London Property Buying Agents

We have the local knowledge, experience and relationships required to buy the perfect central London residential property on your behalf.

Private Property Search Experts

Latest London Property News – December 2015

Market Overview

Osborne’s 3% proposed increase in the rate of Stamp Duty on second homes, including buy-to-let, is likely to further reduce the number of transactions and prices in the prime central London market. Likely outcome in short is that some buy-to-let investors will rush to transact before the April 2016 deadline. Longer term, these buyers will be more cautious with increased transaction costs, plus the additional tax relief in the July budget, and particularly those who are highly geared. We expect this to have an effect on housebuilders who can no longer rely on investors as they did before in order to be awarded development finance. We expect to see fewer landlords in the market, a lack of supply and therefore rents potentially to rise.
London Market Update - December 2015

LONDON MARKET NEWS

Sales of London homes priced between £2m and £5m were down 4 per cent from a year earlier in the period from January to the end of October, but Stamp Duty receipts from that slice of the market were up 19 per cent, property data experts LonRes said. Savills analysed the Land Registry data which indicates an 18 per cent drop in Stamp Duty receipts in the first eight months of 2015 against the same period last year. Vendors are reducing their asking prices and offering to pay the purchasers Stamp Duty costs to try and incentivise prospective buyers. The key is to gain some traction in order to keep the market moving.
Sales-of-London

LOOKING AHEAD – 2016

Market forecasts show an average of 4.7% growth forecast for the UK in 2016, and 1.6% for prime central London. See predictions from Savills, Knight Frank, Jones Lang LaSalle and Strutt & Parker. Full reports are available by clicking on the links.
UK 2016 PCL 2016
Savills 1% 5%
KF 2% 4.1%
JLL 1% 5%
S&P 2.5% 5%
Market forecasts

HAPPY CHRISTMAS!

Thank you to all our past and current clients and our network of introducers throughout the year. We look forward to working with you all and wishing you a prosperous new year in 2016. For further information on current rates of Stamp Duty please refer to our guide. If you are considering buying a property in London please contact Nick Jaffray at: nicholas@jaffray-estates.co.uk
Palmstar London Property
Print Friendly, PDF & Email