What could Brexit mean for UK residential property
Trevor Abrahmsohn the self-styled "Bishops Avenue estate agent" whose company Glentree Estates sells property to the rich and famous in Hampstead, believes Brexit is a red herring.
Trevor Abrahamson, Glentree Estate says? "With its village green and strong sense of community, Hampstead Garden Suburb is one of the most desirable areas in North West London. Properties in this charming environment range from cottages to castles. You can start life here with a modest £300,000 apartment and make your way up the ladder to a mansion for £50 million".
Hampstead campaigners have hit out at plans by the royal free hospital to sell off the Queen Mary's house in Heath Street to developers to build high end luxury flats. The 100-year old former maternity hospital is being marketed with Knight Frank as "Hampstead Garden". Estate agent Trevor Abrahamson, of Glentree Estates, who has been given a private tour said: "This is a prime location with great value and prestige with panoramic views". He estimates flats would fetch £2,500 per square metre.
You do not have to stray far away from the centre of Mill Hill to find yourself apparently in the middle of the countryside. Here, Glentree is selling the Chapel, in the ridgeway, as "shell and core" with planning permission for a 6,500 sq ft house. The price is £2.5 million. Also on the Ridgeway is Rosary Manor, with two-to four bedroom apartments priced from £1.7 million to £4 million. There is off street parking, a porter and communal gardens with a summer house. Agent is again Glentree.
The trust has been given guided tours of the site to local property developers and estate agents. Trevor Abrahamson, the founder of Glentree International, an estate agency that specialises in selling homes in Hampstead and Highgate to rich overseas investors, said he was given a private tour 18 months ago and offered his advice on how best to maximise value from the site.
UK property buyers appear to be less than bullish as prices in the North London market suffer substantial falls. On Hampstead Lane, next to the Heath, Glentree is marketing an eight bedroom house with an 130ft garden, garage and a cinema room for £6.5m – £1.45m less than its original asking price of £7.95m.
Self-build has become big business in the gilded environs of Hampstead, North London, where Trevor Abrahmsohn, director of Glentree Estates, says building plots account for 70 per cent of his £120 million of sales in the last 6 months. “if you buy a £10million site and spend £10million on building a property, you’ll have a house worth £30million and you will have saved yourself £3million on stamp duty and £2million on VAT” says Abrahmsohn. “If you are an overseas buyer, add a further 40 per cent saving because of the currency and price falls in prime London.
There’s no shortage of house hunters, with the average agent having just over 300 on its books. But in London, Trevor Abrahmsohn of Glentree International blames overvaluing by agents and high moving costs and taxes that encourage vendors to aim too high when setting an asking price.
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