In Conversation with Curchods: The Luxury Surrey Market

Working as the lead agent on Octagon’s collection of new homes at Chapel View, Curchods Prime are experts in the Surrey property market, located in Esher in their newly opened high-end office.

Designed for contemporary living, Chapel View is our new residence in East Molesey offering nine beautifully designed 2-bedroom apartments, perfectly placed for the village high street and a picturesque stretch of the Thames promenade.

Following a successful string of sales, we spoke to Caroline Rogers & Bertie Russell from Curchods New Homes about some of the reasons behind the triumph of Chapel View and the future of the luxury Surrey property market.

Q1. How have recent years affected the luxury property market in Surrey?

By the end of Brexit, we started to see some green shoots on what a pretty barren landscape at the top end of the property market had been. Following the Covid hiatus, albeit brief, we have seen strong recovery in activity and prices.

A shortage of stock has also added to the price rises, with sellers more cautious and deliberate in the recovery of prices, which has been an important strategy for downsizers, where tax free income has added value when they do eventually downsize.

We saw about a 15% drop over the 3.5 years of Brexit, all of which has been replaced and probably a bit more. The market is currently strong, still fed by a stock shortage and low interest rates (a significant factor at the top end market, as contrary to the myth that it’s all cash buyers, many buyers do take finance).

Q2. Who are the predominant buyers in Surrey?

Contrary to the assumption that purchasers are from overseas, our statistics show that most of our Surrey buyers, purchasing in excess of £5 million, are UK nationals/residents. At Chapel View, purchasers have been a mixture of local and London downsizers and overseas buyers needing a London base.

Q3. What are buyers looking for?

We’ve found Chapel View’s high-quality style and architecture, reflective of the local properties, has really drawn buyers –  with the apartments offering a host of faux period features, integrated tastefully, and the lower-ground floor being rendered of the surrounding houses. There’s also value in the exclusivity of a one-off development, surrounded by high-value large family homes.

High specification finishes attracting buyers include underfloor heating, electric car charging points and quality outside space. Additionally, buyers have become more environmentally conscious, particularly with rising living costs, so an eco-conscious home has become increasingly important.

Q4. What are your predictions for the next five years?

Covid has demonstrated the resilience of the Surrey Prime Market, and history shows clearly that property is cyclical, so it would be naive to suggest that at some stage prices will not soften. For the next five years, we feel there will be few investments that offer the security and return which Surrey Prime Property presents.

The Octagon name and brand itself has allowed for complete off-plan sales at Chapel View – buyers have complete confidence in the quality of workmanship based on their longstanding reputation at Octagon; buyers recognise the homes comprise all the best bits of Octagon’s classic prime houses in a smaller footprint.