Warren Buffett’s London estate agency joins with mortgage specialists…
Berkshire Hathaway HomeServices Kay & Co, the leading estate agency for prime central London and part of the Warren Buffett empire, has set up financial advisory firm Connaught Private Finance. The venture will create a one-stop solution for clients who also seek expert advice on all residential and buy-to-let mortgages, commercial, development and bridging finance. The new venture couldn’t have been timed better as latest statistics from industry body UK Finance reveal a growing number of mortgage approvals.
The statistics confirm that in July this year, high street banks approved over 43,300 mortgages, which is a 10.6% increase compared to July last year. This marks the second-strongest annual gain since March 2016. Equally on the up are the numbers for re-mortgaging, with a 15% year-on-year increase to 30,200 in July.
Martin Bikhit, managing director at Berkshire Hathaway HomeServices Kay & Co comments: “The London property market moves fast, and buyers are required to make a quick decision on whether they can make an offer or not. Mortgages play a vital role in this process, which is why we felt the need to extend our service offering accordingly. We are absolutely delighted to have the strength of Connaught’s experienced team on our side, which we know will be very much appreciated by our clientele.”
John East, who heads up Connaught Private Finance with business partner David Longhurst, adds: “We work closely with reputable financial institutions to ensure our clients benefit from the most suitable mortgage and finance solutions. Being able to extend our services directly to Berkshire Hathaway HomeServices Kay & Co’s clientele is very exciting and we are very much looking forward to being a part of the team.”
East started his career as a mortgage broker in the estate agent industry in 2004. He was soon approached by a national mortgage brokerage, and successfully set up their new office in Aylesbury. Drawn to the city, he then joined a boutique mortgage brokerage based in Mayfair, gaining vital experience in advising HNW clients on mortgages and commercial loans. During this time, he met Longhurst who has an equally impressive amount of industry knowledge, with a particular focus on mortgage solutions as well as insurance matters.
The pair have worked together for the last 12 years and collectively have more than 30 years’ experience. They set up Connaught Private Finance with head offices in London’s Mayfair to cater for the complex financing needs the London property market dictates.