Savills hosts property research seminar in Weybridge
PUBLISHED: 17:38 15 September 2010 | UPDATED: 17:23 20 February 2013
International real estate adviser Savills hosted a summer property research seminar at Mercedes-Benz World in Weybridge, Surrey, on Thursday
International real estate adviser Savills hosted a summer property research seminar at Mercedes-Benz World in Weybridge, Surrey, on Thursday.
The event, which was designed to highlight current market conditions and provide informed predictions, saw talks by Lucian Cook, a director at Savills Residential Research, and guest speaker and media entrepreneur Kelvin Mackenzie, who lives in Weybridge.
It is a case of bricks and mortar over superchargers and turbos, as the wealthy prefer to put their cash into a long term investment over a shorter term thrill, said Cook, referring to how wealthy buyers have been much quicker to return to prime housing markets than luxury car markets in London.
The analysis, which compared 12 month registrations of Porsche, Aston Martin and Bentley cars to annual transactions in the prime housing markets of central and South West London, showed that activity levels in both markets were hit hard in the downturn.
Unlike a Porsche though, a central London property stays in central London, meaning its price is fixed in sterling, said Lucian. Once job security improved, bankers and brokers have been more relaxed about putting their accumulated wealth back into property
The relationship between housing transactions and car registrations is quite different outside of the luxury market, however.
Housing transactions have continued to be constrained by a lack of mortgage finance and potential buyers are wary about taking on a big long term financial commitment, said Lucian.
As a result housing transactions fell further and faster than car registrations. Even though they returned to growth last year, that rate of growth has been slowing as economic realities are beginning to settle in.