‘Omnia Omnibus Ubique’ runs the Harrods motto. Nowhere has this been more true than in Shaun Drummond’s work in the central London property market, overseeing four offices in Knightsbridge, Chelsea, Kensington, and Mayfair. The breadth of his coverage gives him unusual insight into the trends driving London’s ultra-prime market. ‘Whereas the Kensington and Chelsea markets are still more UK and European based, Mayfair and Knightsbridge tend to be much more international,’ he says. With some clients postponing purchases due to Brexit uncertainty and recent stamp duty increases, there has been a reduction in the number of transactions overall; but there remains consistent demand for correctly priced properties in the exclusive areas that his offices cover. On the impact of the recent fall in sterling, Drummond notes: ‘We expect further weaknesses to generate more sales, particularly in the exclusive residential blocks that we deal with.’ A document being published later this year by Harrods Estates describes ‘The Harrods Effect’ — ‘the influence of Harrods on surrounding areas and property prices’. Here, Drummond has noticed ‘a shift of direction in their Knightsbridge core market, with increased activity in the £2 to £5 million range, while the market above £10 million is gathering pace again.
020 7225 6506