north surrey - knight frank

North SurreyHIGHLIGHTS

2014-2015

contents5 Introduction

6 Market Update

8 International Appeal

10 Recently Sold

14 Expert Views

16 New Ways of Living

18 Property for Sale

22 Our Team

23 Contact

introductionWelcome to our annual review of the North Surrey market. Shortly after launching our last North Surrey Highlights the market was tentatively put on hold as we entered the lead-up to the UK General Election. Specifically, concerns centred around potential mansion and non-domicile taxes, which slowed and stalled buyers as they waited anxiously to see how things would unfold. Now that the election has passed and these fears have finally been dispelled, we are already seeing signs of confidence and stability return to all levels of the North Surrey market.

Despite taxation fears in 2014 making for a difficult market in North Surrey, it should be noted that Knight Frank remained at the forefront and were responsible for a strong number of sales, many of which were record breaking. With new found stability, the year ahead is predicted to prove even more successful, however it will not be without its challenges. A large number of new build properties are currently under construction, many nearing completion, which when launched will be competing for interest alongside many existing offerings.

With increasing levels of exciting properties becoming available in the region, access to buyers during the next 12 months will be absolutely key to success. With offices in Ascot, Cobham, Esher and Virginia Water; a large team solely focused on the North Surrey market within our London Country Department; dedicated international teams focusing on Russia, China, India, the Middle East and USA, all working closely with our expanding network of offices in Central London and around the world, our team can source buyers from all corners of the globe.

We hope you enjoy reading our North Surrey Highlights of 2014/15. Please contact us with any questions, or indeed if you need advice on any property related matters.

North Surrey Highlights 5

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

£2.27m

£2.99m

£3.6m

£2.74m

£3.28m

£3.56m

£3.97m

£4.29m

£4.61m

£4.76m

£2.58m£2.6m

£2.44m£2.43m£2.39m£2.34m

£2.13m

£2.71m

£2.44m

£2.11m

2015

£2.58m

6 Market Update

On the doorstep and on the money. North Surrey & the London ripple effect.During 2014 there was a notable rise in the number of super-prime transactions in London. Fuelled in part by demand from Russian and Chinese buyers, between January and October Knight Frank saw the number of £10 million-plus transactions increase by a third compared to the same period the previous year.

What such performance means for buyers seeking both a larger property and greener horizons is that North Surrey becomes an increasingly attractive proposition. The difference between what you get for your money compared to central London makes for a very strong argument.

Of course, North Surrey gains much of its drawing power from its position right next to the capital. London’s close proximity means you can enjoy the city’s culture and sophistication in the morning yet be surrounded by wide open spaces in the afternoon.

Not only can you get more for your money, but the lifestyle benefits as well as the idyllic country property and grounds prove to be

an irresistible draw. Add to this a plethora of good schools, an enviable work-life balance and great restaurants it’s easy to see why so many purchasers are actively looking for their next home beyond the capital.

With country house prices currently at low levels compared to London, an increasing number of individuals are looking to move to the country. Knight Frank’s extensive network of offices ensures that you are in safe hands regarding your London sale. Our links to the country are unsurpassed with exceptional coverage from our London based Country Department and our specialist buying department, The Buying Solution, as well as the local offices.

We are forecasting further price growth in the prime country market in the coming year, as improved economic conditions and confidence flood in. Property markets in South East England will continue to be boosted by the ‘ripple effect’ of London prices, as well as continued interest from buyers in towns within easy commuting distance of the capital.

London is compact - it’s part of the attraction. But for those seeking more space, particularly families for whom a generously proportioned house and gardens, a settled way of life and their children’s education are all priorities, North Surrey delivers. Exceptional schools, traditional villages, superb restaurants, race days at Ascot and Epsom, plus outstanding golf; this is the Home Counties, and the name couldn’t be more suitable, as it’s a place to make your home.

Knight Frank’s network of international offices, with 370 offices in 55 countries, accesses buyers across the globe to optimise your sale. Working closely with a network of 28 London offices, our specialist North Surrey offices in Ascot, Esher, Cobham and Virginia Water provide us with exceptional coverage and local knowledge meaning we can tailor the buyer’s search for their new property to their specific needs.

