Turnkey remains king

Genuine turnkey properties continue to command significant premiums, as buyers prioritise immediacy and convenience, with little appetite for refurbishment. The desire to move straight in – without the uncertainty, disruption and burden of building works – is a major factor in decision-making at the top end of the market.

The planning process remains slow and a cyber-attack in November will further delay planning decisions across Westminster and Kensington & Chelsea. In addition, a number of contractors have ceased trading, with remaining contractors mopping up the business but in turn stretching their own capacity - and project completions are slipping as a result.

For those who do have a truly turnkey home, they will be rewarded for their efforts, with big premiums being paid in return. One house in St John’s Wood asking £35m has had multiple rental offers – including an eye watering £300,000 p/w for an 8 week short let from a high profile celebrity couple – but the seller is focused solely on a sale, knowing that anything less than turnkey condition will impact the price he receives.