Prime Central London transactions down as much as 40% says agent
- November 9, 2015
- No comments
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.