The latest piece of property news London has to offer comes with the fact that property sales in the centre of the capital have fallen
a stark contrast to the buoyant and increasing market of the last few years. There are many reasons for this downturn in property sales in one of the most expensive locations in the country, all of which have combined to make the last couple of months bad ones for estate agents operating there…
Perhaps the main reason for the lessening central London house market is the global economy as a whole. We all know that buying a house in central London is extremely expensive, to say the very least, and those attracted to this area are those with financial interests on a worldwide scale. Therefore the fact that many have concerns about the global economy has meant that potential buyers have decided to hold back on their purchases for a while, fearful that they will need their money for other reasons.
It is also the case that moving to London has become much more expensive, thanks to changes made by the government to stamp duty. While the majority of people saw stamp duty fall, those looking to buy homes worth more than £2 million saw a rise of 5%, therefore making purchasing a property in central London much less attractive. After all, these international purchasers can buy anywhere in the world, so why buy somewhere with such high taxes levied on their potential properties.
Of course, there is an advantage to this lack of demand – house prices in central London should fall slightly, therefore meaning that some will now be able to afford to buy there. They’ll still need a fair bank balance though, as the average London house price is still well over £450,000! And when you do move? Make sure you call us on 020 8016 3443 for all your removal needs anywhere in the capital!