There is now a perceptible mood change with buyers in the middle to upper sector of the Residential Property Market in London.
As we all know, last year was a mixed bag of blessings and curses. Trading during the first two quarters, for us, was disastrous, but during the last two quarters, we enjoyed some interesting business conducted on a number of residential properties in middle to upper ranges.
We all know the reasons why the former Chancellor imposed those draconian hikes on Stamp Duty charges in the autumn Budget of 2014 and we can now see the full devastating and distorting effect it is having on the Residential Property Market, particularly in London.
Prices are down by 25% and activity is down by 70% and since transaction expenses are now playing such an important part in the mind-set of prospective buyers, in certain price ranges, there is absolute gridlock in sales, where sellers outnumber buyers by 10-1. Continue reading