For a while, confidence was drained out of the most prestigious sector of London property. The uncertainty of the election meant that many investors were extra cautious, turning away from luxury properties. Part of this was the prospect of mansion tax, which would have been introduced in the event of a Labour victory. However, when it emerged that we would continue to have a Conservative government, any confusion over impending changes were quickly cleared up.
Now that the dust has settled and the election is well behind us, confidence is returning to central London property and more luxurious property investments. After a shaky few months, it now seems that activity is picking up for vendors and purchasers. Since the election, viewings, offers and sales have experienced significant increases across all sectors of the market from both international and domestic purchasers. The Middle East is the region leading the boost in international purchasers. This is according to W.A. Ellis, which also predicts that the market will soon revert to its pre-election state, with growth and price rises expected over the next five years.
Before the election, central London had taken a significant hit, with transactions falling by as much as 30% in some sectors and house sales declining rapidly. The market had slowed and this led to capital values plummeting. The election result will now potentially reverse this. However, price growth is expected to be modest due to the stamp duty reforms, which some believe restricts transaction levels and potential capital growth.
Our team can provide professional help and assistance for those looking for investment properties in central London. As confidence returns to the market, we can help identify the right properties for you to invest in, and ensure that you make purchases which will allow you to see a good return on your investments. We also offer full property and estate management in Haringey and throughout the rest of the capital, ensuring that your properties are well taken care of regardless of their location, size and financial value.