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Prime Central London transactions down as much as 40% says agent

Transactions at the high end of the London market are down by 40% as a

result of stamp duty changes and the absence of any significant market

recovery since the election say one of Britain’s leading buying agencies.

Roarie Scarisbrick, a partner at Property Vision, says that despite the

threat of mansion tax and a possible Labour government, the pre-election

period was the best part of the year for prime London area. However,

since May’s polling day there have been some problems.

“Post-election, despite the fuzzy feeling of a Tory government and the

death of mansion tax, the market went the other way and the boom failed

to materialise, mainly because vendors felt empowered and less inclined

to give anything” he says.

 

“It looks like transactions are somewhere between 30 and 40 per cent

down on last year in the year to date figures for the central [London]

postcodes and while there is still a functioning market, the September

activity which the selling agents were hoping for does not so far seem to

have materialised” he says.

“Looking through the figures, there is a lot going through at or over

asking prices, but the majority go through at 5.0 per cent or so below

asking, with some up to 10.0 per cent off” he says.

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