Government Dismisses Petition on Section 24 Tax Relief
The government has responded to a 28,000-signature petition on changes to mortgage tax relief, saying it will continue to set relief at t...
After a slower few years, Central London’s prime property market is showing signs of recovery, with an increase in sales volumes.
Sales volumes in central London’s prime market received a boost in the second quarter of this year, indicating a recovery following a temporary slowdown.
The proportion of sales increased by a considerable 23% for properties within the £5 million to £10 million price bracket when compared with the previous quarter.
According to a report from the London Central Portfolio (LCP), the brighter picture is in part fuelled by continued investment in central London property from overseas investors in search of a reliable ‘save haven’ in an increasingly unreliable world.
London’s prime market has been affected by successive changes to stamp duty, in particular an additional stamp duty surcharge of 3% on the purchase of second homes. Brexit, arguably to a lesser extent, also took its toll on the property market. However, the nation’s decision to leave the EU largely contributed to the fall in the value of the pound sterling which, along with low interest rates, has attracted high-end buyers and investors from overseas to the prime market.
A number of large sales and the strong performance from the sale of properties between the £5 million to £10 million price bracket is mainly due to certain factors affecting the market, including favourable interest rates.
LCP’s Chief Executive Officer, Naomi Heaton, said: “This [increase in sales volumes] can be attributed to international home buyers taking advantage of notable price discounts, alongside beneficial currency exchange rates.”
Though growth might be minimal, the report’s findings paint a brighter picture of the prime market, and it remains one of the world’s best investment destinations.
For more on this story, click the link below:
Having worked with Plaza Estates for over twenty years, I have been more than happy and pleased about their efficiency and professionalism in looking after my property and providing good tenants.
We have owned our Flat since 2008, which we purchased through Plaza. Our relationship with Plaza goes back to 1982 when we purchased a nearby flat and Plaza have handled all our lettings since then. I would have no hesitation in recommending Plaza – they will find you a good tenant and ensure your flat is well looked after during the tenancy. Living abroad, you need a professional firm to handle any problems in your absence – Plaza will provide an excellent service.
I am writing to thank you for all your help in assisting my wife and I in our search for a flat. The quality of service that you provided was extremely efficient and helpful.
Have interacted with Plaza Estates across a couple of sites and always been impressed. Maurice must be the hardest working, most dedicated, helpful and knowledgeable account manager for any company anywhere! A real asset to the team!
It was a pleasure dealing with you – the most professional agent I have dealt with in 12+ years in London, I can say that very genuinely!
Hope both of you are doing well. I wanted to thank you for always being there for us and for addressing our concerns promptly; safe to say you have been the best agents I have had the pleasure of interacting with.
Thank you for really going that extra mile and letting my flat so well – I am most grateful.
Thank you again for all your advice and calm attitude and charm. Nobody could try harder than you, and for which, we really thank you and appreciate it all, not just now, but over the years.
Thanks again for everything!
I really appreciate how efficiently you handled this process, you were by far the easiest agent I have ever worked with.
I have been a client of Plaza Estates for over 30 years and received excellent service. Both Rodney on the rental side and Fiona in the property management area have been have been attentive and helpful and always willing to go the extra mile on the few occasions when there were problems.