Welcome to Lees Associates’ regular look at what’s new in the prime residential market, compiled from the best of London’s leading real estate professionals and property experts. Please visit contributor websites for more information.
In this edition, we look at:
Why cash buyers led to a flurry of summer sales in prime Central London.
Labour has ruled out a wealth or mansion tax if it wins the next general election.
How demand for premium apartments in central London continues to grow.
Cash buyers have led to a flurry of summer sales in prime Central London
PrimeResi report that Savills have seen a surge in £10 million+ sales across PCL over the summer.
Quoting Savills, they say “equity-rich buyers at the top end of the market who are cushioned from rising borrowing costs are choosing to purchase property mortgage-free, which means that many deals are happening faster, in four to six weeks rather than in four to six months.”
And our experience at LA backs this up. August is usually a quiet time but this year the flow of enquiries didn’t abate, including a number from clients who have just completed the purchase of a new London property.
Read more:
Cash buyers swoop on PCL trophy homes in summertime super-prime sales flurry
Labour rules out a wealth or mansion tax if it wins the next general election
In echoes of Tony Blair’s takeover of the centre ground of British politics over 25 years ago, Labour shadow Chancellor, Rachel Reeves told The Sunday Telegraph that Labour will not seek to impose new wealth taxes if the party wins the next general election. She has ruled out any kind of mansion tax or increases to capital gains tax or the top rate of income tax.
This is welcome news for the prime London (and wider UK) property market, which is always impacted by nervousness, especially from international investors, when more or higher taxes are imposed on property transactions. As Ms Reeves says, “I don’t see the way to prosperity as being through taxation. I want to grow the economy.”
Demand for premium lateral apartments in central London continues to grow
Premium buying agent and property manager, Eccord report that they are seeing continued growth in buyers looking for generously-proportioned lateral living spaces, driving demand for apartments, especially new-builds with their added security and concierge service.
Our own work across PCL has traditionally been more focused on houses than apartments, but we too are seeing a noticeable shift in enquiries and commissions for refurbishment projects in premium central London apartments, including a high proportion in modern developments. As great as the appeal of a beautiful London home oozing in heritage value is, more and more buyers rate the comfort and compatibility with their lifestyles of modern, open-plan living more highly.
Read more:
Demand for flats is on the rise