By Eitan Fox
// Wed 2nd
There has been vastly improved activity in the prime Central London property market in the Autumn period.
I am pleased to report that there has been vastly improved activity in the prime Central London property market in the Autumn period.
This has been due to the logjam of investors who delayed in buying property in prime Central London over the summer finally investing their money, along with some vendors eventually correcting their prices.
We anticipate that this trend will continue, if vendors continue to lower their expectations and accept that the world is a different place today compared to twelve months ago.
The big news is the ‘Autumn statement’ by the Chancellor, George Osbourne, and that from April 2016 and properties purchased as buy to let or second homes will be subject to an increase of 3% stamp duty on the existing rate of SDLT.
The impact of this in the long run is to be considered but short term my prediction is that many investors and buy to let Landlords will look to increase their portfolio from now to the first quarter of 2016.
I anticipate greater activity than normal with positive results.