Flurry of sales on prime residential property anticipated as threat of Mansion Tax disappears
Buyers will be flocking to secure prime London residential properties, without the threat of a punitive Mansion Tax, predicts global property advisors CBRE.
As the Conservatives retain power, the proposed ‘Mansion Tax’ outlined by Labour and the Liberal Democrats in their manifestos will not be implemented. The uncertainty that has caused a hiatus at the top end of the residential market has therefore been removed, and buyers will be taking advantage of securing some of the best residential homes that London has ever seen.
With uncertainty removed and the cost of property purchases now much clearer, the expectation is that buyers will be racing to snap up properties, before pricing increases further.
Lisa Hollands, Managing Director at CBRE Residential comments: “We are in a golden period for residential in prime central London, which buyers should quickly take advantage of, as we are predicting available property levels will dramatically diminish. The current market offering is stunning - with the best quality selection of residential property we have even seen."
Planning in the core London boroughs is tightening and we are already seeing office to residential conversions slowing down, due to tightening planning conditions and increased office rents. The beautiful, boutique schemes currently available for sale, in our historic London buildings, will quickly sell, and levels of available prime converted homes will fall in the coming years. This in turn will further enhance the pricing growth predictions for these properties, where there is limited future supply and continued strong and growing demand.
CBRE are currently selling a number of exceptional properties in central London that will now no longer be subject to the Mansion Tax, across the West End, Southbank, and over to east London, and we expect record breaking offer levels coming in on these properties over the next few days and weeks.”
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