London property has had its fair share of challenges to contend with recently, most notably stamp duty hikes and the Brexit result. While some property commentators are predicting Armageddon, others are waving the “business as usual” flag. The reality, of course, is somewhere in between.
The United Kingdom’s historic decision to leave the EU resulted in the pound falling to a record low. Buyers from dollar-pegged currencies, such as the UAE, can also rely on a 20 per cent discount when the correction in property values is taken into account. Ironically, Brexit may have been the resurrection the London property market needed. Tracking London’s property prices over the past 40 years confirms its inflation-hedging qualities. With significant rises in values recorded despite many challenging circumstances, including 2008, the UK economy was one of the first to recover globally, largely buoyed by the London property market.
The referendum outcome has cemented the investor strategy of flocking to tangible asset classes and London is now the world’s most attractive city for investment ahead of New York, according to Knight Frank’s latest Global Wealth Report.
So where is it best to invest? Options include:
Prime central London: this is undoubtedly the best for wealth preservation and capital appreciation. According to a recent Savills report, values in prime central London are set to rise by 21 per cent between now and 2021. The limitations on supply versus demand have kept values high.
the capital appreciation versus yield conundrum can perhaps be solved by investing in so called “twinned markets”. JLL has recently identified 10 such pairs in London. These are areas immediately adjacent to affluent areas which therefore currently command lower capital values and enjoy better yields than their neighbours. The theory being there is scope to benefit from an uplift in pricing as future boundaries become blurred. Data from fourth quarter of 2016 shows that a buyer of a property costing £3.4 million (Dh15.6m) in Chelsea would only need to spend £1.1m in Battersea’s creative quarter.
Crossrail: locations along the Elizabeth line (Crossrail) are set for more price rises and will therefore be a popular choice for tenants. Put simply, Crossrail has shrunk commute times and made London smaller. These locations are still affordable and can present a speculative opportunity for lower budgets. Yields will also be higher and can attract up to 4 per cent. A typical two-bedroom property in Ealing, for example, selling for £500,000 could achieve a monthly rental income of £1,600 per month.
Common principles to follow for buying:
1. Decide on your investment strategy – whether based on capital appreciation or yield. This will dictate where you buy.
2. If you're not familiar with London, appoint a buying agent to represent your interests by helping to find the property and negotiate the price.
3. Steer clear of new build blocks with any more than 10 units. It makes your property less unique and competition on both the sales and lettings market becomes fiercer. Effectively you are competing for a tenant's attention with other identical units at any one time.
4. Do your homework around pricing; ask local agents what they have recently let nearby and for how much.
5. Good local amenities are essential to attract a wide tenant base. Vibrant areas with great schools and transport infrastructure perform the best and attract both a domestic and foreign rentals.
6. Buy in a building that has smart common areas, a porter and lift. These elements make it easier to attract professionals and other high-value tenants, although this could mean higher service charges.
7. When negotiating the purchase terms, ask to market the property between exchange of contracts and completion to minimise void periods.
8. When renting out, the offer you get within the first two weeks of marketing is usually the best offer.
9. Employ a professional property management firm, particularly if you are based overseas.
10. Invest in your investment. Repaint between long tenancies, change bathrooms and kitchens when they become tired and invest in technology – this will add to your property's value and ensure you always let to quality tenants.
Caroline Takla is the founder and managing partner of The Collection, a UK property consultancy based in London.
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Sharjah Wanderers 20-25 Dubai Tigers (After extra-time)
Wanderers
Tries Gormley, Penalty
Cons Flaherty
Pens Flaherty 2
Tigers
Tries O’Donnell, Gibbons, Kelly
Cons Caldwell 2
Pens Caldwell, Cross
Important questions to consider
1. Where on the plane does my pet travel?
There are different types of travel available for pets:
- Manifest cargo
- Excess luggage in the hold
- Excess luggage in the cabin
Each option is safe. The feasibility of each option is based on the size and breed of your pet, the airline they are traveling on and country they are travelling to.
2. What is the difference between my pet traveling as manifest cargo or as excess luggage?
If traveling as manifest cargo, your pet is traveling in the front hold of the plane and can travel with or without you being on the same plane. The cost of your pets travel is based on volumetric weight, in other words, the size of their travel crate.
If traveling as excess luggage, your pet will be in the rear hold of the plane and must be traveling under the ticket of a human passenger. The cost of your pets travel is based on the actual (combined) weight of your pet in their crate.
3. What happens when my pet arrives in the country they are traveling to?
As soon as the flight arrives, your pet will be taken from the plane straight to the airport terminal.
If your pet is traveling as excess luggage, they will taken to the oversized luggage area in the arrival hall. Once you clear passport control, you will be able to collect them at the same time as your normal luggage. As you exit the airport via the ‘something to declare’ customs channel you will be asked to present your pets travel paperwork to the customs official and / or the vet on duty.
If your pet is traveling as manifest cargo, they will be taken to the Animal Reception Centre. There, their documentation will be reviewed by the staff of the ARC to ensure all is in order. At the same time, relevant customs formalities will be completed by staff based at the arriving airport.
4. How long does the travel paperwork and other travel preparations take?
This depends entirely on the location that your pet is traveling to. Your pet relocation compnay will provide you with an accurate timeline of how long the relevant preparations will take and at what point in the process the various steps must be taken.
In some cases they can get your pet ‘travel ready’ in a few days. In others it can be up to six months or more.
5. What vaccinations does my pet need to travel?
Regardless of where your pet is traveling, they will need certain vaccinations. The exact vaccinations they need are entirely dependent on the location they are traveling to. The one vaccination that is mandatory for every country your pet may travel to is a rabies vaccination.
Other vaccinations may also be necessary. These will be advised to you as relevant. In every situation, it is essential to keep your vaccinations current and to not miss a due date, even by one day. To do so could severely hinder your pets travel plans.
Source: Pawsome Pets UAE
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
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A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
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Our family matters legal consultant
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