Compared with Phillip Hammond\u2019s disastrous first budget \u2013 when he was forced into a rapid u-turn on National Insurance \u2013 the Chancellor of the Exchequer has, this time, avoided any land-mines in a \u2018safety first\u2019 Budget that also contained few fireworks.<\/p>\n
For the property market in particular, there was some support and, fortunately, little in the way of the tax-raising raids favoured by his predecessor George Osborne. But while he swerved from some of the more negative proposals <\/a>leaked before November 22, there was also no relief from punitive Stamp Duty rates on more expensive properties.<\/p>\n The headline move was the abolition of Stamp Duty for first time buyers of properties worth up to \u00a3300,000, and for the first \u00a3300,000 of properties in London priced at \u00a3500,000 or less. The Chancellor also announced a package of measures that he said included \u00a344 billion in capital funding to increase the number of new homes built to 300,000 per year.<\/p>\n In other developments, the payment by non-residents of capital gains, which already applies to disposals of residential property, will be extended to commercial property disposals from April 2019.<\/p>\n But the Stamp Duty pledge drew fire, with the Office for Budgetary Responsibility estimating that in would only lead to 3,500 more homes being sold<\/a>, while experts predict that the savings would likely be swallowed by higher prices as a result of increased demand.<\/p>\n \u201cThe move will have limited benefit for home buyers in London, where the average property price is already \u00a3481,556 (according to the house price index) and the availability of properties priced at \u00a3500,000 or less in Central London is limited,\u201d says Camilla Dell, Black Brick Managing Partner. \u201cIn London, affordability is the real issue facing first time buyers, not Stamp Duty. I can see increased competition for properties priced at \u00a3500,000 as a result of this change, which may inflate the lower end of the market more and totally counteract the stamp duty saving.\u201d<\/p>\n Dell noted that reports that the Chancellor was set to increase Stamp Duty on buy-to-let investors proved to be unfounded, which she welcomed \u2013 although she noted that they still face the previously announced reduction in higher-rate tax relief for mortgage interest, which comes into effect from next April.<\/p>\n More broadly, she added that Stamp Duty needs to be reformed to unblock the London market. \u201cIt has stalled in terms of transactional volumes \u2013 people are not moving up or down the property ladder anywhere near as often as they once did, causing a dysfunctional market across all price points. More needs to be done to help people to get onto the property ladder and Stamp Duty needs to be reformed across the board in order for this to happen,\u201d she said.<\/p>\n <\/p>\n <\/a>Looking back on 2017<\/p>\n It\u2019s been an interesting year in London\u2019s property market \u2013 bringing to mind the Chinese curse<\/a>. But while the market is certainly challenging, with flat or falling prices in many market segments, limited stock, and high transaction costs dampening activity, it\u2019s also a true buyer\u2019s market.<\/p>\n For committed, well-connected \u2013 and well-advised \u2013 purchasers, it\u2019s a great time to be buying. That\u2019s particularly the case for overseas buyers who can take advantage of sterling\u2019s weakness. But with limited stock on the market, it\u2019s taken hard work, perseverance, and a well-thumbed contacts book to unearth opportunities.<\/p>\n Over 2017 to the end of November, we helped acquire a total of \u00a390,000,000 of properties for our clients across London. These ranged from \u00a31,222,500 to \u00a337,000,000.<\/p>\n Of these, 27%<\/strong> were sourced entirely off market. This compares with 33% in 2016, illustrating the trend towards discretion <\/a>rather than risk tainting a property with a price reduction.<\/p>\n This development places a greater premium on market intelligence and connections. We also delivered this year against a more traditional metric: saving money for our clients. Over the year to date, we managed to save our clients an average of \u00a3257,258<\/strong> off asking prices, representing 5.9% of the total transaction value.<\/p>\n <\/p>\n <\/a>Trophy Houses<\/p>\n <\/p>\n Phillimore Gardens, Kensington W8<\/strong><\/p>\n We put in the groundwork. We spent considerable time introducing our overseas client to different neighbourhoods, and then found the perfect off-market detached home, for \u00a337m, saving \u00a32m on the asking price.<\/p>\n <\/p>\n Clarges Mayfair, Mayfair W1<\/strong><\/p>\n Meeting our clients\u2019 needs. Highly specific requirements posed a challenge, but we sourced this ideal 3-bed apartment in a boutique scheme for \u00a321.15m – \u00a32.35m below the asking price.<\/p>\n <\/p>\n <\/a>New Build<\/p>\n <\/p>\n Barts Square, Farringdon EC1<\/a><\/strong><\/p>\n We\u2019re connected. Despite this development selling out, we managed to secure an off-market re-sale of this 2-bed apartment for \u00a31.325m \u2013 saving our client \u00a3100,000.<\/p>\n <\/p>\n Television Centre, White City W12<\/strong><\/p>\n We get priority access. We managed to reserve the 2-bed unit offplan, for \u00a31.375m, weeks before the development\u2019s official launch date.<\/p>\n <\/p>\n <\/a>The Perfect Pied A Terre<\/p>\n <\/p>\n Onslow Square, South Kensington SW7<\/strong><\/p>\n We can spot a deal. We secured this spacious 2-bed apartment, on one of the best garden squares in London, for \u00a31.7m, or just \u00a31,600 per square foot.<\/p>\n <\/p>\n Bina Gardens, South Kensington SW5<\/strong><\/p>\n We know how to cherry-pick. We sourced this rare third-floor flat, overlooking communal gardens, for \u00a32.985m \u2013 \u00a3255,000 below the asking price.<\/p>\n <\/p>\n <\/a>Something Temporary<\/p>\n <\/p>\n Chepstow Road, Notting Hill N2<\/strong><\/p>\n No challenge is too big. Despite a small search radius and the need for a garden suitable for pets, we managed to secure the ideal rental property for our client, and negotiated 7% off the asking price.<\/p>\n <\/p>\n Fitzrovia Apartments, Fitzrovia W1W<\/strong><\/p>\n Knowledge is power. We found the perfect 2-bed apartment, meeting exacting requirements for location and security, and secured a 6% discount on the rent.<\/p>\n <\/p>\n
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