A Homage to London
- By Jake Russell
- 14 July 2014
It is an inevitability, a staple in the diet of every estate agent, a quotidian conversation. Surely our London property “bubble” cannot continue to inflate, and that there is a catalogue of reasons that should strike fear into ours hearts when assessing the direction and wellbeing of London property. In short, now cannot be the time to ‘invest’.
Now, I am no clairvoyant, and one has to be particularly courageous to speculate, with some variety of Wealth Tax lurking on the horizon, but our sentiment here is one of reserved positivity, both in the short term and long.
Last summer, we sold a house in Notting Hill for an eye-watering 32,500,000 GBP. It had been a wonderful, well-rounded and happy home to the perfect English family for the last 30 years. Bought for 900,000 GBP in 1992, this house and its recent sale is an emphatic testament to the astonishing power and on-going strength of this ‘asset class’ in this modern day Babel.
There are many reasons to believe in this green and pleasant land; in London itself. Our mild and temperate climate offers respite from the bone-chilling winters of Moscow and New York, and refuge to those wishing to escape the lamentable humidity of Hong Kong. Our oft-ridiculed weather is in fact the perfect environment for fierce productivity and industry. And after all, we are only a hop, skip and a jump away from the sunnier climes of St Tropez, Mykonos and the kaleidoscope of cultures immediately accessible from London.
The stability of our government, a product of a docile and mild tempered nation, is an increasingly difficult thing to come by. If volatile political conditions do not threaten your safety, then corrosive taxes will suck the lifeblood out of your personal wealth and in turn your nation’s economy. Although it can precipitate apathy and lassitude in short sharp bursts, the central governing hand is, and has always been a light one here.
A world-renowned and long-established reputation for outstanding standards of education adds yet another string to the bow. This, married with the sophistication and depth of our cosmopolitan city, its culture, restaurants and arts, makes for an unrivalled nesting ground, replete with the sweetest of nectars.
The advantage of Greenwich Mean Time is another profound and immovable advantage that centres London in a global economy, as a natural epicentre to worldwide financial services. Indeed, opportunities abound and many a great fortune is not only fed and watered, but also made in our great capital.
The power of this great metropolis resides in this intangible concoction of inimitable conditions. And imbues and inspires, in me at least, a particularly sanguine outlook.