What a £2m home purchased in March 2005 would now be worth in prime central London and North Surrey

PRIME CENTRAL LONDON

NORTH SURREY

PRIME CENTRAL LONDON

NORTH SURREY

CENTRAL LONDONNORTH SURREY

6 bedrooms, 5 to 6 reception rooms, 8 bathrooms Approximately 10,700 sq ft, about 1 acre

3 bedrooms, 4 reception rooms, 3 bathrooms Approximately 2,923 sq ft

North Surrey Highlights 7

FOR SALEST GEORGE’S HILL GUIDE PRICE: £7,950,000 SOLDMAYFAIR GUIDE PRICE: £7,950,000

Price growth in prime central London by area in the year to May 2015

Although last year saw Russians exercising a degree of caution as a result of lower oil prices impacting on buyers’ petrodollar purchasing power, the desire for a large detached country home within striking distance of the centre of London remains strong. The diminished value of the rouble has seen an upswing in buyers looking for

Early 2014 was an uncertain time for Indian buyers, with the rupee at an all-time low. However, after the country’s election last May, confidence has returned. A new government is in place and the Reserve Bank of India has eased currency cooling measures, leading to renewed enquiries focused mainly on residential properties. A huge motivating factor for Indian buyers is education, and in this regard North Surrey really stands out. With its world-class schools and colleges, a home here is not just a financial investment, but an investment in their children’s future.

North Surrey has historically been a solid and attractive investment for American’s whether it be their first UK property purchase or for those American’s whom have initially lived in prime central London and now seeking “more space” as their family size and children’s educational requirements demand. So why does the area appeal? North Surrey firstly benefits from the quality of the international schools which teach the American curriculum such as TASIS, The American School located in Thorpe and ACS International Schools in Cobham and Egham. Secondly they have been traditionally attracted to living in the English countryside and relaxed about commuting into the heart of a city’s financial area; for example, Manhattan’s financiers

Chinese buyers look for a safe haven for their investment. The UK, politically stable and with an established property market, offers historical reliability; but lifestyle also figures highly. The traditional English house in the country, in red-brick and with a beautifully laid out garden, puts North Surrey top of the list for many Chinese buyers. At the same time there’s its proximity to London, its value for money compared to the capital, and importantly, its schools. For the Chinese, a home in North Surrey is a long-term acquisition - a fact related to the duration of their children’s education. Size and feng shui can inform the price bracket buyers aim for. £2m-£4m is the norm, with larger 6-7 bedroom houses sometimes seen as too big and having bad feng shui.

secure investments in the west. A North Surrey residence offers stability and long-term value, with properties under £10 million particularly attractive. As always with Russian clients, luxurious fit-out, highly-specced amenities and flawless workmanship are a priority; factors new builds in the area are highly responsive to.

An area with international appeal

North Surrey appeals to buyers from all corners of the world. Our experts provide an overview of what attracts four particular nationalities to this unique area.

Michelle Zhang Head of China Desk

The Americas 3,820 people 138 offices 12 countries

United Kingdom 1,800 people

78 offices

Offices

Countries

In

Katya Zenkovich, Head of Russia Desk

Africa 670 people 23 offices 9 countries

Middle East 40 people 3 offices 2 countries

Asia Pacific 4,860 people 53 offices 13 countries

Continental Europe 1,040 people

75 offices 16 countries

Sarah Simpson Head of USA Desk

Ila Amba Head of South Asia Desk

are used to commuting into New York City from other parts of New York State such as the affluent Westchester County which is situated to the north of Manhattan, Long Island to the east and even from outside New York State, such as Greenwich, Connecticut which offers some of the most exclusive neighbourhoods in America. What factors will aide more American’s buying in 2015? A stable and growing U.S. economy combined with a strong U.S. dollar should result in a promising year and thus draw further American investment into North Surrey.

