Insight

Axiom property lunch back in town

Axiom DWFM held its first face to face property lunch on Wednesday, 29 June following the pandemic and seven virtual lunches on Zoom.

There were approximately 100 guests at the School of Philosophy and Economic Science in Mandeville Place Marylebone. The event was chaired by Jonathan Metliss, Chairman of Axiom DWFM and speakers included Alex Brummer, City Editor of the Daily Mail, Will Clough of Allsop, Karyn Jones, Partner at Shaw Gibbs Insolvency & Advisory and Khaled Ellatif of Axiom DWFM who spoke about the real estate activities of the practice.

Alex Brummer talked about the economic situation, which he said was “not as bad” as had been made out despite there being “bad stuff” with inflation rates, RMT Strikes and the “1970’s feeling toward the British economy” notwithstanding that the standard of living has significantly increased over the past 50 years. Clearly, there was an issue with inflation, but the economy was strong, for example, a significant number of businesses moving to the City. On politics, he thought that Boris Johnson’s ‘heart was in the right place’ even though his policies were muddled.

Karyn Jones spoke about landlord and tenant relationships, in particular the strength of landlords in the current economic climate. She also discussed the new obligations that insolvency practitioners are subject to post Covid in relation to investigating whether a Government grant was genuine or not.

Will Clough talked about the success of the Allsop auctions, with particular interest from private investors who were not restricted by corporate rules and regulations. The weakness of the pound was also a factor in attracting overseas buyers. He also shared his opinion that private investors are viewing property investment as a form of preservation of wealth rather than an investment in the current and prospective economic climates.

Khaled Ellatif of Axiom DWFM referred to the firm’s growing number of instructions, reinforcing the belief the property market is “very active”. On the other hand, despite its fast growth, there are slow yet gradual changes for first time buyers, for example the removal of Help-to-Buy programmes.

The Chairman opened the discussion to the floor and major contributions were made by Matthew Plax of Mizrahi-Tefahot Bank, who highlighted his concerns around the lack of liquidity in the debt markets, and Ben Tobin of Strettons.

Pragnesh Modhwadia, the Managing Partner, made some closing remarks and thanked everyone for attending and supporting the firm on its Zoom lunches during the pandemic.

It is anticipated that the next real estate lunch will be held during September, 2022.

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