Who will buy?
Friday 16th May 2025
I played the lead part in a school production of Oliver Twist, hitting the high notes of the splendid song 'Who will buy?'.
Though I say it myself, it wasn't bad and undoubtedly the peak of my acting career - perhaps my whole career!
Anyway, nearly 50 years later, I find those high notes, and the question, going round and round in my head.
"Who Will Buy?" - Full Song (HD) | Oliver! | Silver Scenes
Who will buy?
There are buyers in London, but they are very price sensitive. There are far fewer overseas buyers, so we are dealing with UK-based taxpayers.
These UK buyers are simply not interested in paying high service charges.
At the moment, the trickiest properties to sell are therefore those with lifts, porters and gyms to maintain.
A secondary question is also concerning me, and should concern all Londoners.
Who will build?
Building in London requires developers to maximise the height of any building to make a profit.
Post Grenfell, to meet Fire Regulations in tall buildings, they must have at least one lift which can be used in a fire, plus two staircases capable of use in an emergency.
Lift contracts are often stupidly expensive. Porters and live in caretakers cost a lot. Gyms and swimming pools too. Underground parking is expensive and in Central London unnecessary.
How does a developer cut back on future expense for their buyers and make their product saleable for the best price?
Ditch the pool. Sod the gym - there is always one within 500 metres in London. Why undermine their business?
Instead of a concierge how about a small foyer with a modern entry system.
A 7am-11pm shop on the ground floor with a remit in their lease to take in packages for the residents will benefit both.
Rather than each flat having a small balcony which cuts into the internal space, I am an advocate of a communal roof terrace - which becomes the social space. It just needs one gardening contractor, or not, it the residents are green fingered.
It is hard to achieve a high building with a low service charge but it needs to be done to cater to the UK based home buyer.
Landlords and foreign investors also don't want to be lumbered with the service costs.
To hit the high notes again, London desperately needs new tall buildings.
Do you have further ideas on how to reduce the costs to property owners?
Please let me know your thoughts
Until next time...
PB
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