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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 7240 3322. - See more at: http://www.winkworth.co.uk/property-blog/west-end-estate-agents/start-autumn/#sthash.mqyNx1Kx.dpuf

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.

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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 7240 3322.



- See more at: http://www.winkworth.co.uk/property-blog/west-end-estate-agents/start-autumn/#sthash.mqyNx1Kx.dpuf

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