“The recovery in London is quick…you have to be careful because it can smack you in the face – you can miss it because it happens so quickly.”
My guest today is property veteran and Chief Executive at London Central Portfolio (LCP), Andrew Weir.
Andrew gained his industry-wide reputation as a consummate professional in the property sector with over 30 years’ experience, during a period of unprecedented growth and change within the Prime Central London residential market.
He was involved from the early stages of setting up Foxtons to managing its growth and creating one of the best-known brands in the industry, taking it from private ownership to private equity and initial public offering.
Andrew held the position of Managing Director from 2014, managing 300 people and a £76m+ revenue portfolio, subsequently becoming Chief Sales Officer. Subsequently, he has chosen to expand his experience into the Investment Advisory side of the industry at LCP.
We discuss how the last few years has affected the capital’s property market – from the effects of Brexit and the pandemic to what the city might look like in years to come.
“I think London had got to a bit of an inflection point pre-pandemic, in those Brexit years. It was getting very expensive and becoming unaffordable and, given the Brexit vote, was potentially a little directionless,” Andrew explains. “I think the silver lining of the pandemic might be that London is forced to reinvent itself and that big influx of the younger generation into town could be a really positive thing.”
We also talk about:
- The psychology of the property market
- Rental demand and the effect on property prices
- The migration of older people out of London and younger people into the city
- The return of foreign buyers