast. So here’s hoping that when Boris reveals just how the country is going to transition back to normality, he’ll give a little extra love to London.
■ Talking of love – EG has now formally launched the EG Awards 2021 and, pandemic permitting, we are preparing to be back in real life. This year is all about new horizons and looking to the future. Just like every year, we will be seeking to crown the very best businesses in the UK and beyond.
There are a couple of new awards this year, too – we’re taking time to celebrate the very best of our cities, the great work that public and private partnerships can deliver, and this year’s special award is for a business or individual that has found a way out of the turmoil brought about by Covid-19 and refreshed and renewed their business.
I for one can’t wait to be back in my light-up gold trainers, standing in front of a group of placemakers, changemakers and career-makers, with a big smile on my face as we celebrate together the shining future of real estate.
Find out more and how to enter here.
To send feedback, e-mail samantha.mcclary@egi.co.uk or tweet @samanthamcclary or @estatesgazette