8 International Appeal North Surrey Highlights 9

SOLDCObHAM GUIDE PRICE: £4,500,000

SOLDWENTWORTH GUIDE PRICE: £5,950,000


SOLDST GEORGE’S HILL GUIDE PRICE: £9,500,000

SOLDSUNNINGDALE GUIDE PRICE: £4,150,000 SOLDST GEORGE’S HILL GUIDE PRICE: £12,500,000


SOLDCObHAM GUIDE PRICE: £4,600,000SOLDASCOT GUIDE PRICE: £6,000,000

A SELECTION OF PROPERTIES recently SOLDSince January 2014 Knight Frank has sold over £634 million worth of property in North Surrey


10 Recently Sold North Surrey Highlights 11


SOLDVIRGINIA WATER GUIDE PRICE: £5,995,000

SOLDOxSHOTT GUIDE PRICE: £4,750,000

SOLDST GEORGE’S HILL GUIDE PRICE: £5,950,000SOLDST GEORGE’S HILL GUIDE PRICE: £7,750,000


SOLDOxSHOTT GUIDE PRICE: £6,750,000

SOLDSUNNINGDALE GUIDE PRICE: £3,200,000

12 Recently Sold North Surrey Highlights 13

SOLDCObHAM GUIDE PRICE: £4,500,000SOLDWENTWORTH GUIDE PRICE: £5,500,000

SOLDbRAY GUIDE PRICE: £3,950,000


North Surrey views

Hugh Petter Adam Architecture

A recognised authority on classical and traditional architecture, Hugh has worked on projects in Britain, Italy, the Caribbean, North America and Russia. In a wide-ranging career he has added to the architectural heritage of Surrey by designing several outstanding houses in the area.

Lucy Day Knight Frank Interior Services

Knight Frank Interior Services is a world-class interior design service. It responds to the individual needs of its clients to deliver ultra-luxurious spaces where every element is considered. It also advises clients on the optimum way to present their properties for sale or let.

A pattern we’ve noticed is that buyers and tenants are becoming more discerning. It means vendors and landlords have to do all they can to make their properties stand out. The result is that we’ve been dressing properties to an incredibly high standard, to give them maximum impact.

Design-wise, we’re moving away from beige and taupe interiors towards bolder and more individual schemes. The key is to inject properties with personality yet still appeal to a wide range of people.

Edmund Fetherston-Dilke Farrer & Co

Independent law firm Farrer & Co can boast a track record stretching back more than 300 years. They advise some of the world’s leading entrepreneurs, statesmen, literary figures, charitable institutions, asset managers, sports bodies and media groups on their personal and business affairs, both domestic and international.

2014 saw the arrival of ‘ghost gazumping.’ After watching their property’s value rise during the period between accepting an offer and exchange, sellers would increase the selling price at the last minute. Over the summer however things became more stable, and towards the end of the year we saw clients becoming more cautious. There was more interest in the sub-£2m end of the market, where people could trade without issue over offshore taxation and at a lower SDLT frictional cost. Conversely, buyers of more expensive properties were more circumspect.

Mark Lawson The Buying Solution

The Buying Solution is Knight Frank’s independent buying consultancy. It finds and secures exceptional properties in both prime central London and throughout the UK at the optimum price for its clients. It also provides impartial advice on a whole range of property-related issues.

We’re seeing more activity from domestic buyers, and that has a bearing on the design aesthetic. Homes are there to be lived in, so they need to be practical and functional. Kitchens must be efficient cooking spaces, bathrooms must be easy to maintain, bedrooms need to flow from sleeping space to dressing room to en suite bathroom, and so on.

When it comes to North Surrey, people are looking for space. The proportions of houses there give greater scope to divide up areas into practical spaces for entertaining, working and relaxing.

[email protected]

“The key is to inject properties with personality yet still appeal

to a wide range of people”

The marketplace last year was a mixed one. Nice houses sold well, but ones that were perceived to be overpriced did not move so quickly. Similarly, houses around the £2m mark – those which might just fall into a potential mansion tax trap – were slow to shift. On the other hand, more expensive properties were less affected, any mansion tax having less impact on higher net worth individuals relative to their overall wealth.

Our clients in the North Surrey area fall into two categories: British families moving out of London and high net worth buyers from abroad. They share the same outlook. The area lets them retain a London-centric lifestyle while offering more space.

