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  • London Property Market

    Brexit and the London property market

    I think those numbers for london are very possible indeed. Boris is apparantly already looking at raising stamp duty threshold to 500k, and I am sure the housebuilders have been badgering to get the top level of htb raised from 600k. I dont think a 25% rise is a wild number. They allowed the htb contribution from the government double from 20 to 40% in london
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    Unless you are uber-wealthy no one can afford a 30% drop. I am in my mid-Sixties and was trying to sell. Gorgeous flat, exceptional. Loads of viewings - but not one potential buyer came through the door without expecting to negotiate £50-£100k off! I decided to rent it out instead and move into rental myself while I wait to see what happens in coming two years after at least a decision on Brexit!

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    Maybe afford was the wrong phrase. But no one buying in 2013 expected prices to double in 2 years... so the huge rise shouldn't have been part of your plans and was just a big bonus.
    To me I see absolutely no major upside to the london market in the foreseeable future unless there is some serious government money thrown at pumping up prices.
    In 2 years those 50-100k below asking offers could have been the best price you would have got, in 2 years they might be 200k below what you want.
    At the end of the day if those are the only offers you got then that was the market price at the time. You want 2016 prices in 2019... not going to happen unless you find a complete numpty
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    Wait for brexit to play out. The harder it is the bigger but cleaner the mark downs will be. These are rubber knives so don't worry about catching them. Buy when all are selling and the reverse. There are times for action and non action. Stay patient and wait for the malaise. Then take advantage. We still have a few months so plan ahead and hit the ground running when the time comes.

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    A leading London estate agency with US connections says there has been a surge in high net worth American buyers in the UK capital.

    This is because London property is seen as such good value following the sharp drop in Sterling since the EU Referendum, and because some US buyers expect a bounce in values when Brexit finally happens.

    Martin Bikhit - managing director of Berkshire Hathaway HomeServices Kay & Co, which operates in the Regents Park and Marylebone areas of central London - says: “The area has always been popular, attracting a wide range of buyer demographics but, most recently, we see a particular interest from US clients.”

    Full/source article

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    London has increasingly become the home of the UK’s richest 1%, a new survey has found.

    The Institute for Fiscal Studies (IFS) said the proportion of the top 1% highest-income taxpayers living in the capital had risen by a fifth since the 2000s.

    Over half of the UK’s top 1% of earners now live in London and the south-east, prompting concerns about rising regional inequality.

    Full/source article

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