Property News | ‘Immunity belt' for UK buyers

Browse By Subject

Money

Property

Social

Professional

'Immunity belt' for UK buyers

Monday, June 28, 2010

Source: Catherine Deshayes

The UK economy is still facing difficult and uncertain times and with the changes outlined in this week's emergency budget, many still face tough times ahead...

However, Adrian Dunford, Principal of Sandbanks-based property agency, Tailor Made, believes that no matter what the state of the financial climate there are some people who will never be affected and are part of an Immunity Belt.

Adrian comments: "The Immunity Belt is a term which can be used to refer to moneyed individuals living in pockets across the UK who do not see fluctuation at a time of recession, instead they view it as an opportunity. Basically, they are immune to the financial crisis that the UK has faced over the past 18 months.

"Areas such as the world-famous Sandbanks peninsula, the fourth most valuable location in the world, and sections of London including Richmond and Knightsbridge are part of these pockets that have not been affected by the state of the economy and probably never will be.

"At Tailor Made we primarily sell properties in Sandbanks and the surrounding areas. In 2009 when many people were in the depths of the recession, we actually had our best year on record in 10 years, selling 70 properties. We also did not see property prices drop compared to the rest of the market.

"A key reason for this growth in sales is that the majority of our clients were cash buyers and did not need to go through the process of getting a mortgage at a time when the banks weren't lending.

"The top end of the property market is always the last to slow during hard times and the first to pick-up when things get better. I put this down to those with money being savvier - they are more willing to take risks and invest."