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I believe you will see an upsurge in LL business as those affected by S24 seek to offload their dud properties over the coming years.
Such LL will become increasingly desperate to get rid of those properties as they slowly realise how S24 will affect them.
Retaining those properties will cause many LL to sustain losses, so LL will wish to get rid of such properties.
You should see an upsurge in business in the future
Clever LL will use EA etc so as not to depreciate the value of their property
Those LL who realise too late about S24 will be suffering at auction where values will be markedly marked down.
That does not mean that true value is indicated.
It is just a rush of many properties coming to market caused by the ridiculous S24.
Once those affected properties have been sold then values will restore to where they are now.
But for you S24 will be manna from heavan as all the idiot LL have to sell up as they couldn't be bothered to understand S24 and try to stop it.
Every cloud and all that as far as you are concerned!!
Auction House has reported better-than-expected results in July, despite the post-Brexit slowdown which dampened expectations going into the month.
The group sold 385 lots from 526 offered, delivering a success rate of 73% and raising a total of £50.5 million.Full/source story
SDL Graham Penny’s latest auction (October) saw 46 of the 57 lots offered snapped up - 81% sales success - mainly by investors.
I think we need to devide the Brexit potential issue in two phases:
- NOW: uncerteinty that Brexit rapresent at a large
- in 6-12-24-36-48-60 months: actual impact on economy, in which sector, in which part of the country, growth or decrese of population, hence house demand, disposable income after Brexit (rent - purchase etc), new type of buyer/renter (hence house spec..)
London scare me, yesterday we visited a site in Canada Water, having been there for years, and there is a construction boom there as well, as in many part of the capital.
Despite that, I am negotiating, with my 2 business partners, two JV with the owners of 4 sites (3 sites we have verbal agreement, now Solicitor/legal/tax professional involved to take it down to details, hopefully signed in 30-45 days), with a potential among commercials/houses/flats of 70 to 100 units depending on planning etc
The process can be de-risk, since there is 6 to 15 months planning depending on the individual sites, the JV is strike at a realistic sites price pre-planning, and we will try to sell off-plan as much as we can, including intere blocks to 1-2 inverstor that re-sell it, and if we are left with some units we are happy to leave the profit in and for the remianing transfor it in a buid-to-let etc etc still I would have prefered to avoid Brexit and uncertitude.
We will see.
Strettons’ October auction, which took place at Grand Connaught Rooms in central London, raised £12m with a 77% success rate, including post-auctions sales. The auction brings Strettons’ 2016 total to £53m.
A glance at the auction results show that 89% of properties in the October auction were located within the M25, with vacant residential properties in east London attracting particularly strong interest.
A strong showing from private investors helped Allsop raise £61.1m at their November residential property auction, held at the Cumberland Hotel in central London.
Despite heightened political and economic uncertainty following the EU referendum, as well as the introduction of higher property taxes for those investing in property, no fewer than 149 lots were acquired by investors – 71% sales success rate – last Thursday, with one particularly popular lot, Levens, a 11,000 sq ft house on Broadwalk in Winchmore Hill, north London, selling for £4.21m.Full/source story
Across 2015 Allsop reported an 84% success rate against and industry average of 77%.
At their auction around this time last year (October) they had a success rate of 79% and raised £74 million.
So, PR puff aside, a 71% sales success and with only £61.1m raised a year later seems like a significant drop.
Allsop held its final sale of 2016 last week (15th December) at the Cumberland Hotel, raising a total of £46m with a success rate of 71% This brings the total amount sold through the firm’s residential auction team to over £425m in 2016, meaning the team retains its number one position in the market for the 22nd year in a row.
Partner and auctioneer Gary Murphy commented on the day: “This was a respectable result in what is clearly an adjusting market. We had seen modest success rates in other residential sales this December and were, therefore, expecting to see a softening in demand. Confidence in the residential market has been knocked this year by aggressive taxation and the Brexit vote, but trying to identify particular weak spots is difficult. Higher value central London stock has definitely been hit and so it seems have poorer quality lots in the North and North East. Despite this, the sale was well attended.”Full/source story