The London market remains sluggish due to Brexit and political uncertainties and stamp duty changes. Sellers have cut the asking price of 37.9% of homes, up from 32.4% in April, property website Zoopla said. In the capital, 39.5% of property listings have been reduced in price – up from 34.6% in April. London has seen 45% of asking prices reduced – the most of any London borough, Kensington and Chelsea, home to some of the world’s most expensive residential property, registered the biggest drop in cash terms with an average discount of £127,394. The research is the latest sign of a decline in the UK housing market, particularly in London and the pricier parts of the southeast of England.
Sales volumes in the prime central London housing fell by 9% in the 12 months to August compared to the previous 12 months, the latest index data shows. After strengthening earlier this year, the dip in the market highlights how uncertainty surrounding the final stages of Brexit talks are having an impact. It is likely to be a short-term trend that may reverse once the outcome of the current talks is determined.
High stamp duty rates, which many blame for the stagnating property market, were ignored in the Budget 2018. Chancellor Phillip Hammond opted to keep current levels here they are. Instead he cut stamp duty for first time buyers of shared ownership properties worth up to £500,000.
Previously, to qualify for the stamp duty exemption for first-time buyers up to £300,000 introduced in autumn 2017, buyers of a shared ownership property had to elect to be taxed on the full market value of the property (up to £500,000) rather than only the share they were buying. If the full market value of the shared ownership property was more than £500,000, the buyer would not have been eligible for any stamp duty reduction at all. So, a buyer paying £125,000 for a 25 per cent share of a new home valued at £500,000 would still have had to pay £10,000 stamp duty – equivalent to five per cent of the sales price above £300,000.
New Instruction For Sale in Marylebone
4 Bedroom in George Street W1
Jaffray Estates are pleased to bring to market this stunning newly refurbished 4 bedroom 4 bathroom (all en-suite) apartment, offering a luxurious and modern standard of living, situated on the 5th floor in a secure 24-hour portered block on George Street. The property spans 2,320 sq ft / 215 sq m making an ideal family home.
Asking price: £3,850,000