Tom's interview with Justin Mason Valuation
This month, Tom Tangney is interviewed by Justin Mason from Justin Mason Valuation about his take on the current PCL market, who’s buying and what the future holds… As ever, experience, discretion and specialist knowledge of PCL is key to successful ongoing business and long-term relationships. Read the interview below…
Our interview this month features the highly regarded property adviser, Tom Tangney, who recently announced that he has joined Rose & Partners.
Tell us a bit about your background
My career began in 1982-83 with a property investor who had properties in Chelsea, Notting Hill and Portugal. Over the years I worked with several different firms, including Douglas & Gordon in Battersea and John D Wood, also in Battersea. Moving to Chelsea around 1997-98, I became a professional temp practicing at different firms for months at a time. Then, in February 2000, I joined Knight Frank until resigning last December. Whilst there, I concentrated on properties in Kensington and Holland Park initially, broadening out to become a huge patch with a wide range of property styles.
Last year, I felt it was time to focus on my skills learnt over thirty plus years of business and become an independent adviser, consultant and friend. I say ‘friend’ because when you spend time with your buyers (which you tend to more than the vendors), you get to know them, their family, what they do and why they’re buying. You remain friends long after the deal. A few years later, I’ll let them know how property prices have changed. I enjoy helping clients and maintaining relationships with them.
How are you going to take that forward and be a specialist in your own right?
Being an independent consultant, I will also collaborate on projects in the Kensington and Holland Park areas with Rose & Partners, predominantly utilising all those contacts and friendships I’ve gathered over the years. It’s important to empathise with what clients need and want, to understand their situation and show them that they can trust you and work with you.
‘Experience and Knowledge are Needed More Than Ever’
Do your clients tend to be originally from the UK or are they more international?
Fifty percent of business done in the W8 area is with overseas buyers.
What are the three main reasons that a wealthy family would buy a prime London property of between £3m-£15m?
Education is probably the main reason, especially as more English schools use the Baccalaureate system, which is transferable across the world.
Secondly, London has nice architecture, it’s full of history and it has green parks – Kensington, with its garden squares, is nestled between Holland Park and Kensington Gardens, and Notting Hill has its communal gardens to explore.
The third reason is safety. London is a secure city where high-profile people in media, fashion and politics can walk around Kensington and Holland Park in anonymity.
How has the current situation affected your clients’ interest in London? Had it already been altered by issues like Brexit or taxation?
No one likes uncertainty whatever you deal in, whether stocks and shares or property. Towards the end of last year, people were wondering about Brexit – there had already been a kneejerk reaction after the referendum result. Some people decided to move away, and major employers formed contingency plans by expanding their office intake in Frankfurt or Dublin, for example. Post-election, London experienced the Boris Bounce. Despite the pandemic, the property market was beginning to recover. We may have to live with coronavirus for many years until they develop a vaccine, but the world has survived similar things before. When people realise that the world hasn’t totally imploded, the dust will settle. London is a resilient place to live – it’s always been a major place where people want to live in a prime property, and I think it always will.
How will things change in the future and work out for your profession?
Those of us who have seen cycles come and go, like the 1987 crash and the 1992 debacle that caused a property slump, know that it will come through in the end. The wealthy will always need sound advice on buying prime properties and you can only give that if you’ve seen various cycles, including the property market during recessions. The younger generation will need to work in big organisations to learn how to do this, so training will be key. This is not a get rich quick scheme. Clients need sage advice, which is where you and I come in because we have the experience. If you can prove that you’re right on your advice, they are going to be your friend for a long time. That’s something I’ve certainly learnt over the years – just wait a bit longer.
What would you buy yourself if you had between £3 and £15 million to spend?
I like lateral houses – a wide, low built house like Ilchester Place in Kensington, next to Holland Park. Or a refurbished Grade II Listed house in Earls Terrace, Kensington High Street, with swimming pool, games room and a lift to all floors. They are pretty houses with nice gardens and underground parking.
About Justin Mason Valuation
Justin Mason Valuation is a highly experienced, independent valuation consultancy, based in Mayfair and focused on the most prestigious homes in prime central London and beyond.
The company is a wholly independent, boutique RICS-regulated firm of chartered surveyors and specialise in the valuation of residential homes and investments in prime central London worth between £3M and £40M for wealth planning, taxation or litigation.
Justin has been working in property since 1989 and is a very experienced valuer and surveyor of prime and super-prime property. He is also a respected expert witness, providing reports for Court purposes and facing cross-examination at High Court level.
https://www.justinmasonvaluation.com
Tel: 020 3409 0894
