child mortarboard gbp briefcase bath coffeecup tree twitter search crosshair fax house papers sort house-pound brochure list-items notes printer video-camera video virtual-video bath bed camera floorplan heart-empty heart-filled heart-empty-thin heart-filled-thin sofa calculator compass share clock list map-pen map-pin pencil save business-card letter phone heard people pointer cross linkedin google-plus facebook arrow-right close triangle-down my-wink my-wink-thick house-circle loading-spinner bell close-circle dog link pinterest school transport wardrobe arrow-up one two three four five six seven tick

The Start of Autumn

My colleagues and I are now all back from our summer breaks and looking forward to the upswing in activity in the sales market as we head into the last quarter of the 2014 market. It is fair to say that short term this market is proving very difficult to call. I write this before the Scottish referendum and whatever the result it is by no means certain what the economic implications will be. There is currently a question mark over which way Sterling and will move and what pressure this will put on the banking system and interest rates. Beyond the issue of Scottish independence we have a General Election coming up and throw into the mix Russian/European friction and the implications of yet another flare-up in Iraq and Syria. The London property market tends to offer a safe home for cash during troubled times but an equally likely outcome is that players sit on their hands until the way forward becomes clearer. The domestic buyers and sellers seem to be having a bit of a stand-off with volumes of activity fairly low. Some sellers are reluctant to curb enthusiastic asking prices and buyers are hoping prices will soften. How the next few weeks pan out will give a clearer indication as to where we are going for 2015. My near term horizon is the election and the implications of the introduction of Capital Gains Tax for overseas owners. There also remains the thorny issue of the mansion tax if it is passed: how it will work and who will be exempt. No party ever lost any votes by threatening to tax wealthy foreigners especially as they are commonly accepted to have driven a great deal of the price rises we have seen in the last few years. Long term I have to remain bullish. There are just not enough properties being built in the UK and London is one of the world’s most dynamic and adaptable cities. In my belief, whatever changes occur to the transaction costs of buying and selling will be accepted by the majority of the UK. If you would like us to offer any advice about property, please call on 020 7405 1288.  

My colleagues and I are now all back from our summer breaks and looking forward to the upswing in activity in the sales market as we head into the last quarter of the 2014 market.

10689024_s

It is fair to say that short term this market is proving very difficult to call. I write this before the Scottish referendum and whatever the result it is by no means certain what the economic implications will be. There is currently a question mark over which way Sterling and will move and what pressure this will put on the banking system and interest rates.

Beyond the issue of Scottish independence we have a General Election coming up and throw into the mix Russian/European friction and the implications of yet another flare-up in Iraq and Syria. The London property market tends to offer a safe home for cash during troubled times but an equally likely outcome is that players sit on their hands until the way forward becomes clearer.

The domestic buyers and sellers seem to be having a bit of a stand-off with volumes of activity fairly low.



Some sellers are reluctant to curb enthusiastic asking prices and buyers are hoping prices will soften. How the next few weeks pan out will give a clearer indication as to where we are going for 2015.

My near term horizon is the election and the implications of the introduction of Capital Gains Tax for overseas owners. There also remains the thorny issue of the mansion tax if it is passed: how it will work and who will be exempt.

No party ever lost any votes by threatening to tax wealthy foreigners especially as they are commonly accepted to have driven a great deal of the price rises we have seen in the last few years.

Long term I have to remain bullish. There are just not enough properties being built in the UK and London is one of the world’s most dynamic and adaptable cities. In my belief, whatever changes occur to the transaction costs of buying and selling will be accepted by the majority of the UK. If you would like us to offer any advice about property, please call on 020 7405 1288.



 

Related posts

Leasehold properties: your quick guide

You may have seen the recent headline that was too good to be true - flat for sale in Knightsbridge priced at just £120,000. The catch? The lease attached to the property was to expire in the following ten weeks. The article raised an important issue for buyers of properties for sale in central London - especially flats. When comparing property prices and analysing search...

Read post

July 30, 2015

Growth at both ends of the central London property market

Recent news affecting buyers of property for sale in central London is coming from opposite ends of the spectrum - both concerning the size of residences. The cost of a one-bedroom flat in London is calculated to be rising up £75 a day, with a thriving audience for entry level property in the city and added interest from buy-to-let investors. At the other end of...

Read post

May 25, 2015

Movement of London executives creates new residential hubs

Central London estate agents are recognising an almost two-tier residential property market emerging in the capital. Executives, bankers and traders - traditionally the heartbeat of the buying and selling property market in central London - have found themselves displaced by billionaires and investors from Russia, China and the Middle East, squeezing them out of favoured neighbourhoods such as Mayfair and Knightsbridge. New centres of property...

Read post

May 05, 2015

Find your Local Office

Find your Local Office

Speak to people who, quite simply, love their patch and love what they do.

Get a Free Valuation

Get a Free Valuation

Thinking of selling or letting your property, or just interested to know what it is worth nowadays?