With regards to stamp duty, early signs are that the latest changes are encouraging a move away from buying an existing large and expensive property. The financially astute are looking to either design and build with a developer or build their own house by redeveloping a site. In this way, the stamp duty on the land transaction is less, and the tax saved can then be ploughed into the building project itself.

“The area lets them retain a London-centric lifestyle while

offering more space”

“Excellent schooling and an active social calendar continue to drive this trend, and we see

no signs of that stopping”

2014 was very much a tale of two halves. In the first half the market was very strong, driven as it was by positive economic news, low borrowing costs and booming London prices. This caused money to filter out to the Home Counties, supporting price growth and sales. In the second half of the year people became more cautious, due on one hand to the proposed mansion tax and the upcoming general election, and on the other to vendors being overly ambitious with their pricing.

The year was also notable for the absence of the usual Russian and eastern European buyers. As a result, the number of transactions in the Home Counties over £8m was significantly down on previous years. This was particularly noticeable in the usually transient and internationally-dominated Wentworth, Ascot and St George’s Hill, Cobham and Esher areas. That said, there were several very significant residential sales, to a mixture of nationalities in Surrey. Careful pricing and buying in the best locations remain key.

Telephone: 07721 894 347 [email protected]

“...there were several very significant residential sales, to a mixture of nationalities,

in the more rural areas”

London and areas within a short commute of the capital remain favoured destinations for overseas buyers. They get the benefits of a world class city, a proven investment record and a safe haven for their cash. Leafy North Surrey remains ever-popular. Here you have the best of both worlds – a semi-country lifestyle combined with proximity to London. Excellent schooling and an active social calendar continue to drive this trend, and we see no signs of that stopping. There are many top-class developers in this area and good quality new build developments are always in demand, particularly with overseas buyers.

The property market involves many participants, each with a role to play in not just the buying process but the lifestyle of the owner and investor. For the inside track on North Surrey, who better to ask than four experts in their field with their own individual take on the current market.

14 Expert Views North Surrey Highlights 15

New Ways of Living:How technology and style will impact on properties in the futureIn the years to come, technology will determine the way we interact with our homes to an unprecedented degree. With state-of-the-art, fully automated living spaces a prerequisite, lighting, heating, ventilation, security and other systems will be completely integrated and controlled from a central point.

That point will, of course, be a digital one. The so-called ‘internet of things’ will mean interconnected devices talking to each other so that properties deliver the optimum in comfort and convenience. From dimming lights to getting the pool to the perfect temperature before guests arrive for the weekend, web-linked thermostats and other devices - monitored through our smartphones - will allow us instant control of our homes from wherever we are in the world.

Form will more than hold its own against function however. Style and design will appeal across the senses, with creative use of materials making properties not just visual but tactile. From luxury embossed leather on walls to the finest marble underfoot and gold-leaf used in statement furniture pieces,

surfaces will respond to the touch, providing occupants with a sense of heightened interaction with their homes.

Increasingly, interiors will draw from luxury brands. Design will borrow from objects where beauty and performance are integral to their purpose, such as cars and yachts. Examples include embossed logos on furniture, branded colour schemes, the use of advanced materials such as carbon fibre, and sleek, lightweight, highly-engineered metals that add artistry and craftsmanship to the living space.

Green technology will be deployed extensively, with heat, power, water and even daylight recovered in a highly efficient way. 100% resource-neutral homes will no longer be the dream of the few.

The humble garage will become a thing of the past. Instead, buildings used to hold collections such as classic cars and wine will become fully-functional luxury spaces in their own right. Climate-controlled environments, underfloor heating, LEDs and glass walls to allow prized possessions to be shown in the perfect light, plasma TV screens, not forgetting high security doors and landscaped ramps to facilitate access – all will be de rigueur in the über-garage of the future. More than just rooms for storage, they will be premium spaces used to protect investments and entertain guests. High on people’s list of requirements, they’re a prime example of buyer demands shaping the properties of the future.

