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Latest London Property News – October 2016

Market Overview

Many informed industry experts still believe London is the safest haven in terms of property for your money. People like to own physical assets and at present there is a structural shortage in London, and in the country. The fact that we had a referendum, the result being right or wrong, gives a voice to a nation which Europe has resisted in the past.

The next two events of interest are the US election on November 8th and the Autumn Statement on November 23rd. As tough a battleground as US politics can be, the eventual result might have relatively less of a market impact than, say, a UK election would. There are several reasons for this. One is that the differences between the two major parties, for all the harsh words on the cam-paign trail, are ones of degree. Another is that the checks and balances built into the US system make radical change unlikely, no matter who wins.
Latest London Property News – October 2016

Autumn Statement – Stamp Duty

New Chancellor Philip Hammond will be delivering his first Autumn Statement in just under a month’s time, and everyone in the property industry would like to see stamp duty rates cut. The number of transactions in the Central London property market has suffered as a severe knock-on effect since the increase in stamp duty rates in November 2014. Data from Knight Frank’s research states the number of properties sold in Kensington and Chelsea was down twelve per cent in the twelve months to March 31st last year. The average stamp duty bill in Westminster, and Kensington and Chelsea, was £110,000, which makes up eleven per cent of all receipts taken from England and Wales. Whilst the treasury increasingly relies on London for stamp duty contributions, the level of transactions is falling so one would expect a decrease in rates would make logical sense. Let’s see.
Autumn Statement – Stamp Duty

Redevelopment – Paddington Waterside, W2

Paddington Waterside is one of London’s new and premier commercial, residential and leisure areas. The last 20 years have seen 10 separate development schemes make up this modern space and, today, 1,100 residential homes have been completed and over 30,000 people work here.

Situated between the Westway and the canal basin, the 1.5-hectare site of the former North Westminster Community School was omitted from the Paddington Special Policy Area as it was expected to remain in use for education. The decision to build the Paddington Academy and Westminster Academy left the site available for redevelopment when the City of Westminster College moved to a new campus at the end of 2010. The planning brief proposed that “around 80 per cent of gross internal area delivered on the site should be allocated for residential use, with public open space, and supporting active uses that provide local employment. In April 2012 Westminster City Council sold the site to Amwaj Property Limited, of Bahrain, which commissioned London-based Assael Architecture to design a residentially-oriented mixed-use development.

Paddington Exchange is the most recent phase, and the new Paddington Gardens will be the latest phase due to launch very soon. One of our clients has two of arguably the most desirable two bedroom apartments for sale in Paddington Exchange, both on the 7th floor, which would make an ideal Central London pied a terre or rental investment.

Redevelopment – Paddington Waterside, W2

We wish our Indian friends, contacts and clients a very happy Diwali 2016. As always, don’t hesitate to get in touch with Nicholas Jaffray regarding your London property requirements.

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