ASCOT COMING SOON

ST GEORGE’S HILL COMING SOON

“100% resource-neutral homes will no longer be the dream of the few”

WENTWORTH COMING SOON

CGI Image CGI Image

CGI Image

16 New Ways of Living North Surrey Highlights 17

A SELECTION OF PROPERTIES currently FOR SALE

WINDSOR GUIDE PRICE: £4,975,000WENTWORTH GUIDE PRICE: £8,750,000WENTWORTH GUIDE PRICE: £11,000,000 ST GEORGE’S HILL GUIDE PRICE: £10,000,000

OxSHOTT GUIDE PRICE: £8,950,000

ST GEORGE’S HILL GUIDE PRICE: £8,950,000OxSHOTT GUIDE PRICE: £5,950,000ST GEORGE’S HILL GUIDE PRICE: £16,750,000

18 Property for Sale North Surrey Highlights 19

For more information and for other properties we are marketing, including those being offered privately, please contact one of the team.

WINDLESHAM GUIDE PRICE: £24,500,000

WENTWORTH GUIDE PRICE: £15,950,000

ST GEORGE’S HILL GUIDE PRICE: £9,500,000

ASCOT GUIDE PRICE: £4,350,000

ENGLEFIELD GREEN GUIDE PRICE: £12,000,000

ST GEORGE’S HILL GUIDE PRICE: £12,950,000

WENTWORTH GUIDE PRICE: £7,750,000

20 Property for Sale North Surrey Highlights 21

SARAH SIMPSON USA Desk

CONTACT USKnight Frank has an extensive reach across the UK with 28 offices in London and 30 offices throughout the country.

COUNTRY DEPARTMENT

55 Baker Street, London W1U 8AN

NORTH SURREY TEAM +44 20 7861 1373

SUPER PRIME TEAM +44 20 7861 1441

@KFCountryHousesKnightFrank.co.uk/country

RUSSIA DESK

+44 20 7861 5035 [email protected]

SOUTH ASIA DESK


CHINA DESK


USA DESK

+44 20 7861 [email protected]

MIDDLE EAST DESK


ASCOT

59 High Street, Ascot Berkshire SL5 7HP

SALES +44 1344 624732 [email protected]

LETTINGS +44 1344 299399 [email protected]

@Ascot_PropertyKnightFrank.co.uk/ascot

COBHAM

50 High Street, Cobham Surrey KT11 3EF



@Cobham_PropertyKnightFrank.co.uk/cobham

ESHER

The Old Post House 81 High Street, Esher Surrey KT10 9QA



@Esher_PropertyKnightFrank.co.uk/esher

VIRGINIA WATER

20 Station Approach, Virginia Water Surrey GU25 4DW



@KnightFrankVWKnightFrank.co.uk/virginia-water

Important notice1. Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP in the particulars or by word of mouth or in writing (“information”) as being factually accurate about the property, its condition or its value. Neither Knight Frank LLP nor any joint agent has any authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agent, seller(s) or lessor(s). 2. Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. 3. Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. 4. VAT: The VAT position relating to the property may change without notice. *CGI - Computer generated images are shown for illustrative purposes only. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered office is 55 Baker Street, London, W1U 8AN, where you may look at a list of members’ names. 3395FEB14

Our team is the foundation of our success, with trust and integrity at every level. With many years’ experience behind them, as well as a combination of local knowledge and the support of a global network, our partners are perfectly placed to deal with any property related enquiry, wherever you are in the world.

OUR TEAM

INTERNATIONAL

LONDON

LOCAL

JAMES HERON Ascot

ILA AMbA South Asia Desk

JAMES CLELAND North Surrey Team London

EDWARD SHAW North Surrey Team London

STUART COLE North Surrey Team London

JAMES CRAWFORD Super Prime Team London

EDWARD WELTON Super Prime Team London

CHARLES DAVENPORT Cobham

TIM GARbETT Esher

ALEX HERMAN Esher

PAUL COCKERHAM Virginia Water

KATyA ZENKOVICH Russia Desk

SARAH MAy bROWN Middle East Desk

MICHELLE ZHANG China Desk

22 Our Team

KnightFrank.co.uk

north surrey - knight frank

Documents